Huobi joins MUFG and 10 other players from Japan STO Association

Huobi’s Japanese subsidiary has joined the Japan Value Token Offering Associationor JSTOA as a “support member” alongside Zaif, FXCoin and 8 other players in the local crypto space, the announcement announced today.

“A full member must be an investment firm holding a Finance 1 license,” said Haiteng Chen, CEO of Huobi Japan, in a commentary on Cointelegraph. “We do not receive this license and therefore cannot apply for full membership.”

Huobi Japan aims to rationalize “the token transaction” through this self-regulatory agency.

Huobi joins MUFG and 10 other players from Japan STO Association
Huobi joins MUFG and 10 other players from Japan STO Association

JSTOA was founded in October 2019 by six major Japanese brokerage firms, including SBI Securities and Rakuten Securities. The aim is to support the development of value token offers in such a way that compliance with laws is guaranteed and investors are protected. In April 2020, the organization published guidelines on the separation of client assets and transfer rights for electronic records.

Chen from Huobi said to Cointelegraph:

“We are extremely in agreement with the ideology [de la asociaciĆ³n] and here we quote the association’s motto “Promote and promote tokens to revitalize the financial and capital markets, promote the advanced industry and maintain global competitiveness”.

In your comment The CEO of the cryptocurrency exchange described Japan as “one of the few leading countries in the world that has set up a compliance system for digital assets”.

Japan keeps up to date with cryptocurrencies

Meanwhile, The Financial Services Agency (FSA) recently announced Ryozo Himino as its new head. Himino is generally optimistic about cryptocurrencies. In the meantime, the Bank of Japan recently turned to top economist Kazushige Kamiyama to lead a Central Currency-led Digital Currency Research Team (CBDC).

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