Japan’s GMO Internet has received permission from the NYDFS to issue stablecoins GYEN and ZUSD, pegged to the US dollar and Japanese yen.
The New York State Department of Financial Services has authorized GMO-z Trust Company Inc., a subsidiary of GMO Internet, under the New York State Banking and Banking Act. This will enable the firm to operate as a limited liability trust company. GMO-z Trust Company President Ken Nakamura announced that after regulatory approval, GMO will be able to legally issue these stable cryptocurrencies in New York.
“We are taking our first steps with the launch of the first regulated stablecoin pegged to the Japanese yen. We have become innovators in the field where new applications are created using the blockchain. GYEN and ZUSD will transform the relationship with traditional financial services operators for the better, ”Nakamura said.
NYDFS began licensing firms in the cryptocurrency industry in 2015. However, the agency has since revised its approach to regulating digital assets. In August, the regulator presented a list of permitted crypto assets for listing on exchanges, as well as for storage in licensed organizations.
Six months ago, NYDFS made it easier to obtain a BitLicense, which allows cryptocurrency firms to provide services to residents of New York State. In addition, NYDFS allowed cryptocurrency companies to “self-certify” new coin listings.
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