SBI Holdings, a major Japanese financial conglomerate, is poised to acquire a stake in Bitbank, one of Japan's largest cryptocurrency exchanges. The company has submitted a letter of intent to purchase shares in Bitbank, with the aim of making it a consolidated subsidiary. This move is part of SBI's broader strategy to expand its presence in the cryptocurrency market and strengthen its position ahead of potential regulatory changes in Japan. Recently, Japan's cabinet approved a draft amendment that would classify 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, and has announced plans to acquire a majority stake in Coinhako, a digital asset platform based in Singapore. Additionally, the company has partnered with Visa to launch credit cards that allow users to earn crypto rewards, including Bitcoin, Ethereum, and XRP, through their everyday purchases.