Softbank Corp, the telecommunications arm of the Japanese conglomerate Softbank Group, has confirmed membership of the Japanese Security Token Association.
The company is now joining other companies, such as Mitsui Trust and Qunie, NTT Data’s advisory subsidiary, as members of the crypto advocacy group.
The JSTA also includes crypto and blockchain member firms such as 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, the Japanese 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 stock exchange associations.
As part of the process, the JVCEA was renamed the Japan Crypto Asset Trading Business Association.
These self-regulatory organizations are routinely working with the FSA to tighten Japan’s cryptocurrency regulations. Crypto exchanges usually look for membership as part of the process to obtain operating licenses from the FSA.
Softbank’s JSTA membership advances the company’s involvement in crypto and blockchain. The tech conglomerate has invested in a number of blockchain projects it is targeting deploying new technology in the telecom sector.
In November 2020, Son said his previous Bitcoin investment distracted him from running his business but admitted that digital currencies are here to stay. The tech giant recorded its greatest annual loss of approximately $ 12.7 billion back in May 2020 with Alibaba co-founder Jack Ma resigning from the company’s board of directors.