Japan Moves to Boost Crypto Competition by Opening Door for Major Banks

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In a significant step to invigorate its digital asset market, Japan is set to allow banking groups to enter the crypto trading space.

The Financial Services Agency is mulling regulatory revisions that would let bank-owned securities subsidiaries register as crypto asset service providers.

This would break the current dominance of securities-group affiliates like Rakuten Wallet and SBI Holdings, providing consumers with more choice and fostering greater competition. The move includes strict requirements for investor risk education.