business
Japanese financial services giant SBI Holdings to buy Bitbank for $289 million
Key takeaways
- The Tokyo-based bank first floated the idea at the start of last month, framing it as part of a broader strategy to expand its crypto business ahead of potential regulatory developments in Japan.
- Japan is in the process of bringing cryptocurrencies under the umbrella of financial products as authorized by the Financial Instruments and Exchange Act, which applies to stocks and other securities.
- Bitbank is among Japan's top 10 largest crypto exchanges by trading activity, according to CoinGecko, processing 24-hour volume of just under $50 million.
The Tokyo-based bank first floated the idea at the start of last month, framing it as part of a broader strategy to expand its crypto business ahead of potential regulatory developments in Japan. It bought crypto exchange Bitpoint in 2022.
Japan is in the process of bringing cryptocurrencies under the umbrella of financial products as authorized by the Financial Instruments and Exchange Act, which applies to stocks and other securities. This could take effect from early next fiscal year.
Bitbank is among Japan's top 10 largest crypto exchanges by trading activity, according to CoinGecko, processing 24-hour volume of just under $50 million. Competitors such as Toobit, CoinW, Kraken and Bitmart all process in excess of $1 billion.
Article preview — originally published by CoinDesk. Full story at the source.
Read full story on CoinDesk →
More top stories
Also covered by
Aggregated and edited by the Scoop newsroom. We surface news from CoinDesk alongside other reporting so you can compare coverage in one place.
Editorial policy · Corrections · About Scoop