Huobi Links With Japan STO Association Besides MUFG And Other 10 Players

Houbi has finally become a part of the regional self-regulatory organization that acts as a pillar to the evolution of offerings of security tokens.

The Japanese branch of Huobi has linked with JSTOA, which stands for the Japan-Security-Token-Offering-Association. It joined the association in the form of a supporting member besides FXCoin, Zaif, and other 8 regional cryptocurrency players. This info is completely based on a report published earlier on the 3rd of August, 2020.

Chen’s Declaration

Haiteng Chen, the CEO of Huobi’s Japanese branch made a clarification through the statement saying that a complete member needs to be a securities company that would be possessing a Finance 1 license.

The CEO also added that for not having this particular license, they would not be capable of applying for a complete membership. The Japanese branch puts its focus on streamlining the security tokens’ transactions tracking this specific self-regulatory body.

JSTOA’s Main Task

The Japan-Security-Token-Offering-Association(JSTOA) came into being in 2019’s October. It was started by six leading brokerages of Japan including Rakuten Securities and SBI Securities.

The main duty of the Japan-Security-Token-Offering-Association(JSTOA) is to act as a strong backbone to the evolution of the offerings of security tokens in such an approach that makes sure that there is the protection of the investors along with lawful compliance. In the month of April 2020, the JSTOA came up with a set of guidelines that says everything about how to divide electronic record transfer rights from customer assets.

Japan Stands Out

The report says that Houbi’s CEO Mr. Chen also stated that the JSTOA team agrees with the principles and they have quoted the motto of the association which is ‘to promote and popularize security token to revive the financial and capital market’, for fostering developed industry and for carrying on the international competing nature. This is the comment that made the CEO of crypto exchange say that Japan is the one nation of very few nations that lead and initiate an obedience system for digital assets.

Japan is Keeping Pace with Cryptocurrency

For the time being, the FSA, also known as the Financial Services Agency, has declared that Ryozo Himino is its current chief. He is considered to be very much optimistic regarding the crypto real. Concurrently, Kazushige Kamiyama was elected as the leader of a research team of CBDC by the Bank of Japan.