Facebook’s announcement of its cryptocurrency Libra has prompted a range of responses from regulators, politicians, and stablecoin developers around the world, with the head of the Japan Security Token Association (JSTA) giving an optimistic outlook on the token.
According to a CCN report, JSTA Chairperson Go Masuda has said that Libra is set to become the second “killer app” in the crypto community, following the revolutionary arrival of Bitcoin.
“The industry lacked a good use case of blockchain technology. There have been no killer apps since bitcoin […] the industry is now entering a new phase of commercial adoption,” said Masuda.
As Japan is among the few nations that have embraced cryptocurrency, it is expected that Libra will receive more interest in the country compared to other nations that have issued strict laws and regulations on cryptocurrency.
Authorities in Japan have already established a working group aimed at studying Libra — a far cry from the reflexive backlash the token project has received from regulators, including in the United States.
Meanwhile, the Nikkei Asian Review has reported that traditional financial services firms in Japan have been actively studying and introducing projects related to tokenizing securities.
For instance, two of the largest traditional brokerages in the country, Nomura Securities and Daiwa Securities, have established the Japan STO Association with the objective to establish rules on the issuance of security tokens. Members of the Association including SBI Securities, Rakuten, and financial services firm Monex.
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