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First bank-backed crypto exchange opens doors in Japan

Jul 17 2018
By
Jonathan Smith

Japanese financial conglomerate SBI Holdings has officially launched a crypto currency exchange under the trade name ‘VCTRADE’, becoming the first baking institution in the world to enter the crypto market, CNN reports. 

 

In June SBI tested the market with a preliminary launch of the exchange with some 20,000 pre-registered users. Now VCTRADE, which is operated by SBI Virtual Currencies, wholly owned subsidiary of SBI Holdings, accepts applications for new accounts form Japanese residents, who are at least  20 years old, but not older than 70. 

 

Currently VCTRADE is accepting applications form retail traders only. Applications from corporate and institutional investors are not accepted.

 

SBI first announced its intention to enter the crypto market in October 2016. In  September 2017 the bank received a license form the Financial Services Agency (FSA), Japan’s financial regulator, but decided to postpone the official launch of the exchange because of security considerations in the aftermath of the theft of some 530 million USD from the Tokyo-based exchange Coincheck in January.

 

VCTRADE initially offered trade only with Ripple, as SBI Holdings partners with the San Francisco-based FinTech in SBI Ripple Asia. Soon after VCTRADE added to its portfolio Bitcoin and  Bitcoin Cash.

 

In Japan, one of the largest cryptop markets in the world, exchanges are listed under special regulatory regime.

TAGS: SBI Holdings  crypto exchange  Japan  Ripple  Bitcoin  Bitcoin Cash  FinTech 

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