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Cryptocurrency News From Japan: April 26 – May 2 in Review

05/03/2020

Several exchanges gained regulatory paperwork, VC Trade exchange announced a 1,700% spike in pre-tax fiscal year profit, and more headlined news from Japan this past week.

This week’s headlines from Japan included Rakuten Wallet, GMO Coin and DMM crypto exchanges achieving regulatory registration, SBI Holdings’ VC Trade exchange announcing a 1,700% increase in fiscal year pre-tax profit, and SBI Holdings’ CEO calling out the supply chain amid the coronavirus pandemic. 

Check out some of this week’s crypto and blockchain headlines, originally reported by Cointelegraph Japan.

Japanese exchange gains financial instruments license

Crypto exchange, Rakuten Wallet, now holds status as a Kanto Finance Bureau-registered operation, “as a first-class financial instruments business operator based on the Financial Instruments and Exchange Act,” the company announced on May 1.

At the start of May, regulatory specifications, known as the revised Financial Instruments and Exchange Act, came into play. The regulations require exchanges to gain approval for the offering of leveraged and derivative crypto trading.

GMO Coin also secures regulatory approval

Japanese crypto exchange, GMO Coin, also achieved the same registration in light of the recently enforced regulatory measures.

GMO Coin now holds approval as a “first-class financial instrument trader,” the company said in a May 1 announcement.

Additionally, DMM Bitcoin exchange received the same registration.

SBI Holdings announces key numbers

SBI Holdings, with a number of endeavors under its wing, recently announced fiscal year-end totals as its business year concluded on March 31. 

SBI VC Trade, a crypto exchange under the group, unveiled approximately $57,710,648 in USD-valued profit before taxes, totalling a 1,700% spike from the previous year. 

SBI’s Morning also revealed results of its XRP shareholder benefit payout, announced last fall. The company gave XRP to 19% of shareholders.     

GMO Coin’s parent group, GMO Financial Holdings, also unveiled growth numbers, touting a 136% increase in revenue during Q1 2020, compared to Q1 2019. 

SBI Holdings CEO looks toward blockchain to fix supply chain

During SBI Holdings’ fiscal year roundup briefing, CEO Yoshitaka Kitao called out current supply problematic chain practices amid the coronavius pandemic.”This time the supply chain is going to break,” he said. 

“The future supply chain must be in a form that allows multiple, yet flexible operations,” Kitao added. The CEO is reportedly looking toward blockchain technology as a solution.