Japan’s Bank to test Cryptocurrency ‘MUFG Coin’

The branch of the Mitsubishi UFJ Financial Group’s (MUFG), the Bank of Tokyo-Mitsubishi UFJ, is aimed to trial its in-house cryptocurrency in 2019
22 May 2018   746

MUFG may become the world’s first major financial establishment to develop its own cryptocurrency after a local report affirmed plans toward a wide research involving as many as 100,000 MUFG retail bank clients. Account keepers will have to apply to participate in the trial which will allow participants to install a smartphone app which converts their fiat yen deposits in their bank accounts to units of ‘MUFG Coin’. The conversation rate of one unit MUFG coin will be counterpart to one yen.

According to the latest report, MUFG coins will look to bring in users of prepaid electronic money platforms with small commission fees levied for any payments, including international money transfers. Clients will also be encouraged to exchange MUFG coins with foreign currencies at airports at markedly cheaper commission rates. The bank is deploying a two-way ATM machine to let users to ‘withdraw’ MUFG coins onto their smartphone or exchange the cryptocurrency into yen.

Being one of the world`s biggest banks, MUFG first declared about its plans to develop a cryptocurrency as early as 2015 before confirming the blockchain-powered coin in early 2016. The start and issuance of MUFG coins is an inevitability at the current stage. MUFG Coin actually could be sold and exchanged at MUFG’s own rumored cryptocurrency exchange in the near future.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   69

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.