Coincheck Partners with Circle; USDC’s First Japan Listing Close?

cryptonews.com:

Circle, USDC’s issuer, has struck a partnership deal with Coincheck, one of Japan’s biggest crypto exchanges – with a view to securing the stablecoin’s first listing in the nation.

Per a Coincheck press release, the Japanese firm said that it had taken “steps toward handling USDC.”

Circle claimed that Coincheck was “planning to expand access to” its USD-pegged coin. The Japanese firm is run by Monex Group, a major securities firm that in December last year bought a majority stake in the 3iQ platform.

However, regulatory obstacles still stand in the token’s way. Japanese crypto exchanges have yet to list any major USD-backed coins.

Regardless, fiat-pegged coins like USDC and USDT enjoy considerable popularity throughout Asia.

To list a coin, exchanges must obtain “Electronic Payment Instrument Services” registration from regulators under the terms of the Japanese Payment Services Act.

We are thrilled that @coincheckjp is planning to expand access to $USDC to Japan! This marks a significant milestone in bringing the stability of USDC to Japan, and is a strategic expansion for USDC in Asia.

Read more about the collaboration here: https://t.co/DOdOxe1LgT pic.twitter.com/t93fYPoEl5

— Circle (@circle) February 27, 2024

But in recent months, Japanese regulators appear to have relaxed their stance on crypto regulation. Exchanges have added an increasing number of altcoins to their platforms.

The government has also backed Japanese firms in their own stablecoin bids. This has given rise to projects like megabank Mitsubishi UFJ’s plans to provide B2B stablecoin issuing services.

A Coincheck official said that the platform “recognizes that domestic crypto asset users have high expectations for the handling of stablecoins.” The company added: