The Japanese government has designated Crypto Garage as a sandbox target! First fintech-related company in Japan
Crypto Garage is Recognized as a Sandbox Target
Crypto Garage, a subsidiary of Digital Garage Co., Ltd., announced on the 18th that the company has been certified by the Japanese government as a regulatory sandbox target.
Crypto Garage, a subsidiary of Digital Garage, Ltd. (TSE First Section 4819, head office: Shibuya, Tokyo, CEO: Kaori Hayashi, Group CEO: Ishikawa Hideaki, hereinafter DG) which operates a blockchain financial services business in the fintech sector, has obtained the first certification in the blockchain and financial fields under the regulatory sandbox system.
Quotation: Crypto Garage “Press Room”
In Japan, this is the third certification for the program, but it is the first certification in the blockchain and financial fields.
The system developed by Crypto Garage is a rare system in the world that allows crypto exchange operators to exchange their held cryptocurrencies and cash at the same time.
According to Digital Garage, the current cryptocurrency market faces issues as follows, which have contributed to a stagnation in crypto trading.
【Current market issues】
- Lack of a stable cover market for exchange operators
- No common settlement and trading infrastructure, making simultaneous settlement of fiat currency and cryptocurrencies impossible
- Difficulties in keeping transactions private among participants
- Security risks increase when exchanges manage private keys
In other words, as a solution to the above issues, Crypto Garage’s payment system was deemed effective, so the company was certified under the regulatory sandbox to promote development.
Crypto Garage plans to conduct a proof-of-concept experiment over about the next year with the cooperation of multiple cryptocurrency exchanges.
Next, a brief overview of that proof-of-concept experiment will be introduced.
【Table of Contents for this Article】
1: Crypto Garage Recognized as a Sandbox Target
・Overview of Crypto Garage’s proof-of-concept experiment
2: What is the Sandbox System?
・Sandbox systems progressing worldwide
3: Related Articles on AI and near-future businesses
・Related articles to read now
