Circle to issue a stablecoin in Japan under the new stablecoins law

Circle to issue a stablecoin in Japan under the new stablecoins law
фото показано с : invezz.com

2023-7-6 10:40

Circle’s CEO and co-founder Jeremy Allaire has said that the stablecoin issuer is considering issuing a stablecoin in Japan seeing that the new legislation governing stablecoins started being implemented in the country.

In an interview with one popular crypto media outlet, Allaire claimed that Japan will grow to be a very sizable market if stablecoins are used more frequently for international trade, foreign currency transactions, and global commerce.

The CEO views Japan’s stablecoin bill as “the most important thing the government and the Financial Services Agency have done” because it makes Japan one of the first nations to create a framework for the use of stablecoins.

Circle is interested in partnerships in Japan

Allaire who visited Japan last month also said that Circle is interested in inking partnerships in Japan after the revised Payment Services Act that endorses stablecoins backed by legal tender as an “electronic payment method” and allows their issuance. The Financial Services Agency lifted the ban on overseas stablecoins in December 2022.

Nevertheless, stablecoin issuers like Circle will have to put up with the tough rules stipulated in the revised act. For instance, the issued stablecoins must be pegged to the Japanese Yen or other legal tenders and give holders the right to redeem them at face value.

Also, only licensed financial institutions like registered money transfer agents, trust companies, and licensed banks will be able to issue stablecoins.

A number of financial institutions in Japan have announced their aspirations of issuing stablecoins. An example is Mitsubishi UFJ Trust and Banking Corporation, which recently announced it plans to launch a stablecoin platform called Progmat.

Circle, which recently obtained a Major Payment Institution (MPI) license in Singapore to offer digital payment services, cross-border money transfer services, and domestic money transfer services in Singapore, will now seek to make its presence felt in Japan.

The post Circle to issue a stablecoin in Japan under the new stablecoins law appeared first on Invezz.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

USDx stablecoin (USDX) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 1.62 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 1.2368 (-100%)

stablecoin new circle stablecoins japan country considering

Источник: invezz.com

stablecoin new → Результатов: 126


Фото:

Metal-Backed Stablecoin Tiberius Now Available for Cryptocurrency Investors

While investing in cryptocurrencies offers the potential to reap huge profits with the right timing, their wilding erratic prices can also be a major cause of frustration among crypto investors. Thankfully, a new breed of cryptos that are more stably priced compared to their peers are now making their way into the market, such as […] Metal-Backed Stablecoin Tiberius Now Available for Cryptocurrency Investors was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-10-2 15:54


Фото:

London Block Exchange to Launch British Pound-Backed Stablecoin

London Block Exchange to Launch Cryptocurrency Pegged to British Pound The London Block Exchange (LBX) recently announced plans to launch the LBXPeg, a new stablecoin backed by the British Pound. According to an article published by Business Insider on September 29, 2018, LBX gained permission from their banking partner to move forward with the crypto pound, which will be backed.

2018-10-2 17:00


Berkeley Professor Questions Stablecoin Viability in Unflattering Op-Ed

University of Berkeley Professor Barry Eichengreen has taken a swipe at the viability of stablecoins in an op-ed published on Project Syndicate. The critique, entitled “The Stable-Coin Myth,” argues stablecoins are not automatically "viable" just because they are pegged to an asset, though Eichengreen does believe they have an advantage over "conventional cryptocurrencies" such as bitcoin which he says "is highly unstable" and "unattractive as units of account.

2018-9-13 18:07


Фото:

Gemini Exchange Launches Gemini Dollar, a Stablecoin Similar to Tether

In a new blog post, cryptocurrency exchange Gemini announced the launch of its own stablecoin — Gemini dollar. The cryptocurrency is pegged to the US dollar 1:1 and designed as an ERC20 token. Cameron Winklevoss wrote in the post that they intend to bring fiat and cryptocurrency closer by creating a regulated and trustworthy US […] Gemini Exchange Launches Gemini Dollar, a Stablecoin Similar to Tether was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-9-12 18:59


Фото:

US Regulators Approve Winklevoss Twins’ Fiat-Backed Stablecoin Gemini Dollar

New York regulators have given the green light to Tyler and Cameron Winklevoss’ first cryptocurrency, a stablecoin attached to their trading platform Gemini. Solving Stablecoin ‘Trust Problems’ As Forbes reports on September 10, the token, the Gemini Dollar, will have the backing of investment bank State Street, which takes custody of the fiat dollars it is backed by.

2018-9-10 19:00


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Palau debuts blockchain-based savings bonds by CBDC developer Soramitsu

Palau’s government in partnership with Soramitsu and Japan’s ministry has launched a blockchain-based savings bond prototype aimed at enhancing domestic investment growth. Palau is launching a blockchain-based savings bond system developed in collaboration with Japanese blockchain firm Soramitsu and Japan‘s…