SBI VC Trade to receive a license for stablecoins in Japan

The cryptocurrency subsidiary of the Japanese financial conglomerate SBI VC Trade is preparing to launch support for Circle’s USDC stablecoin. This became possible due to the easing of local regulatory requirements for stablecoins.

First Registration and Approval for Operations 

On March 4, SBI VC Trade announced the completion of its first registration related to stablecoin operations. This allowed the firm to begin processing USDC transactions. With full registration, SBI VC Trade aims to become one of the first financial platforms in Japan to offer USDC trading.

Trading Launch

The platform plans to launch test trading for USDC on March 12 for selected users. A full-scale rollout of support for this stablecoin is expected soon.

Official Confirmation 

SBI VC Trade CEO Tomohiko Kondo went live on March 4 to confirm the news. He stated that the company had received a notification from the Kanto Regional Finance Bureau regarding its registration as a business operator for electronic payment instrument trading. He noted that SBI VC Trade became the first and only company in Japan to obtain the so-called stablecoin license, adding that the firm will continue working on full USDC support.