Given that stablecoin regulations went into force on June 1 in Japan, Circle is thinking of launching a stablecoin there, according to Jeremy Allaire, co-founder and CEO of the payment services company.
Circle CEO Jeremy Allaire Says They Are Considering Issuing New Stablecoin in Japan
Japan will grow into a very sizable market, according to Allaire, if stablecoins are utilized more frequently for international trade, foreign currency transactions, and worldwide business. Allaire believes that Japan’s stablecoin bill, which was passed by the government and the Financial Services Agency, is the most significant thing that has been accomplished. Thus, this situation makes Japan one of the first nations to provide a framework for the usage of international stablecoins.
What is Payment Services Act?
Stablecoins backed by legal money are recognized as an electronic payment mechanism and are permitted to be issued under Japan’s updated Payment Services Act. In this direction, issuers of stablecoins will be subject to stringent regulations. Stablecoins are digital assets that can be redeemed at face value and are required to be tied to the Yen or another form of legal money.
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