Six major Japanese brokerage companies, including SBI Securities and Lotte Securities, formally established the Japan Securities Token Issue (STO) Association.
According to a press release issued by Japanese financial giant Monex on Tuesday, the other four members include Nomura Securities, Daiwa Securities, Kabu.com Securities and Monex.
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Headquartered in Tokyo, the Japan STO Association aims to support the development of STO fundraising by consolidating expertise in the industry, ensuring compliance with laws and protecting investors.
According to the press release, SBI Holdings CEO and representative director Yoshitaka Kitao will serve as the chairman of the organization, which will promote cooperation in the self-regulation of STO.
In the announcement, Monex highlighted the difference between STO and the first currency issue (ICO), a form of fundraising that companies often use to issue their own cryptocurrencies. Monex stressed that fraud often occurs in ICO, and the issuance and trading of securities tokens has been legally recognized and is growing globally as a new financing method.
Monex, owner of Coincheck, Japan's leading cryptocurrency exchange, also revealed that the new organization plans to be accredited as a licensed financial instrument company association to leverage its self-regulatory capabilities.
By Liang CHE
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