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New Developments in JPYC Prepaid

JPYC Corporation, based in Chiyoda, Tokyo, is excited to announce a significant update regarding its prepaid payment method, JPYC Prepaid. Following the recent amendments to Japan's Payment Services Act, effective June 1, 2023, the company will transition JPYC Prepaid into an electronic payment method by June 1, 2025. This transformation marks a pivotal step in adapting to the evolving financial landscape.

Important Dates for JPYC Prepaid Customers

Starting from May 30, 2025, at 13:00, the service will cease accepting new issuance requests for JPYC Prepaid and will stop exchanging JPYC Prepaid for its version 2. The deadline for the final deposits is also set for May 30, 2025, at 18:00. After June 1, 2025, the issuance of new JPYC Prepaid will be completely halted, and no new tokens will be issued for any reason.

As it stands, there are no plans to redeem JPYC Prepaid for cash. However, customers who have already purchased JPYC Prepaid can continue using it as a prepaid payment method applicable for transactions on the JPYC apps platform, including gift card sales. This will remain unchanged and available across all previously issued public blockchains.

Current Status and Future Goals

Currently, JPYC Corporation has not completed the registration required to issue electronic payment methods. As a result, new issuance of JPYC Prepaid has been paused according to the amended Payment Services Act’s cabinet ordinance regulations. Nevertheless, users will not face obstacles in utilizing their already issued JPYC Prepaid.

This regulatory update presents a major opportunity for JPYC Corporation to advance towards a safer and more efficient digital currency ecosystem. With the aim of embodying innovation in the digital financial sector, the company is committed to enhancing the safety and convenience of digital currencies.

Upcoming Milestones

JPYC Corporation will actively pursue the following milestones as it transitions to being an issuer of Japanese yen-denominated electronic payment methods:

1. Registration for Fund Transfer Business: The company aims to complete the registration as a second category fund transfer business by this summer. This is considered a top priority for ensuring higher levels of reliability and safety for electronic payment issuers.

2. Issuance and Redemption of the First Electronic Payment Method: Upon finalizing the registration, JPYC Corporation intends to launch a new 'First Electronic Payment Method' stablecoin called JPYC, which will facilitate both issuance and cash redemption.

The compliance with the recent regulatory changes is not only a crucial turning point for our operations but also a significant challenge to foster the development of a digital currency ecosystem in Japan. We are committed to adhering to relevant laws and establishing a robust operational framework as an electronic payment issuer. This also includes exploring new valuable services and enhancing existing features for our customers.

We sincerely apologize for any inconvenience caused by the cessation of new issuance. However, we are enthusiastic about the future changes and ask for your understanding and cooperation as we transition into this new era of digital finance.

About JPYC Corporation

Founded in November 2019, JPYC Corporation aims to drive digital financial innovation through the unique properties of stablecoins, such as transparency and reduced transfer fees. The corporation has positioned itself as a thought leader in the blockchain space, actively participating in various industry organizations.

For more information, visit our official website or follow us on Twitter.