Kiffmeister’s #Fintech Daily Digest (20230926)*

Binance exploring stablecoin issuance on MUFG Progmat Coin platform

Binance is exploring issuing stablecoins on the “Progmat Coin” tokenization platform founded by Mitsubishi UFJ Trust and Banking Corporation (MUFG). The Progmat Coin platform allows for transfers and exchanges of stablecoins on various blockchains, including public permissionless blockchains such as Ethereum, in accordance with Japan’s revised Payments Services Act enforced in June 2023. For such stablecoins, issuers and intermediaries are required to take measures to prevent a transfer of such stablecoins to customers whose identity has not been verified, even though I assume they’re not responsible for off-platform transfers between customers. [Read more at PR Newswire]

More specifically, stablecoins that can be redeemable in fiat currencies are regulated as electronic payment instruments (EPIs). Direct-to-Japanese-resident issuers are limited to banks, funds transfer services providers, trust banks or trust companies that are licensed in Japan. Only licensed EPI business providers (EPIBPs) can sell or purchases EPIs, act as an intermediary for EPI issuance, sales and purchases, or provide EPI custody services. EPIBPs are subject to AML/CFT regulations, including a travel rule. In other words, EPIBPs are required to provide the customer’s identification information when transferring EPIs to any other EPIBPs. [Read more at Mondaq]

(Am I correct in assuming that in other G20 countries, banks are not permitted to issue stablecoins on unpermissioned networks?)

mBridge CBDC project preparing for new members, launch of minimum viable product

According to the Hong Kong Monetary Authority (HKMA) the latest Project mBridge proof-of-concept (PoC) test has demonstrated that the wholesale central bank digital currency (CBDC) platform can speed up cross-border payments at reduced cost and with better transparency. Project mBridge is a collaboration between the Bank for International Settlements (BIS), HKMA, and the central banks of China,  Thailand, and United Arab Emirates, and commercial banks from each of those jurisdictions. More central banks are slated to join the platform, and a minimum viable product, with the aim of paving the way for the gradual commercialization will soon be launched. [Read more at the BIS]

*For those interested in intra-day updates, check out my searchable Diigo Fintech developments database, which is also a good place to go to query for past developments:

Kiffmeister’s central bank digital currency monthly monitor

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