$USDC Circle has achieved a major regulatory breakthrough in Japan đ, with its USDC stablecoin becoming the first of its kind to receive official recognition from Japanese authorities. The historic milestone was announced by Circle CEO Jeremy Allaire.
đď¸ SBI VC Trade, a subsidiary of major crypto firm SBI Holdings, has successfully completed the registration process as an electronic payment provider. This achievement opens up opportunities for the integration of USDC into the local payment ecosystem. Importantly, SBI VC Trade was the first Japanese company to receive the right to list and distribute this stablecoin.
đ This progress was made possible after Japanâs legislation was updated in June last year, classifying stablecoins as âelectronic means of payment.â This change allowed licensed companies to collaborate with international partners, provided they meet strict regulatory requirements. Even then, Circle management expressed interest in developing relations with Japan, considering it a promising market for launching specialized stablecoin solutions.
đ¸ Another significant event looms on the horizon - the establishment of a tax rate for crypto assets, planned for mid-2025. However, for now, the current tax rules remain stricter compared to international standards.
