Crypto Garage Gets Japanese Regulator’s Approval to Test Stablecoins

Tokyo-based Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term firm Crypto Garage today announced that it has gained regulatory approval to start the trail of its settlement system using Blockstream’s Liquid Sidechain.

Crypto Garage claims to be the first Japanese blockchain firm to receive such approval under the country’s regulatory sandbox scheme. The firm, along with its partnered cryptocurrency exchanges, will continue the pilot program for a year.

Yen-Pegged

The Digital Garage subsidiary with its platform Settlement will allow the exchanges to issue stablecoins pegged to the Japanese Yen on the Liquid Network, which was launched last October. The exchanges can further trade against liquid Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term that are pegged to Bitcoin on a sidechain launched by Blockstream Corporation.

Moreover, the platform will also support atomic swaps to enable the tokens to be swapped simultaneously.

“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,” the press release noted.

The firm, however, has confined the project only to Japanese crypto exchanges holding the operational license in the country during the trial period and has put a limit on the transaction volume.

Japan and Blockchain

Many recent developments in the blockchain sector in Japan show that the country’s regulators are trying to boost the sector again following a setback due to the Coincheck incident in early 2018.

Earlier this month, Coincheck also received an operational license from the financial regulator and resumed its operations. The Financial Services Agency (FSA) also revealed that, due to Japan’s liberal stance on the sector, more than 190 cryptocurrency firms are trying to enter the country.