IlluMyFi

The agreement was made in a memorandum of understanding, but SBI Holdings must first register as an electronic payment instruments service provider in the country. Circle, the stablecoin issuer behind USD Coin (USDC), is teaming up with Tokyo-based financial services firm SBI Holdings to boost the adoption of USDC and Web3 services in Japan. Circle said it concluded a memorandum of understanding (MOU) with SBI Holdings on Nov. 27, which will underpin the strategic expansion of USDC into Japan. It comes as the Japanese government revised the Payment Services Act in June to establish regulations for stablecoins, which Circle believes will "stimulate the issuance and circulation of stablecoins in Japan and advance Japan's transition towards a Web3 economy." To initiate the circulation of USDC into Japan, SBI Holdings is seeking registration as an electronic payment instruments service, which is subject to approval by Japanese authorities. SBI Holdings CEO and President Yoshitaka Kitao hopes it will be a step toward mass stablecoin adoption in the country. "Japan is steadily preparing the groundwork for the full-scale introduction of stablecoins [and] we are very pleased to have signed a basic agreement for a comprehensive business alliance with Circle." Circle's CEO Jeremy Allaire said the partnership "represents a shared vision for the future of digital currency" in Japan and Asia and is a "milestone" for Circle as part of its expansion plan into the region. Related: Grab, Uber's Southeast Asian rival, debuts Web3 services with Circle "We are excited to collaborate with SBI towards setting new standards in the financial sector in Japan," said Allaire. SBI Shinsei Bank will provide banking services to Circle to enable USDC access and liquidity for Japan-based businesses and users.

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18.12.23 07:48

by cointelegraph.com

Revolut Business reportedly cuts crypto services ahead of new rules

The neobank will halt crypto purchases by businesses while it sorts out new ad requirements. Neobank Revolut will temporarily halt cryptocurrency purchases on its business platform in the United Kingdom at the beginning of the new year, according to a media report. An email informing customers of the decision mentioned only purchasing, implying holding crypto and selling it could go on uninterrupted. Revolut said the pause was needed to give it more time to comply with new Financial Conduct Authority (FCA) rules on promoting crypto that come into force on Jan. 8, 2024. Revolut Business will halt crypto purchases on Jan. 3, it said. In a message reproduced in an X (formerly Twitter) post, Revolut Business told customers: "We'll need to adjust our current Business crypto offering to make sure all of the new requirements are met." Revolut is the latest of several firms that have been impacted by the FCA rules, which the regulator itself described as "tough." The rules were announced in June and were intended to bring crypto advertising into line with other high-risk investment products. Among the new requirements were customer warnings of the risky nature of crypto investments, a ban on bonuses for referring new customers and a "cooling-off period" delaying the placing of orders from first-time investors. Related: Binance, OKX to comply with new financial promotions rules in UK The Jan. 8 deadline is an extension from Oct. 8 provided after it became apparent that there would be hitches with compliance. The FCA was already noticing in September that engagement from many crypto firms had been low. By Oct. 25, the FCA had recorded over 200 breaches of the rules and it issued additional guidance on the rules in November. In September, Bybit announced it was leaving the U.K. market and Solana-based NMarinade Finance began blocking U.K. users. Binance halted customer onboarding in the country in October after its compliance partner, Rebuildoingsociety.com, ran afoul of the rules.