Home / Ripple / Japanese regulator grants SBI Ripple Asia a payment license for the Blockchain-based app

Japanese regulator grants SBI Ripple Asia a payment license for the Blockchain-based app

The financial services company SBI Holdings announced that it had obtained a license from the Japanese regulators for its joint money transfer operation with Ripple in a statement on Wednesday, September 26th.

SBI Ripple Asia, a company under development with Ripple since 2017, is now allowed to manage electronic payments as "Electronic Settlement Agency Service Provider" based on the legislation issued in March of that & # 39; year.

According to the statement by SBI, its MoneyTap smartphone app – which will allow users to send payments using a platform based on distributed ledger technology (DLP) – is now closer to a public launch. The declaration adds:

"SBI Ripple Asia is planning to register the electronic settlement and other settlement businesses in order to correctly implement electronic payments and other settlement aspects related to MoneyTap in the future."

In June, SBI Holdings launched its internal exchange VCTRADE, with Ripple (XRP) as the first resource to receive support and incoming Bitcoin (BTC). Earlier this week, SBI Holdings reported that it would try its blockchain-based "S coin" to make retail purchases with users' smartphones.

Japan continues to refine the regulatory oversight of the cryptocurrency sector in particular, with the country's Financial Services Agency (FSA) confirming that newcomers to the market would be subject to increasingly stringent controls before obtaining the license required.

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