SBI VC Trade, a subsidiary of the financial giant SBI Holdings, obtained regulatory approval as a supplier of electronic payments in Japan.
The regulatory approval, granted within the framework of the new executive of Japan Financial Services Agency (JFSA), allows the exchange to offer stablecoins, which makes it the first of the country to list and distribute the USDC.
“The USDC becomes the first and the only stablecoin to a world dollar to be approved for use in Japan,” wrote Circle CEO, Jeremy Allaire.
In Japan, regulatory changes in 2023 paved the way for approved intermediaries to manage foreign staboins, subject to surveillance.
