the There is a new Player in Japan’s regulatory sandpit, the financial supervision authority FSA in September 2017, under the name of „FinTech Proof-of-Concept Hub“ has been established. From now on, may try the Blockchain-a Start-up Crypto Garage. With your „Settlenet“ to Crypto Garage to create an interface for crypto-exchanges and institutions. L-BTC, Stable Coin, Liquid and Atomic Swaps included.
By Christopher clover
22. January 2019BTC$3.573,60 1.11%Facebook Twitter LinkedIn xing mail
That the Blockchain technology is still shoes in the much-cited children, doesn’t stop them from tramping in the direction of mass adaptation. While the regulatory authorities of this world of technology, however, are mostly interested in skepticism, the Japanese Financial Service Authority (FSA) in September 2017 a type of regulatory playing field, on the emerging Blockchain and FinTech companies can try out.
The regulatory sand box (engl.: regulatory sandbox) is an idea, the channel has gained popularity since the financial crisis of 2008, awake. The Sandbox has the purpose to create a safe and secure environment for innovations in the FinTech sector. To the meadows of the advantages of such a „game“ from a business perspective, for example, that can be used to reduce regulatory uncertainties, and time-to-market (Time-to-Market) potentially. At the same time, the Signal comes from the inclusion of a company in such a sand box at the markets and legislators that a technology „is on the Radar“ of the respective regulator.
Liquid Bitcoin against YEN-Token
In Japan, this Sandbox „for FinTech Proof-of-Concept (PoC) to Hub“. Here, the Start-up Crypto Garage his first steps companies should now. The Start-up was on 21. January in a press release known. Crypto Garage has the right to transfer with SETTLENET crypto-Assets between Bitcoin exchanges in an efficient and trustworthy. A to the Japanese Yen coupled Stable Coin (JPY Token) is used, the output on the Liquid side chain from block-stream and against Liquid Bitcoin (BTC) is traded. The L-BTC is always the Bitcoin rate. Atomic Swaps are intended to allow participants to be able to LBTC instantaneously against JPY-Token exchange.
„This allows a quick, secure and confidential Transfer of the crypto-Assets, and at the same time eliminates the counterparty risk. In addition, SETTLENET will offer regulatory authorities the ability to monitor any illegal trade, including money-laundering,“,
it is stated in the press release. In the „sand box“ to Crypto test Garage as well as a crypto-Assets are secure via Sidechain. A further goal is the establishment of a „stable and healthy OTC market“.
Read also: Japan: Opposition calls for tax relief for crypto investors
The project has a term of one year. In this period, the participating crypto-exchanges can access for free at SETTLENET.