A subsidiary of the Japanese giant SBI Holdings added SHIB, DAI and ATOM to the listing
Date: 2023-06-28 Author: Karina Ziganova Categories: IN WORLD
SBI VC, the crypto arm of Japanese financial conglomerate SBI Holdings, added Shiba Inu (SHIB), Dai (DAI), and Cosmos (ATOM) tokens to the listing on June 28.
Now the number of digital assets supported on the platform has reached 20. SBI VC will provide a variety of token services, including sales, yield products, and lending services. Only the Japanese yen will be available for margin trading. Users will also have access to digital asset storage services
In addition, SBI VC will launch staking with ATOM with a "relatively high reward". Leveraged ATOM trading will be available from July.
SHIB's capitalization suffers losses
Since mid-May, SHIB's capitalization has begun to decline sharply by almost $1 billion, to $4.311 billion, according to CoinMarketCap. The token's problems began against the backdrop of unfavorable market conditions and capital outflow from crypto exchanges. In addition, the growing interest in other memecoins has shifted the attention of some traders away from the "original" memecoins. In addition, more than 90% of SHIB holders were in a state of net loss.
Despite the poor performance, many major Japanese exchanges have also listed SHIB. BitPoint was the first major Japanese exchange to list this asset. OKCoin Japan and BitFlyer followed the listing of the memecoin.
What is happening with the crypto market in Japan
Japan has long been considered an unattractive region for crypto companies due to its high taxation and tight regulatory rules. As a result, many crypto firms have left the country.
Recently, however, the Japanese authorities have begun to rethink their crypto regulation policies. In particular, the country began to revise the taxation of the crypto industry against the backdrop of fixing the outflow of crypto companies from the country due to high taxes. As a result, Japan exempted token issuers from paying a 30% tax on unrealized (paper) profits.
In addition, the country is working on launching a pilot program to test the Central Bank's digital currency (CBDC). Also, local authorities are considering the possibility of allowing stablecoins into the domestic market and simplifying the requirements for listing tokens on exchanges.
