Japan’s SBI Holdings Invests in Local Crypto Exchange Applicant FXCoin
Marie Huillett's original article for cointelegraph.com reduced by 59%
Japanese crypto startup FXCoin revealed it has completed a third-party allotment of shares with financial services giant SBI Holdings. The development, which contributes to FXCoin's aim of launching a crypto exchange business in the country, was reported by Cointelegraph Japan on April 15. As Cointelegraph Japan further reports, FXCoin sealed second tier membership within the Japan Virtual Currency Exchange Association this February.
The membership tier is designed for businesses who are seeking to apply for an official crypto exchange operating license from the country's financial watchdog, the Financial Services Association. As previously reported, JVCEA is a self-regulatory crypto exchange association that formed in March 2018 in a bid to establish industry-wide investor safety standards. An operating license has been mandatory for all crypto exchanges operating within Japan since the amendment of the country's Payment Services Act back in April 2017.
As previously reported, the past couple of years have seen SBI pursue multiple ventures in the crypto sector, including its own exchange - Vctrade - alongside a series of investments in businesses developing crypto infrastructure and services.
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