1. BITBILIHome
  2. Article

Circle looking to issue stablecoin in Japan under new stablecoin law

• 186 views

TL;DR Breakdown

  • Circle, the issuer of  stablecoin USDC, has announced that it is considering issuing a stablecoin in Japan
  • The bullish statement comes after Japan’s announcement on introducing stablecoin guidelines
  • Circle has been making major moves in Asia to grow its presence

Description

Circle, the issuer of  stablecoin USDC, has announced that it is considering issuing a stablecoin in Japan. In an interview with CoinDesk Japan, Jeremy Allaire, the Circle CEO, mentioned that Japan will grow into a substantial market if stablecoins are widely used in international transactions and global commerce. The bullish statement comes after Japan’s announcement … Read more

Circle, the issuer of  stablecoin USDC, has announced that it is considering issuing a stablecoin in Japan. In an interview with CoinDesk Japan, Jeremy Allaire, the Circle CEO, mentioned that Japan will grow into a substantial market if stablecoins are widely used in international transactions and global commerce. The bullish statement comes after Japan’s announcement on introducing stablecoin guidelines.

Circle seizes opportunity under new stablecoin law

The Japan stablecoin bill took effect on June 1, making the country one of the first to establish a framework for overseas stablecoin use. According to Allaire, the move is the most crucial thing implemented by the government and the Financial Services Agency. To this effect, he highlighted that Circle is interested in Japanese partnerships.

Japan revised its Payment Services Act to certify stablecoins backed by legal tender in June 2022. In December of the same year, the Financial Services Agency called off a ban on stablecoins issued overseas. The stablecoins are now recognized as an “electronic payment method” and can be issued. Under the new guidelines, stablecoin issuers have to abide by tough rules. The issued stablecoins must be pegged to the Yen or another legal tender so holders can redeem them at face value. In addition, only licensed financial institutions such as licensed banks, trust companies, and registered money transfers can issue stablecoins.

The new regulation has also offered an attractive proposition for institutions. So far, Mitsubishi UFJ Trust and Banking is looking to issue Progmat Coin, a stablecoin allowing users to buy NFTs and digital assets. Along with Tokyo Kiraboshi Financial Group and Shikoku Bank, Minna Bank also intends to launch its stablecoin.

Circle’s expansion into Asia

Circle has been making major moves in Asia to grow its presence. Last month, it acquired the Major Payment Institution license from the Monetary Authority of Singapore. Due to the license, Circle Internet Singapore can now provide digital payment token services and money transfer services in the city-state.

The company is not the only one with its eyes set on Asia. Gemini is planning to hire 100 more people to boost its Asian workforce. Another company, FalconX, has also applied for the Singapore digital token license to venture into Asia. 

The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Circle looking to issue stablecoin in Japan under new stablecoin law

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年7月7日 23:29
Next 2023年7月8日 01:17

Related articles

  • Democratic congressman Ritchie Torres takes on SEC over crypto industry

    TL;DR Breakdown Representative Ritchie Torres criticizes SEC’s crypto regulation as a “war on the whole industry.” Torres proposes FIT Act to reform the crypto market structure and define SEC’s jurisdiction. Crypto assets may shift to CFTC oversight upon demonstrating decentralization. Description Representative Ritchie Torres (D-CA) has taken a stand against the U.S. Securities and Exchange Commission (SEC) in what he calls a “war on the whole industry” in the cryptocurrency space. On July 28, Torres publicly criticized the regulatory agency’s approach under Chair Gary Gensler, accusing the SEC of “regulation by enforcement” and imposing arbitrary actions … Read more Representative Ritchie Torres (D-CA) has taken a stand against the U.S. Securities and Exchange Commission (SEC) in what he calls a “war on the whole industry” in the cryptocurrency space. On July 28, Torres publicly criticized the regulatory agency’s approach under Chair Gary Gensler, accusing the SEC of “regulation by enforcement” and imposing arbitrary actions on crypto innovators. In response to these concerns, Torres has put forth the Financial Innovation and Technology (FIT) for the 21st Century Act. This proposed legislation…

    Article 2023年7月29日

  • Nigeria takes top spot in global crypto awareness survey

    TL;DR Breakdown Nigeria has emerged as the country with the highest level of crypto awareness in a recent Consensys survey. Cryptocurrency trends beyond Nigeria. Description In a groundbreaking global survey conducted by ConsenSys and YouGov, Nigeria has emerged as the country with the highest level of cryptocurrency awareness. This survey, which aimed to gauge the perception of cryptocurrencies and the broader Web3 ecosystem in various countries, encompassed 15,158 individuals aged between 18 and 65 across 15 nations. Report shows that … Read more In a groundbreaking global survey conducted by ConsenSys and YouGov, Nigeria has emerged as the country with the highest level of cryptocurrency awareness. This survey, which aimed to gauge the perception of cryptocurrencies and the broader Web3 ecosystem in various countries, encompassed 15,158 individuals aged between 18 and 65 across 15 nations. Report shows that 99% of Nigerians understand Web3 The most striking revelation from this comprehensive study is that Nigeria, Africa’s largest economy, boasts the most cryptocurrency-aware population on the planet. An astounding 99% of Nigerians and 98% of South Africans demonstrated a deeper understanding of…

    Article 2023年9月5日

  • Tech CEOs urge US to rethink China restrictions

    TL;DR Breakdown US tech leaders from Intel, Nvidia, and Qualcomm have expressed concern to the Biden administration about the effect of export restrictions to China on the American chip industry’s global leadership. These discussions occurred in the midst of increasing US-China tensions, which are forcing tech companies to limit their operations in their largest market, China. Executives argued that existing regulations limiting the export of AI hardware to China haven’t slowed China’s AI development as intended. Description In a bid to potentially reshape the United States’ stance on export restrictions to China, top tech executives recently aired their concerns to key Biden administration officials. Executives from Intel, Nvidia, and Qualcomm highlighted the potential risks to America’s leadership position in the chip industry and encouraged the administration to reconsider the ramifications of these … Read more In a bid to potentially reshape the United States’ stance on export restrictions to China, top tech executives recently aired their concerns to key Biden administration officials. Executives from Intel, Nvidia, and Qualcomm highlighted the potential risks to America’s leadership position in the chip industry…

    Article 2023年7月23日

  • Honduras gets BRICS bank membership – Details

    TL;DR Breakdown Honduras has formally applied for membership in the New Development Bank (BRICS bank). Honduran President Xiomara Castro delivered the request during a state visit to China. Honduras’ move represents a shift from traditional financial models, which have often exacerbated poverty. The BRICS bank has been gaining relevance, proposing a decentralization of global finance. The New Development Bank (NDB), better known as the BRICS bank, recently welcomed a new prospective member, Honduras. The Central American nation formally expressed its interest in becoming part of this financial institution that is garnering global attention due to its inclusive and unconventional approach to international finance. Honduras’ audacious bid for development The Honduran President, Xiomara Castro, personally delivered the request during her state visit to China, fulfilling the invitation extended by the Chinese President, Xi Jinping. This diplomatic visit sought to strengthen economic, cultural, and political ties, and Honduras’s application to the BRICS bank became the cornerstone of this mission. In a meeting with the BRICS bank president, Dilma Rousseff, in Shanghai, Castro underscored Honduras’ commitment to promoting sustainable development and global cooperation….

    Article 2023年6月16日

  • How this crypto turmoil showcases its true potential

    TL;DR Breakdown The crypto industry has faced significant challenges, notably the FTX collapse and regulatory scrutiny on major players like Binance and Coinbase. Despite these setbacks, blockchain technology, especially tokenisation, is still showing promise in the finance sector. AI advancements in finance could complement, not compete with, blockchain’s security strengths. Description Cryptocurrency is an industry that’s had its ups and downs, particularly recently. But rather than write it off entirely, we need to examine how these challenges only underscore the genuine potential of the technology. Crypto Faces a Watershed Moment The crypto landscape has seen better days. A domino effect of setbacks started with the collapse … Read more Cryptocurrency is an industry that’s had its ups and downs, particularly recently. But rather than write it off entirely, we need to examine how these challenges only underscore the genuine potential of the technology. Crypto Faces a Watershed Moment The crypto landscape has seen better days. A domino effect of setbacks started with the collapse of FTX in November 2022, highlighting a challenging year riddled with declining prices and scandalous events…

    Article 2023年9月19日
TOP