GMO Internet wins New York license to issue stablecoins

The Japanese internet company GMO has received a license from the New York State Department of Financial Services (NYDFS) to issue stablecoins pegged to the Japanese yen and the US dollar.

GMO became the 27th recipient of a BitLicense, according to the пресс-релизе NYDFS.

“We are taking the first steps by issuing the first regulated stablecoin pegged to the Japanese yen,” said Ken Nakamura, president and CEO of GMO-Z Trust.

The license allows the Tokyo-based company to issue, administer and redeem stablecoins within the state’s jurisdiction.

“New York continues to lead in financial innovation as stablecoins gain significance and point to new directions in the money of the future,” commented Linda Lacewell, Superintendent of NYDFS, on GMO’s license.

New York’s financial regulator proposed relaxing the terms for issuing a BitLicense

The issuance of yet another BitLicense occurred amid regulators’ mixed attitudes toward digital currencies in general and stablecoins in particular.

In March this year, the US Congress proposed including a digital dollar in a package of economic stimulus measures. 24 December the President’s Working Group on Financial Markets presented рекомендации по регулированию стейблкоинов.

In October, the Financial Stability Board of the G20 published the final version рекомендаций по регулированию, supervision and control of stablecoins. The FSB believes that global stablecoins have the potential to improve payment efficiency and promote financial inclusion.

In November, Fabio Panetta, a member of the Executive Board of the European Central Bank (ECB), stated that large-company stablecoins угрожают приватности и инновациям.

In August 2020, GMO Internet and SBI Holdings announced plans to mine bitcoin at what was billed to become the world’s largest mining farm in the U.S. state of Texas.

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