SBI Holdings eyes stake in crypto exchange Bitbank to build digital asset powerhouse

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SBI Holdings eyes stake in crypto exchange Bitbank to build digital asset powerhouse The Tokyo-based broker is betting big on crypto with plans in Singapore and a Visa partnership for bank cards that allows users to accumulate digital assets. What to know: - SBI Holdings has submitted a letter of intent to acquire a stake in Bitbank, aiming to make the crypto exchange a consolidated subsidiary as part of its expanding digital asset business. - The planned acquisition comes as Japan moves to classify cryptocurrencies as financial products under the Financial Instruments and Exchange Act, a change that could take effect as early as fiscal 2027. - The Bitbank deal follows SBI’s absorption of Bitpoint, its planned majority stake in Singapore-based Coinhako, and a new Visa partnership offering credit cards that convert rewards into cryptocurrencies. Japanese financial conglomerate SBI Holdings plans to acquire a stake in Bitbank, one of the country’s largest crypto exchanges. The Tokyo-based broker submitted a letter of intent to Bitbank Co., Ltd. regarding the purchase of the exchange’s shares with the goal of turning it into a consolidated subsidiary, according to an announcement on Friday. SBI frames the Bitbank move as part of its broader strategy to expand its crypto footprint and strengthen its position ahead of potential regulatory changes in Japan. Japan’s cabinet approved a draft amendment last month that would classify cryptocurrencies as financial products, bringing crypto assets under the Financial Instruments and Exchange Act, which is used for stocks and other securities. If passed during the current parliament session, the law could take effect as early as fiscal 2027. SBI already absorbed Bitpoint, a regulated Japanese crypto exchange that offers spot trading and has offered an onchain bond from which investors can receive rewards in XRP. The move is also part of SBI’s broader regional expansion push, having disclosed plans to acquire a majority stake in Singapore-based Coinhako, a MAS-regulated digital asset platform in February. SBI has also commenced a Visa partnership to launch credit cards that automatically convert spending rewards into crypto (BTC, ETH, or XRP), enabling users to accumulate digital assets through everyday purchases, according to a separate announcement on Friday. More For You By partnering with Chainalysis to monitor its blockchain data in real-time, Polymarket is signaling to both users and regulators that it is serious about eliminating insider trading and market manipulation. What to know: - Polymarket has partnered with blockchain analytics firm Chainalysis to monitor trading activity and crack down on potential insider trading on its crypto-based prediction market. - The collaboration will use Chainalysis investigative and onchain security tools to flag suspicious trading patterns, investigate rule violations and share evidence with regulators when necessary. - By...

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