SBI VC Trade will launch the first stablecoin service in Japan

The SBI VC trade has become the first company in Japan to receive regulatory approval to manage the stalls. The exchange plans to start processing USDC transactions on March 12.

According to a report By Coindesk Japan, the SBI Group Crypto trading company has become the first Japanese company to obtain the approval of a “operator of electronic payment instruments”. The company is registered at the Kanto Regional Financial Bureau with the N ° 00001 registration number.

After receiving the license, SBI VC Trade plans to start facilitating transactions for Japanese Customers through the circle stableUSD part (USDC), March 12. However, the company noted that the Stablecoin service will remain in the beta phase and that the distribution will be limited to a few customers within the group.

Once the Stablecoin service is available for the public, the SBI VC trade will be able to offer services that will allow individual customers and companies to buy and sell as well as exceed and remove the USDC.

Since stablecoin is set to the US dollar, SBI VC trade will have to fill up on US dollars, obtaining an amount equal to the amount of the USDC deposited by customers.

The CEO of SBI VC Trade, Tomohiko Kondo, said that Shinsei Trust Bank, member of the SBI group, will be responsible for the security of the company’s trust. He said that when the beta version is launched, users will be able to see “USDC” displayed on business trading platforms.

Stablecoin will be available to negotiate with spot trading pairs, including BTC / USDC and ETH / USDC pairs. LEVER effect trading with the USDC should also be included on the trading platform.

“We will first check the business flow. We want to throw it seriously as soon as possible, “he said in a translated statement.

At the time of the press, SBI VC Trade is the only Japanese company which holds the three operating licenses: a commercial cryptocurrency exchange license, the commercial license of the financial instruments company and the commercial license of electrical payment instruments.

Last February, the Japanese Financial Services Agency approved A report that included a reform that would allow stablecoins to be supported by short -term state obligations and term deposits in addition to demand deposits.

In addition, the proposal also recommended a 50% higher limit on bonds and deposits that can be used as a guarantee for stabbles.