Tiger Research: Japan Stablecoin Usage Lags Despite Regulatory Progress

IconCryptoNewsTerminal Staff19 Sep, 2024

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Tiger Research: Japan Stablecoin Usage Lags Despite Regulatory Progress

Despite Japan's early embrace of stablecoin regulation, the country's stablecoin industry has yet to take off. According to a recent report by Asia Web3-focused research and consulting firm Tiger Research, "even after over a year since the enforcement of regulations, there are limited cases of stablecoin utilization, and there are no Electronic Payment Instruments Service Providers (EPISP) registrations for stablecoin-related businesses, resulting in no stablecoin listings on domestic exchanges." As a result, "retail utilization of stablecoins is limited." However, the report suggests that the existence of a regulatory framework is a significant factor in reducing uncertainty for businesses, and the regulatory environment is meaningful in itself. It also highlights the need to watch for the participation of Japanese megabanks and major corporations like Sony in the stablecoin business. The report covers topics such as the construction of a systematic regulatory framework, the yen-based stablecoin project, market conditions and challenges, and future prospects and expectations.

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