Binance Aims To Launch Stablecoins In Japan By End Of 2024 With Japan’s Largest Bank

Binance is partnering with Japan’s biggest bank to launch stablecoins in Japan by the end of next year.

Binance said its conducting a joint study of stablecoins pegged to fiat currencies including the yen and other foreign currencies with Mitsubishi UFJ Trust and Banking Corporation (MUTB), which is a unit of the nation’s biggest bank, MUFG.

“Both companies intend on commencing stablecoin operations by the end of 2024 upon completion and approval of applicable regulatory approvals by Binance Japan,” Binance said. ”Both companies aim to issue new stablecoins to help accelerate the mass adoption of Web3 in Japan.”

Japan allowed the issuing of stablecoins by licensed crypto platforms in June. This prompted Orix Corp. and other firms to consider introducing stablecoin tokens that are said to offer financial benefits like quicker money transfers and settlements.

Binance chose to partner with MUTB due to its principal role in the development of the “Progmat Coin” platform. The platform is an infrastructure for issuing stablecoins that is compliant with Japan’s Payments Services Act enforced in June 2023.

MUTB has been discussing with multiple parties about using its blockchain platform, Progmat, to mint stablecoins tied to foreign currencies. As such, the market should anticipate the issuance and circulation of various stablecoins as soon as the intermediaries handling them have completed their license registration with the relevant authorities.

MUTB has also announced various technology partnerships with the aim of smooth mutual transfer and exchange of stablecoin issuance on various blockchains, including public blockchains such as Ethereum.

These partnerships will streamline the process of issuing stablecoins for Binance, creating a more seamless and compliant setup for the operations.

Through their partnership, the duo intends on commencing stablecoin operations towards the end of next year once they have gathered all the necessary approvals from Japanese regulators and are assured that their operations are in compliance with Japanese laws.

This study as well as the eventual issuance of stablecoins is part of Binance’s strategy to re-establishing its market in Japan. The exchange stated that it intends to enrich its services to the Japanese market and gradually close the gap between Japan and global offerings in a compliant way.

Binance believes that stablecoins could play a big role in satisfying the financial services needs of the Japanese market, hence the exchange’s pursuit. “Stablecoins have important use cases across the broader financial ecosystem – from a lower-cost and instantaneous cross-border trade settlement for business clients to the facilitation of trading other cryptocurrencies seamlessly for retail investors,” said Takeshi Chino, General Manager of Binance Japan, in the statement.

According to Tatsuya Saito, vice president of products at MUFG, the market for stablecoins in Japan might reach 5 trillion yen ($34 billion), or about a fourth of the projected current global market. This makes it a lucrative venture for exchanges in the region.

Binance’s Japan Comeback

Binance has been working on it’s compliant re-entry into the Japanese market. The exchange had taken a step back from operating in the country after the financial regulators issued a second warning in 2021 that Binance was offering services without a license.

This warning came after an initial one in March 2018 where Japan’s Financial Services Agency (FSA) said that the exchange would face criminal charges if it continued to do business without a license.

As a first step into Japan, Binance acquired 100% of Sakura Exchange BitCoin, which opened the way for it to be regulated by the FSA. The exchange has since changed its name from Sakura Exchange BitCoin to Binance Japan, making it an arm of the world’s largest cryptocurrency.

The Japanese division fully launched operations in August with 34 tokens and is looking to increase its offerings to 100 tokens in the short term.

Related Articles

  • North Korea’s Lazarus Group Holds $47 Million in Cryptocurrencies, Most Of It Bitcoin
  • Vitalik Buterin’s Ethereum Wallet Moves Almost $4 Million To Exchanges: What’s Going On?
  • Mixin Network Says Only Half of User Assets are Safe After $200 Million Hack

Comments

Post a Comment

Popular posts from this blog

Grayscale Investments Files for 3 New Exchange Traded Funds

On May 9, digital currency fund manager Grayscale Investments announced the establishment of the Grayscale Funds Trust and submitted registration filings for three exchange-traded funds with the U.S. Securities and Exchange Commission. Grayscale Introduces Grayscale Funds Trust and Files for 3 ETFs As the leading digital currency fund manager, in terms of assets under management (AUM), Grayscale Investments unveiled the Grayscale Funds Trust launch. The trust is a Delaware statutory trust structure designed to strengthen the company’s worldwide asset management capabilities. “A registration statement relating to Grayscale Funds Trust has been filed with the SEC but has not yet become effective,” Grayscale stated on Tuesday. Grayscale highlighted that they had previously established Grayscale Advisors, an SEC-registered investment advisor, which will serve as the new trust’s advisor. Besides the trust, Grayscale has also filed a registration statement for three additional funds. Thes
Read more

SlowMist Uncovers Fraudulent ImToken Wallet on Third-party Stores

The SlowMist Security Team has investigated and analyzed fake Web3 wallets from third -party app stores, warning users about the dangers of downloading wallet apps from questionable sources. In a recent tweet, the team shared their findings and urged users to stay vigilant in enhancing their security awareness when using wallets in the blockchain space. Investigation and Analysis of Fake #Web3 Wallets from Third -party A thread about the risks of using third -party app stores and the dangers of fake wallets in the #blockchain space. Full article here https://t.co/lYNDnM7Qzj — SlowMist (@SlowMist_Team) April 26, 2023 According to the team, third -party app stores like apkcombo and uptodown pose significant risks as anyone can publish apps with minimal cost, making phishing attacks more accessible. The team found a fraudulent version of the well-known imToken wallet on apkcombo, which transmits sensitive data, like mnemonics, to the attacker’s server. The report
Read more

Binance Breaks New Ground with Japan Launch, BNB Token to Take Center Stage

Image
BNB Token To Debut In Japan The cryptocurrency behemoth’s “Build and Build ( BNB )” exchange token, a native token of the BNB chain with broad usage on the Binance exchange, will launch in the Japanese market. The creation of this coin demonstrates Binance ’s strategic goal to target seasoned users. advertisement A variety of decentralized finance (DeFi) and Web 3-based blockchain-based game stocks, such as Solana (SOL), Aster (ASTR), Avalanche (AVAX), Jasmy (JASMY), and Axie (AXS), will be included in the cryptocurrency choices on sale. Domestic unlisted concerns that are not already managed by other exchanges are still being considered, despite not being included in the most recent notification. Binance Japan will not allow leveraged trading, which often entails using margins to purchase and sell assets repeatedly. This is a divergence from several of its rivals. Binance would need to meet stringent requirements to obtain a “Type 1 Financial Instruments Bu
Read more