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SBI Crypto Experiences Surge In Bitcoin SV Shares Amid BSV Halving

Bitcoin SV Drops after Craig Wright Failure to Prove His Ownership of Private Keys
Bitcoin SV Drops after Craig Wright Failure to Prove His Ownership of Private Keys

SBI Crypto stands as a subsidiary company of SBI Holdings, a Japan-based financial services giant. As it stands now, SBI Crypto has had its Bitcoin Satoshi Vision (BSV) mining pool share rise up, ever since the crypto experienced its first halving back on the 10th of April.

Gaining Larger Shares In BSV

Through Coindance, a crypto information provider, it can be learned that SBI Crypto had initially held about 4.4% of the total shares of BSV last week. However, those numbers jolted upwards to 15.28% on the 13th of April, 2020.

Something important to note is, BSV experienced its halving event shortly after Bitcoin Cash (BCH) experienced the same. BCH’s halving occurred on the 8th of April, 2020. BCH itself had its halving event occur a month before the original Bitcoin (BTC) is scheduled to have its halving, which is currently expected to occur between the 11th and 13th of May.

Bad moves And Looming Threats

Yoshitaka Kitao stands as the Chief Executive Officer of SBI Holdings. He’s commonly known as one of the more high-profile friends of Craig Wright, someone who holds the claims that they’re the legendary father of Crypto, Satoshi Nakamoto. Craig Wright, in turn, is a backer of BSV. What should be relevant to note, however, is when BSV enacted its hard fork from BCH back in 2018, Kitao was less than pleased with the move. He criticized it, stating that the split itself was meaningless, and would only result in investors leaving the space altogether.

Advent Of Stablecoins And Their Threat To Traditional Financial Systems

SBI Holdings has already shown that it is keen to push into the digital currency industry, especially within these past few months. However, the company will soon hit a few roadblocks: Its registered crypto exchange within Japan will soon face challenges with the updated regulations.

The End Of Unregulated Crypto

These new updates to Japan’s regulations are set to come into force quite soon. The Payment Services Act and Financial Instruments Exchange Act stands as two new legislation passed by Japan’s House of Representatives last year. These two laws focus on the regulation of cryptocurrencies within the countries and will come into effect as of the 1st of May, 2020.

The official end of the wild west era of crypto is still ongoing, with countries pushing in regulations nonstop. Even so, the idea of a regulatory-free crypto market has died out long ago. In the end, regulations stand as a necessary evil. Without it, the narratives that a lot of mass media pushes about the crypto industry is a cesspit of scams, will prove accurate. With countries regulating the crypto space, it’s just as fraud-rampant as any other facet of the finance industry.

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