SBI Holdings, a major Japanese financial conglomerate, is poised to acquire a significant stake in Bitbank, a leading cryptocurrency exchange in the country. The move is aimed at transforming Bitbank into a consolidated subsidiary, as outlined in a letter of intent submitted by SBI. This strategic decision is part of SBI's broader vision to expand its footprint in the cryptocurrency market and reinforce its position in anticipation of potential regulatory shifts in Japan. Recently, Japan's cabinet approved a draft amendment that would categorize cryptocurrencies as financial products, subject to the Financial Instruments and Exchange Act.
If enacted, this law could come into effect as early as 2027. SBI has already absorbed Bitpoint, a regulated Japanese crypto exchange that offers spot trading and has issued an on-chain bond with rewards in XRP. Furthermore, SBI is pushing for regional expansion, having announced plans to acquire a majority stake in Coinhako, a digital asset platform regulated by the Monetary Authority of Singapore.
In a separate development, SBI has partnered with Visa to launch credit cards that automatically convert reward points into cryptocurrencies such as Bitcoin, Ethereum, or XRP, allowing users to accumulate digital assets through daily purchases.