SBI Holdings, a major Japanese financial conglomerate, is poised to acquire a significant stake in Bitbank, a leading cryptocurrency exchange in the country. The proposed acquisition, outlined in a letter of intent submitted to Bitbank, aims to transform the exchange into a consolidated subsidiary. This move is part of SBI's strategic plan to expand its footprint in the crypto market and reinforce its position in anticipation of potential regulatory reforms in Japan.
Recently, Japan's cabinet approved a draft amendment that could classify cryptocurrencies as financial products, subject to the same regulations as stocks and securities, potentially taking effect as early as 2027. SBI has already absorbed Bitpoint, a Japanese crypto exchange offering spot trading and on-chain bond services. Additionally, the company plans to acquire a majority stake in Coinhako, a digital asset platform based in Singapore, and has partnered with Visa to launch credit cards that convert rewards into cryptocurrencies such as Bitcoin, Ethereum, or Ripple, allowing users to accumulate digital assets through daily purchases.