Japan has been a land of firsts when it comes to crypto, even if "Satoshi Nakamoto" isn't really Japanese. It's the country where Mt. Gox — the first major crypto exchange — was based, as well as the first nation to accept bitcoin as legal tender. And last July, it became the first country to host a bank-owned cryptocurrency exchange, when financial services giant SBI Holdings launched the SBI Virtual Currencies (SBIVC) platform.
At the time of its launch, SBIVC — called VCTRADE at the time — enabled trades in only XRP, bitcoin (BTC) and bitcoin cash (BCH). Yet, as limited as it may have been, its attachment to the SBI stable meant that it benefited from access to resources and technology other exchanges in Japan could only envy. And as SBI's latest financials revealed in April, the exchange has grown rapidly, recording pretax earnings of almost 360 million Japanese yen (approximately $3.2 million) for the fiscal year up until March 31, 2019.
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