SBI Holdings has recently released a financial report, detailing the health of their various business ventures. In this report, it was announced that after experiencing a successful first year in the world of cryptocurrencies, they are intending on hosting an upcoming STO in 2019.
While they intend to host an STO this year, there is no firm date set, as of yet. This is due to their inclination to wait for an updated and amended ‘Financial Instruments and Exchange Act’ to be released. This is expected to occur in the coming months.
SBI (is CEO, Dr Yoshitaka Kitao, is on the picture) is waiting on the upcoming update to this Act. The current ‘Financial Instruments and Exchange Act’ was established in 2006, and was approved with the intent to ensure regulatory compliance among investors.
The act builds upon 4 main ideas to ensure a compliant industry.
– Establishing a cross-sectional legislative framework for investor protection covering financial products with strong investment characteristics
– Enhancing disclosure requirements
– Ensuring appropriate management of self-regulatory operations by exchanges
– Strict countermeasures against unfair trading.
SBI Virtual Currencies (SBIVC) is a subsidiary of SBI Holdings. This arm of SBI Holdings was established in 2017, with the goal of disrupting the cryptocurrency industry.
While their interests are varied, the most prominent product offered by them is their crypto exchange. In the time since launch, the SBIVC exchange has grown to support a variety of assets, including industry regulars such as XRP, BTC, ETH, and LTC.