SBI Ripple Asia, a joint venture between Tokyo-based banking giant SBI Holdings and US startup Ripple Labs, has secured regulatory clearance to launch its blockchain-based payment application MoneyTap. The company announced on Wednesday it had registered with the Kantou bureau of Japan's Ministry of Finance as a licensed agent for handling electronic payments.
Japan’s Financial Services Agency (FSA) announced in May that businesses looking to conduct electronic cash transfers through banks’ Application Program Interfaces (APIs) must first register with the local finance bureau. The legislation became effective on June 1.
SBI Ripple Asia explained that it had to meet the new regulatory requirement as the MoneyTap app uses distributed ledger technology (DLT) to conduct transactions via open APIs....
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