Although cryptocurrency trading platform Binance continues its legal battle with the US Securities and Exchange Commission. However, it is looking for new opportunities in foreign markets.
The latest development shows that Binance is preparing to launch stablecoins denominated in US dollars, euros, and Japanese yen. By 2024, in Japan's booming cryptocurrency industry.
In this project, Binance collaborated with the trust banking arm of Mitsubishi UFJ Financial Group. said Takeshi Chino, General Manager of MUFG. The two companies are jointly working on the release.
In June, Japan passed a law allowing licensed companies to issue stablecoins. This prompted companies such as Orix Corp to consider launching these tokens. Which promises benefits such as faster money transfers and settlements. Furthermore, MUFG has been involved in discussions with various entities regarding the use of its blockchain platform. Progmat, to create stablecoins pegged to foreign currencies.
According to Tatsuya Saito, Vice President of Products at MUFG. Japan's stablecoin market has the potential to reach up to 5 trillion yen ($34 billion). This represents about a quarter of the estimated current global market size.
According to the announcement, Binance must obtain a license in Japan as an electronic settlement methods transaction business provider to implement the issuance plan. When completed, users will also have the ability to use stablecoins to trade cryptocurrencies and possibly participate in payment services, Chino said.
Binance Expands into Overseas Markets Binance is facing heavy regulatory action around the world and in key markets such as the US, Australia, UK and others. However, it still continues to engage in meaningful dialogue with regulators to bring clarity to the rules of cryptocurrencies. In a recent move, Binance platform reopened its operations in Belgium after nearly 3 months of regulatory hiatus.
Last week, reports indicated that Binance was planning to remove stablecoins from the European market by June 2024. This was on the heels of the Markets in Cryptoassets (MiCA) rules that will come into effect by December 2024.
However, Binance President, Changpeng Zhao issued a statement. clarification regarding this matter. CZ said there was some misunderstanding in the statement made by Marina Barthuisot. French Legal Director of Binance. Which said that Europe has not yet agreed to stablecoins. CZ added that they already have two partners in Europe and are planning to launch a fully compatible stablecoin.
