Read

Coin

The issuer of the USDC Circle is reportedly exploring the possibility of launching a stablecoin in Japan following the implementation of new crypto regulations in the Asian nation. 
In an interview with CoinDesk, Jeremy Allaire, the co-founder and CEO of Circle, <a href="https://www.coindeskjapan.com/192587/" target="_blank" rel="noopener">expressed </a>his belief that Japan could become a significant market for stablecoins, particularly if they gain widespread acceptance in cross-border trade. 
Allaire’s optimistic statement follows the implementation of Japan’s new regulations governing stablecoin issuance on June 1. 
 You might also like: <a href="https://crypto.news/valkyrie-submits-application-for-spot-bitcoin-etf-partners-with-coinbase/"> Valkyrie submits application for spot bitcoin ETF, partners with Coinbase </a> 
While Allaire did not provide specific details about Circle’s potential stablecoin offering, he emphasized the company’s interest in forming partnerships within Japan, which is the world’s third-largest economy. 
In June 2022, Japan’s parliament<a href="https://crypto.news/japanese-stablecoin-bill-investor/"> passed a bill</a> focused on stablecoins, which mandates that these digital assets must be pegged to the yen or another fiat currency. Additionally, the legislation ensures that stablecoin holders can redeem them at their face value. 
The bill further specifies that stablecoins can only be issued by licensed banks, registered money transfer agents, and trust companies, providing clarity and oversight to the market. 
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio">
 <div class="wp-block-embed__wrapper"> <iframe title="What Japan Could Teach The U.S.—And The World—About Regulating Crypto" width="1020" height="574" src="https://www.youtube.com/embed/GIe6G1YtFcI?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
 </div>
</figure> 
Circle has been actively expanding its presence in Asia and recently achieved a significant milestone by obtaining a <a href="https://crypto.news/circle-receives-digital-token-license-in-singapore/">Major Payment Institution license</a> from the Monetary Authority of Singapore. 
This license enables Circle’s affiliate, Circle Internet Singapore, to offer digital payment token services and domestic and cross-border money transfer services within Singapore. 
Interestingly, Mitsubishi UFJ Financial Group, Japan’s largest bank, has also demonstrated its interest in stablecoins. In June, the bank unveiled its Progmat Coin platform, designed to facilitate the issuance and trading of stablecoins. 
 Read more: <a href="https://crypto.news/coinbase-exec-unearths-320k-in-crypto-returns-it-to-oblivious-owner/"> Coinbase exec unearths $320k in crypto, returns it to oblivious owner </a>

Circle eyes stablecoin launch in Japan as new policies take effect

crypto.news

Other articles published on Jul 6, 2023

Bitcoin Drops to $30K After Stellar ADP Report Bolsters Fed’s Rate Hike Prospects! Here’s Next Le...

XCR, MKR and COMP lead top gainers list as crypto market cap hits $1.22t

Crypto News: US SEC to Meet with BlackRock, Fidelity, and Spot Bitcoin ETF Applicants

Valkyrie Refiles Spot Bitcoin ETF Application with Coinbase as Surveillance Partner

MATIC Whale Transactions Skyrocket 2,930% as Price Approaches Critical Threshold

BlackRock, Fidelity and Others to Meet SEC over Spot Bitcoin ETFs

Join our free newsletter for daily crypto updates!