Financial services giant Monex Group announced the establishment of a Japanese Security Token Offering Association alongside five other major securities companies in the country.
Japan could soon see more useful regulations surrounding security tokens as some of the biggest brokerage companies in the country have joined forces to promote the new asset class.
Registered as a General Incorporated Association, the Japan STO Association will work on developing regulations regarding security tokens and security token offerings in the country.
Monex Group, which owns cryptocurrency exchange Coincheck, will be a member of the Association alongside SBI Securities, Rakuten.
The six securities giants aim to consolidate their expertise that can be used to explore and develop STO business opportunities in Japan.
"The Japan STO Association is committed to the development of STOs in Japan which it believes will contribute to a more active capital market and development of the real economy," Monex Group said in the press release.
One of the first things the association will focus on is regulatory compliance.
The association plans on obtaining certification as an Authorized Financial Instruments Firms Association, a category that puts it under the Financial Instruments and Exchanges Act.
It will enable the association to "Fully leverage its capabilities as a self-regulatory organization," the company said in the release.
While monumental for the security token market in Japan, this isn't the first time Monex has dipped its fingers into the crypto space.
Japanese financial services giant Monex Group forms Security Token Offering Association
gepubliceerd op Oct 1, 2019
by Cryptoslate | gepubliceerd op Coinage
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