SBI Holdings, a leading Japanese financial conglomerate, is poised to acquire a stake in Bitbank, a prominent cryptocurrency exchange in the country. The company has submitted a letter of intent to purchase shares in Bitbank, with the aim of transforming it into a consolidated subsidiary. This move is part of SBI's broader strategy to enhance its presence in the crypto market and strengthen its position in anticipation of potential regulatory changes 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 acquired Bitpoint, a regulated Japanese crypto exchange that offers spot trading and has issued an on-chain bond with rewards in XRP. Furthermore, the company has announced plans to acquire a majority stake in Coinhako, a digital asset platform based in Singapore, as part of its regional expansion efforts.
In a separate development, SBI has partnered with Visa to launch credit cards that automatically convert spending rewards into cryptocurrencies such as BTC, ETH, or XRP, allowing users to accumulate digital assets through everyday purchases.