• Tue, 26 Mar 2019, 08:00 AM
  • All times are UTC
  • Edition:
    International
Link copied

Japan’s Regulatory Sandbox authorizes Crypto Garage to test yen-pegged stablecoin

Mon, 21 Jan 2019, 11:21 am UTC

The Regulatory Sandbox in Japan, managed by the country’s Cabinet Secretariat, has announced the names of the companies that have been selected to test their projects.

Announced last year, the regulatory sandbox aims to encourage the implementation of advanced technologies and new business models. The companies that been selected for project testing include Crypto Garage, Panasonic, and MICIN.

In an announcement dated January 21, Crypto Garage, a joint venture between Digital Garage and The Tokyo Tanshi Co., Ltd., said that it is the first blockchain and finance project authorized by the regulatory sandbox.

The company also announced the launch of SETTLENET, which it describes as a suite of products to enhance application development on the “Liquid Network”, an interexchange settlement network launched by Blockstream. The website states:

“SETTLENET will provide Liquid Network participants, including cryptocurrency exchanges, OTCs and financial institutions, with the functions required for issuance, trading and transaction monitoring of digital assets. By developing SETTLENET, Crypto Garage aims to support Liquid participants by optimizing their businesses for efficiency.”

Proof-of-Concept

The proof-of-concept, authorized by the regulatory sandbox, will involve using SETTLENET to test the issuance of a stablecoin pegged to Japanese Yen or “JPY-Token” and the delivery versus payment settlement service between the token and crypto assets.

Crypto Garage explained that it will provide SETTLENET to crypto exchanges to issue JPY tokens and trade against Liquid Bitcoin (L-BTC) that are pegged to Bitcoin on a Bitcoin sidechain launched by Blockstream.

“By utilizing atomic swap technology, “SETTLENET” allows the exchanges to simultaneous deliver LBTC in exchange for the receipt of JPY-Token on the “Liquid Network”. This will enable rapid, secure and confidential transfer of the crypto assets while eradicating counterparty risk,” the company added.

“In addition, SETTLENET will provide the regulatory authorities with the functionality to monitor any unlawful trade, including money laundering.”

The 1-year project will test and validate “the secure transfer of crypto assets on a sidechain network” and “the possibility of building a stable and healthy OTC market by improving transparency for the price-making process.”

Importantly, only those crypto exchanges that have a Japanese Virtual Currency Exchange License would be eligible to participate in the project.

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
More
  • Bitcoin (BTC) $3,951.56 (-1.96%)
  • Ethereum (ETH) $134.62 (-1.99%)
  • XRP (XRP) $0.302000 (-2.11%)
  • Litecoin (LTC) $58.91 (-2.20%)
  • EOS (EOS) $3.65 (-0.58%)
  • Bitcoin (BTC) $3,951.56 (-1.96%)
Mar 26, 2019 (Tuesday)
07:07
CoolBitX’s crypto hardware wallet adds support for Gemini Dollar
06:18
Bitcoin nonprofit BitGive teams up with US-Based NGO to provide aid to Venezuela
05:13
OKEx to launch its own blockchain and decentralized exchange
04:40
Blockchain insurance startup B3i secures $16M in latest funding
03:36
eToro acquires smart contract startup Firmo
Mar 25, 2019 (Monday)
04:22
UniCredit completes transaction via we.trade blockchain platform
03:47
Crypto exchange Seed CX ventures into Asian markets via Hydra X partnership
Mar 22, 2019 (Friday)
10:46
SBI Group partners with U.S.-based semiconductor firm to manufacture crypto mining hardware
10:03
Square seeks engineers for new crypto-related initiatives
09:02
Cardano Foundation joins European Commission’s blockchain initiative INATBA as founding member
07:09
Blockchain smartphone maker Sirin Labs partners with MyEtherWallet
06:21
Alibaba, Aerospace Information partner to foster blockchain development
05:30
UPS partners with blockchain startup Inxeption for B2B e-commerce platform
04:36
Financial market veteran Rob Catalanello to lead crypto liquidity provider B2C2’s US expansions
03:44
Numerai secures $11M from Paradigm and Placeholder via token sale
Mar 21, 2019 (Thursday)
11:49
Former Prime Minister of Denmark joins blockchain firm Concordium as strategic advisor
11:00
North Korean dissident group CCD to issue blockchain-based post-liberation visas
10:03
Switzerland inches closer to cryptocurrency regulation
09:07
Huobi Global to launch token sale platform “Huobi Prime”
07:21
Asia Pacific Leaders Malaria Alliance’s M2030 partners with Dragonchain for blockchain-based services
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft