Huobi Joins Japan STO Association Along With MUFG And 10 Other Players
Huobi Japan is now part of the local self-regulatory body supporting the development of security token offerings.
Huobiâ€™s Japanese branch has joined the Japan Security Token Offering Association, or JSTOA, as a â€œsupporting memberâ€� along with Zaif, FXCoin, and 8 other local crypto players, according to the announcement published earlier today.Â
â€œA full member must be a securities firm holding a Finance 1 licence,â€� Huobi Japan CEO Haiteng Chen clarified in a comment to Cointelegraph. â€œWe don’t obtain this licence and thus cannot apply for a full membership.â€�
Huobi Japan aims to streamline â€œthe transaction of security tokensâ€� through this self-regulatory body.Â
The JSTOA was launched in October 2019 by six major Japanese brokerage firms including SBI Securities and Rakuten Securities. Its goal is to support the development of security token offerings in a way that ensures legal compliance and protects investors. In April 2020, the organization released guidelines on how to separate customer assets and electronic record transfer rights.
Huobiâ€™s Chen told Cointelegraph:
â€œWe eminently agree with [the associationâ€™s] ideology and here we quote the association motto â€˜promote and popularize security token to revive the financial and capital market, to nurture advanced industry and to maintain the global competitivenessâ€™â€�
In his comment, the cryptocurrency exchange CEO called Japan â€œone of a few world leading countries who have established a compliance systemâ€� for digital assets.
Japan is keeping up with crypto
Meanwhile, the Financial Services Agency, or FSA, has recently announced Ryozo Himino as its new leader. Himino is considered to be overall bullish on cryptocurrencies. Meanwhile, the Bank of Japan recently tapped top economist, Kazushige Kamiyama, to lead a CBDC research team.
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