SBI Holdings, a department of DBI groups responsible for financial investment in the company, has pledged support for cryptocurrency exchange firms in Japan.
Irrespective of the strict crypto regulations in Japan, SBI holding is planning to invest heavily in a cryptocurrency exchange, LastRoots – one of the unlicensed exchanges that were slammed with regulations by Japan’s Financial Services Agencies (FSA).
According to an official statement, the investment firm stated that due to its stance to strengthen cryptocurrency exchange firms in the country, more funds would be invested in LastRoots in addition to its early investment with the exchange in late 2017.
LastRoots, a Japanese cryptocurrency exchange with over 600 million yen in ICO since July 2016, also has control of VideoBank, an advertisement platform for promoting virtual currencies.
In early April, LastRoots was one of the two cryptocurrency exchanges that received two months suspension from the FSA due to a failure of not having sufficient information on customers’ purpose of the transaction.
The routine check which the FSA tagged as “know-your-customer” procedure has been on for a period in the country to track financial crimes, and other related crimes.
More investments in cryptocurrency exchange
Although the suspension placed on LastRoots was slated to end on June 6th, it is still surprising that SBI holdings would throw in more funds to an exchange firm that is still under the close watch of financial regulators.
Aside from the funds SBI group invested, the firm has also sent some of its employees to help improve the management system of LastRoots and to help curb any financial crimes that could lead to future suspensions.
According to SBI, its plan to support the cryptocurrency exchange platform in the country is a priority, and it will continue throwing its weight for firms that are into cryptocurrency exchange.
So far, SBI has stayed true to its words and has supported more cryptocurrency-related firms like- Coolbitx, a firm in Taiwan that makes cryptocurrency hardware wallet, and Templum’s cryptocurrency exchange, etc.