Japanese telecoms giant Softbank Corp joins crypto regulatory group JSTA

Softbank Corp, the telecoms arm of the Japanese conglomerate Softbank Group, has confirmed its membership of the Japanese Security Token Association. 

The company now joins other firms like Mitsui Trust and Qunie — the consulting subsidiary of NTT Data — as members of the crypto advocacy body.

The JSTA also includes crypto and blockchain member firms like security token platform TokenSoft and Japan’s largest cryptocurrency trading service BitFlyer.

The Association is part of a group of advocacy and self-regulatory bodies that exist within the Japanese cryptocurrency and blockchain space.

In April 2020, Japan’s Financial Services Agency certified both the Japan Security Token Association and the Japan Virtual Currency Exchange Business Association, or JVCEA, as recognized Financial Instruments and Exchange Associations.

As part of the process, the JVCEA was renamed the Japan Crypto Asset Trading Business Association.

These self-regulatory organizations routinely work with the FSA to firm up Japan’s cryptocurrency regulations. Crypto exchanges usually seek membership as part of the process of obtaining operating licenses from the FSA.

Softbank’s JSTA membership furthers the firm’s crypto and blockchain involvement. The tech conglomerate has invested in a number of blockchain projects focused on deploying the novel tech in the telecoms sector.

Softbank Group CEO Masayoshi Son famously lost over $130 million after buying Bitcoin at the peak of the 2017 bull market and subsequently sold during the 2018 bear market period.

In November, Son said his previous Bitcoin investment distracted him from running his company but admitted that virtual currencies were here to stay. The tech giant posted its worst annual loss of about $12.7 billion back in May 2020 with Alibaba co-founder Jack Ma resigning from the company’s board of directors.

Source: Read Full Article