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Japanese Telecom Heavyweight Softbank Corp Became Member of Crypto Regulatory Body JSTA

By Tracy Hannes | January 9, 2021
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Softbank Corp – the telecommunication-focused division of Japan-based corporation Softbank Group – has reportedly issued an official confirmation, regarding its participation with the Japanese Security Token Association. 

Specifically, Softbank Corp has reportedly been the most recent entity to be a part of the crypto advocacy organization, along with Mitsui Trust and Qunie, the consulting subsidiary of NTT Data. 

A variety of companies working in the blockchain and crypto sector have reportedly also joined the group, nominally security token platform TokenSoft, as well as Japan’s top-tier crypto trading service BitFlyer. 

The association is reportedly included in a group of advocacy and self-regulatory entities, which are currently functioning within the local cryptocurrency and blockchain sphere. 

In April last year, Japan’s Financial Services Agency reportedly provided certification to both the Japan Security Token Association and the Japan Virtual Currency Exchange Business Association (JVCEA), to be perceived as Financial Instruments and Exchange Associations.

The above-mentioned self-regulatory entities interact with the FSA regularly, in a bid to enhance local regulations for crypto. Crypto exchange platforms reportedly have a habit of securing membership, as a stage to ultimately acquire licenses for operation from the FSA. 

Softbank’s JSTA membership will reportedly amp up the association of the entity with crypto and blockchain. The tech conglomerate has carried out investments for a wide range of blockchain initiatives, concentrating on the roll-out of the novel tech in the telecoms industry.

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