Circle will consider issuing stablecoin in Japan
On June 1, legislation regulating this type of asset came into force in the country
06.07.2023 - 08:30
291
2 min
0
Circle is considering issuing a stablecoin in Japan, given that legislation governing stablecoins took effect on June 1, the payment services company's co-founder and CEO Jeremy Allaire said.
In an interview with CoinDesk Japan, Allaire said that if stablecoins become more widely used for cross-border trade, foreign currency transactions and global commerce, Japan will become an extremely large market.
Japan's stablecoin bill makes it one of the first countries to establish a framework for the use of overseas stablecoins, which Allaire considers “the most important thing the government and the Financial Services Agency have done.”
He said that Circle is interested in partnerships in Japan, which he visited last month.
Japan’s revised Payment Services Act certifies stablecoins backed by legal tender as an “electronic payment method” and allows their issuance.
Stablecoin issuers will have to abide by tough rules. Stablecoins must be pegged to the yen or other legal tender and guarantee holders the right to redeem them at face value. Only licensed financial institutions like licensed banks, registered money transfer agents and trust companies will be able to issue stablecoins.
The country's Financial Services Agency moved to lift a ban on overseas stablecoins in December last year.
Circle recently obtained a Major Payment Institution (MPI) license in Singapore, which allows it to offer digital payment token services, cross-border money transfer services and domestic money transfer services in the city-state.
Major Japanese financial institutions have been exploring stablecoins, with Mitsubishi UFJ Trust and Banking Corporation announcing its plans to issue its own stablecoin platform, called Progmat.
This material is taken from the website www.coindesk.com
Useful material?
Telegram 
Twitter Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$98 083
BTC
+0.8%
-
Ethereum
$3 317.8
ETH
-0.85%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.44
XRP
+27.34%
-
Dogecoin
$0.401002
DOGE
+3.25%
-
Cardano
$0.898825
ADA
+12.71%
-
Bitcoin Cash
$480.85
BCH
-2.56%
-
Polkadot
$6.1
DOT
+2.7%
-
Stellar XLM
$0.29302
XLM
+19.91%
-
Litecoin
$90.34
LTC
+0.44%