development company Crypto Garage announced it had gained regulatory permission to trial its settlement system using Liquid Sidechain, reported Jan. 21.
Crypto Garage, which claimed to be the such finance project to get the green light under the Japanese government’s regulatory sandbox scheme, will now conduct a one-year pilot with a group of participating .
The product, dubbed Settlenet, uses Liquid as part of an arrangement allowing exchanges to issue yen-pegged and trade against Liquid (L-), Blockstream’s .
The feature also makes use of so-called ‘atomic swaps,’ the ability to make cross- transactions without manually converting assets.
“This will enable rapid, secure and confidential transfer of the crypto assets while eradicating counterparty risk,” Crypto Garage wrote in a today, Jan. 21:
“In addition, Settlenet will provide the regulatory authorities with the functionality to monitor any unlawful trade, including money laundering.”
Blockstream Liquid as the first public, production-ready sidechain in October 2018.
The implementation comes at a crucial time for , which has forged a permissive yet strict regulatory environment for exchanges in particular, following several over the last twelve months.
, the platform that lost over half a billion dollars last January, recently it had gained full regulatory licensing from the country’s finance regulator, the Financial Services Agency (FSA).
Published at Mon, 21 Jan 2019 09:18:06 +0000
