• Circle CEO Jeremy Allaire expressed interest in partnerships in Japan, given that new rules governing stablecoins have come into effect.
• 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.
• Only licensed financial institutions like licensed banks, registered money transfer agents and trust companies will be able to issue stablecoins.
Circle Considers Issuing Stablecoin in Japan
Finance payment services company Circle is considering issuing a stablecoin in Japan, given that legislation governing stablecoins took effect on June 1st. This was expressed by co-founder and CEO Jeremy Allaire during an interview with CoinDesk Japan. With the new rules set forth by the Japanese government’s Financial Services Agency (FSA), it has opened up the possibility of overseas stablecoins being issued and used within the country.
Partnerships Interested Upon New Stablecoin Rules
Allaire stated his interest in potential partnerships with other firms located in the country due to the revised Payment Services Act now certifying stablecoins backed by legal tender as an “electronic payment method” and allowing their issuance. He further explained that if such coins are to be widely accepted for cross-border trades, foreign currency transactions and global commerce then there is sure to be a large market for them within Japan alone.
Issuers Required To Abide By Several Rules
In order to successfully issue a coin within the FSA’s jurisdiction however, certain conditions must be met by issuers before they can do so legally; this includes ensuring that tokens are pegged to either yen or another legal tender whilst guaranteeing holders rights of redemption at face value when requested upon demand from them too. Furthermore only licensed financial institutions like licensed banks, registered money transfer agents and trust companies will be able to issue out any type of stability coins within the region too – which makes it fairly difficult for smaller businesses trying to enter into or even remain active within this particular sector at present time also.
CoinDesk Executive Director Breaks Down The Details
CoinDesk Executive Director of Global Content Emily Parker broke down some details relating to what has been discussed above regarding Circle potentially issuing out its own form of stability coin inside of Japanese territory soon enough; she further delved into how exactly such coins could possibly benefit those using them both domestically as well as abroad also due to their ability as a source of payment across international boundaries without going through traditional banking routes instead also – something which could prove very useful indeed accordingto many industry analysts alike who have commented on this news article recently too aswellas .
Overall it seems as though Circle may very well decide upon entering into Japanese markets alongside several other established players already operating within such areas – something which would certainly help increase competition levels between various different firms offering similar services all around Asia Pacific regions over time too no doubt about it whatsoever either here today also!