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Digital Garage and Blockstream to provide a platform to test the issuance of yen-pegged stablecoin.
Digital Garage, a subsidiary of Crypto Garage is working together with Blockstream to test the issuance of Japanese stablecoin.
The trial, which is approved by the Japanese government through their regulatory sandbox program will be performed on the newly-launched platform, SettleNet, which is developed by Digital Garage in cooperation with Blockstream.
Aside from the issuance of yen-pegged stablecoin, SettleNet is built to provide a settlement service between crypto assets and the stablecoin, which will be utilized by licensed crypto exchanges in Japan.
“This will enable rapid, secure and confidential transfer of the crypto assets while eradicating counterparty risk. In addition, SettleNet will provide the regulatory authorities with the functionality to monitor any unlawful trade, including money laundering,” says Crypto Garage.
On the collaboration with Digital Garage that started end of last year, Blockstream’s CEO, Adam Back said, “The Japanese market is ready for new business models that blockchain technologies can enable.”
Many crypto businesses are reported to seek for a license to operate in the country, despite the country's stricter regulation towards cryptocurrency recently.
The recent update is coming from Huobi that just received their license from the country's financial regulator, the Financial Services Agency (FSA) yesterday.
According to the agency's announcement last week, more approvals can be expected in the coming months.
Read more: Chinese cryptocurrency exchange Huobi gets Japanese regulatory approval from FSA