Six major brokerage firms congregate to form the Security Token Offering Association in Japan
- The association will work to develop self-regulation for STOs.
- The association aims at preventing illegal activities like money laundering by introducing regulations.
Six leading brokerage firms from Japan have come together to form the Security Token Offering (STO) Association in Tokyo. The association will promote STOs as a fund-raising model in the country. The firms that are part of the association are - Nomura Securities, Rakuten Securities, SBI Securities, Monex, Daiwa Securities, and Kabu.com Securities. On Tuesday, Monex announced that the association will work to develop self-regulation for STOs as these offerings are gaining popularity worldwide.
“Japan is also following the trend and is ensuring that sufficient conditions are in place for STOs to become widely used.”
The association aims at preventing illegal activities like money laundering by introducing regulations. They are seeking to obtain a certificate to be an Authorized Financial Instruments Firms Association required by the country’s Financial Instruments and Exchange Act. The certificate will enable them to utilize their potential as a self-regulatory organization. Monex added:
“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.”
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
