Crypto Garage admitted to Japan Regulatory Sandbox
As per a news release by the Japan Financial Services Agency on January 18, 2019, Crypto Garage has been granted entry into the regulatory sandbox for a year-long experiment to construct a trading environment that can realize the immediate sale and purchase of cryptographic assets among 3–5 licensed virtual currency exchange companies.
Crypto Garage’s “Settlenet” implements a Bitcoin sidechain from Blockstream, based on which transactions between a JPY-pegged stablecoin and the Bitcoin-pegged Liquid Bitcoin can be executed. Using atomic swaps to effect the exchange allows for the rapid, secure and confidential transfer of the crypto assets while eradicating counterparty risk through a delivery-versus-payment method.
The demonstration has been authorized to commence on January 31 and last for a year, during which time there will be no charges to the participants. Crypto Garage is a subsidiary of Digital Garage, Inc., listed on the First Section of the Tokyo Stock Exchange under ticker 4819.
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