Jeremy Ellair, CEO of Circle, mentioned Japanese laws recognising stablecoins as digital money. He added that the company is considering issuing stablecoins in Japan.
The chief executive called the law an important step by the government and financial regulators in Japan, which was one of the first countries to establish a legal system to regulate stablecoins. Ellair is confident that Japan will increase its influence in the crypto industry as more people use stablecoins for global commerce and currency transactions. He also noted Circle's enthusiasm for collaborating with Japan. Moreover, in December last year, Japan's Financial Services Agency (FSA) lifted its ban on the distribution of foreign stablecoins.
Circle is set to expand its presence in Asia. In June, the company received approval from the Monetary Authority of Singapore (MAS), allowing its Circle Internet Singapore division to offer international and domestic cryptocurrency-based remittance services.
It has recently been revealed that three major Japanese banks - Tokyo Kiraboshi Financial Group, Minna Bank and Shikoku Bank - intend to issue their own stablecoins on the Japan Open Chain blockchain. Initially, the process will focus on coin issuance and transactions between banks. Eventually, a stablecoin system that complies with all legal regulations is likely to be implemented; local governments as well as private companies will join the project at this stage.
