Japanese Bank Giant SBI plans to launch crypto exchange this summer
According to Business Insider Japan, the president of SBI Holdings has confirmed the full-scale launch of SBI Virtual Currencies. This will be the countries first bank-owned cryptocurrency exchange.
SBI had initially wanted to partner up with Huobi (which trades Steem) to launch Huobi Japan but decided to open its own exchange instead. The reasoning was due to higher levels of security and being able to promotly respond to domestic and overseas regulations.
In my opinion, SBI takes a very smart decision, building its own bourse is more important in crypto because of the many risks that occur.
Thanks @acidzapps
More Crypto adoption by mainstream institutions is always good :-D Hopefully we manage to get Steem listed in there too :-D
Hmmm, but SBI may not have Steem 🙃 But I think it was the right choice. Better to have your own thing.
BTW, how's the reddit takeover going?
Well, that's pretty interesting. I'm kinda surprised Japan has been a bit late to the crypto game, I would have figured they'd be some of the first pioneers to join in on exchanges. Still cool to see though.
This is even better in terms of security, people want all the security they can get, dont we all. And i believe you wanted to say promptly there, yes as i discussed earlier, regulations are good only for exchanges who are fit for it. Im positive they will look into listing steem
Japan has always been very advanced in the adoption of cryptocurrencies. What I am interested to know is how this bank will work and how much information of the customer will be handled by them and the government of Japan.
Will we be able to create savings accounts with a cryptocurrency that generates some return? It would be interesting.
This decision on part of SBI highlights the differences between how different governments see cryptocurrencies.
I've heard some Finnish banks have freezed the accounts of individual customers with large transfers from crypto exchanges asking very detailed questions as to the origin of the money as a condition of unfreezing the funds. Also, Prasos, the Finnish crypto broker has experienced trouble with banks. EU regulations have been suggested as the reason for the attitude of the banks. But Malta is a member of the EU, too, and Malta is very crypto-friendly. Go figure.