GMO-Z gains USD and Yen stablecoins approval in New York

2020-12-30 12:32

The New York State Department of Financial Services (DFS) has authorised GMO to develop and issue US dollar and Japanese yen-pegged stablecoins

The DFS has granted GMO-Z.com Trust Company, a subsidiary of Japanese tech giant GMO Internet, a charter under New York Banking Law. The charter allows the tech giant to operate as a limited liability trust company, the Bitlicense regulator revealed.

While making the announcement yesterday, the regulator stated that GMO could issue, administer and redeem Japanese yen and US dollar-pegged stablecoins in New York. The DFS has so far approved 27 charters and licenses to entities offering cryptocurrency services to New York residents, including the charter issued to GMO.

To obtain the charter, GMO had to meet strict requirements for its cybersecurity programs and the federal l standards for anti-money laundering and economic sanctions. The JPY-pegged stablecoin (Ticker: GYEN) and USD-pegged stablecoin (Ticker: ZUSD) can be bought and redeemed directly from the company.

On its part, GMO has partnered strategically with cryptocurrency exchanges that operate globally to boost the accessibility and liquidity of the stablecoins. While the US Dollar-pegged stablecoins are available on the market, GYEN will be the first publicly available stablecoin pegged to the Japanese Yen. Hence, GMO will be the first company to pioneer a global and regulated version of the JPY-pegged stablecoin.

The stablecoins will be available starting January 2021, and institutional firms and retail users can leverage them for trading, institutional hedging, arbitrage, settlements and payments.

GMO-Z Trust President Ken Nakamura is excited by his firm’s move to create the first regulated JPY-pegged stablecoin, a currency most people consider a safe haven asset. “But we are also pioneers and innovators in this space who envision building new applications of blockchain technology that transform our relationship with traditional financial services”, he added.

The USD stablecoins have become popular within the cryptocurrency space. Tether is the leading stablecoin issuer globally, and the USDT coin is currently the third most valuable cryptocurrency in terms of market cap. However, USDT is now facing competition from other stablecoins like the USD Coin (USDC), Binance USD (BUSD), TrueUSD (TUSD) and Paxos Standard (PAX).

The DFS has been granting licenses to companies engaged in crypto-related activities since 2015. Over time, the agency has revised its cryptocurrency regulatory approach to streamline the process for entities to adopt new digital currencies via a self-certification framework.

The post GMO-Z gains USD and Yen stablecoins approval in New York appeared first on Coin Journal.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Time New Bank (TNB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.01 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0020147 (-100%)

new york gains usd gmo-z approval yen

new york → Результатов: 126


Draper Goren Holm to Host 5th Annual Security Token Summit in New York City this June

Draper Goren Holm, producer of some of the world’s top blockchain events, to host its high-powered security token and regulated digital asset event in New York on June 20, 2023. New York, NY – January 25, 2023 –  Draper Goren Holm, the premier early-stage blockchain startup venture studio and fund, as well as producer of […] Сообщение Draper Goren Holm to Host 5th Annual Security Token Summit in New York City this June появились сначала на Coinstelegram.

2023-1-28 19:17


New York Department of Financial Services urges crypto firms to use blockchain analytic services

New York’s Department of Financial Services (NYDFS) has issued guidelines on the use of Blockchain analytics to all licensed crypto startups within New York. Through a letter addressed to all digital currency entities licensed under the New York Banking Law (23 NYCRR Part 200), the government agency emphasized the importance of blockchain analytics in conducting […]

2022-5-4 00:46


Фото:

New York Regulator Urges Crypto Businesses to Be Cognizant of Climate Change Risks

The New York financial watchdog has urged companies to be more mindful of risks associated with climate change. Asked to Pay Closer Attention to Risks Associated with Climate Change On Thursday, the New York financial regulation – The New York Department of Financial Services (NYDFS) – sent a letter to all regulated crypto companies sayingRead MoreRead More.

2020-10-31 14:00


Bittrex продлила срок вывода средств для жителей Нью-Йорка

Американская биткоин-биржа Bittrex продлила сроки вывода средств для клиентов из штата Нью-Йорк после просьбы регулятора. Important information for New York customers: NYDFS has requested that Bittrex postpone the New York account closure deadline until further notice.

2019-10-25 15:46