SBI Holdings, a prominent Japanese financial conglomerate, intends to purchase a stake in Bitbank, a leading cryptocurrency exchange in the country. The company has submitted a letter of intent to acquire shares in Bitbank, with the aim of making it a consolidated subsidiary.
This move is part of SBI's broader strategy to enhance its cryptocurrency offerings and solidify 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 same regulations as stocks and securities. If enacted, this law could come into effect as early as 2027. SBI has already acquired Bitpoint, a regulated Japanese cryptocurrency exchange that provides spot trading services and has issued an on-chain bond with rewards in XRP.
Furthermore, the company plans to expand its presence in the region by acquiring a majority stake in Coinhako, a digital asset platform based in Singapore. In a separate announcement, SBI revealed a partnership with Visa to launch credit cards that automatically convert reward points into cryptocurrency, enabling users to accumulate digital assets through daily purchases.