Japanese Brokerages Form Security Token Association

Asia Blockchain Review
October 16, 2019

Led by SBI Securities, major Japanese brokerages including Nomura, Daiwa, Rakuten, and Monex have joined together to form the Japan Security Token Association (JSTA). 

The Association will be responsible for regulating the issuance of blockchain-based digital securities, according to a report by Bitcoinist. 

Growing Blockchain Interest in Japan 

The move coincides with a growing interest in blockchain technology, seen in Japan as having the potential to disrupt and improve businesses in the country. It is expected that the issuance of security tokens by the JSTA will replace the traditional securities listing system.

The initiative signals greater support for the cryptocurrency industry among Japanese brokerages. Facebook’s Libra was cited as one of the reasons prompting the JSTA’s founding. 

Go Masuda, Chairman of the Japan Security Token Association, believes that Facebook’s plans for its entry into the crypto space indicate that “the industry is now entering a new phase of commercial adoption.”

“The industry lacked a good use case of blockchain technology. There have been no killer apps since bitcoin,” added Masuda. 

Monex Seeks to Join Libra

One of the Association’s members, e-commerce conglomerate Rakuten, ventured into the crypto space in September last year, acquiring crypto exchange Everybody’s Bitcoin and rebranding it as Rakuten Wallet in August 2019. 

Another JSTA member, Monex, has been investing in crypto and blockchain projects since May 2018. The firm took over crypto exchange Coincheck, which suffered a hack that caused US$420 million in damages. 

Monex is reportedly applying for membership in the Libra Association. No further details have been shared regarding its application status. 

Meanwhile, Visa and Mastercard are allegedly reconsidering their own involvement in the Libra Project, possibly allowing for other organizations to join.

Source: https://bitcoinist.com/ 

About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    World’s First Virtual WorkTech Summit: Grooves
    Grooves recently hosted a virtual summit with key speakers from Lazada Malaysia, Netflix, IBM and mo...

    July 14, 2020

    APAC Fintech Funding Dip by 58.5% in Q1
    The amount of capital raised by fintech companies in the APAC region dropped 58.5%. Asia Blockchain ...

    July 12, 2020

    “Showcasing Malaysia’s Support For MSMEs Through COVID-19 Crisis And Beyond
    The IsDB in partnership with MDEC, SME Corp, IAP, INCEIF and UNCDF organized a webinar on “Showcasin...

    July 9, 2020

    Zilliqa Expands Blockchain Accelerator – The ZILHive Odyssey
    The experiences and lessons learnt from the first batch over the past 12 months have helped Zilliqa ...

    July 9, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us