Japanese financial conglomerate SBI Holdings plans to acquire a stake in Bitbank, one of the country’s largest crypto exchanges.

The Tokyo-based broker submitted a letter of intent to Bitbank Co., Ltd. regarding the purchase of the exchange’s shares with the goal of turning it into a consolidated subsidiary, according to an announcement on Friday.

SBI frames the Bitbank move as part of its broader strategy to expand its crypto footprint and strengthen its position ahead of potential regulatory changes in Japan.

Japan’s cabinet approved a draft amendment last month that would classify cryptocurrencies as financial products, bringing crypto assets under the Financial Instruments and Exchange Act, which is used for stocks and other…