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.

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