Coinbase and SBI expand regulatory footprint across EU and Japan
Security & Exploits ·
A cluster of licensing and acquisition moves this week shows Coinbase and Japanese financial group SBI both broadening regulated crypto access, alongside a $40 billion funding target for prediction market Kalshi.
Coinbase has secured a MiCA license in Luxembourg, a step the company says allows it to serve all 27 European Union member states under a single regulatory framework. The license lands alongside a separate partnership in which Coinbase is working with Spiko to enable instant stablemail settlement inside European UCITS funds, allowing trading around the clock rather than within standard market hours.
In Japan, SBI Holdings has agreed to acquire crypto exchange Bitbank in a deal valued at $288.6 million, according to The Block. The acquisition follows SBI's launch of JPYSC, described as Japan's first trust bank-backed yen stablecoin, and comes the same week Ripple brought its RLUSD stablecoin to the Japanese market after clearing regulatory approval, made available through SBI VC Trade for both institutional and retail users, per The Block.
Together, the moves point to SBI positioning itself across multiple layers of Japan's stablecoin and exchange infrastructure in a short span, while Coinbase pursues parallel access to EU markets through licensing and fund-settlement partnerships. Elsewhere in the cluster, Uniswap has launched a no-code token auction tool positioned as a challenge to Pump.fun, and prediction market platform Kalshi is reportedly seeking new funding at a $40 billion valuation.
Stablecoin infrastructure is also drawing broader industry backing: Visa, Stripe, and Coinbase have joined an initiative for a new stablecoin called Open USD, planned for launch later this year with fee-free minting and redemption and reserve revenue sharing among backers. Not every crypto venture in the cluster is expanding, however — Satori Finance, a decentralized exchange backed by Polychain Capital and Coinbase, is winding down operations, citing unfavorable market conditions.
What remains unclear is the timeline for Coinbase's EU license to translate into live product rollouts across all 27 states, and whether SBI's Bitbank acquisition will close on the terms announced. The Kalshi funding round has not been confirmed by the company, and further detail on Open USD's launch mechanics, including which chains it will support, has not yet been disclosed.