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SBI Securities, Nomura and others form self-regulatory body for STOs

Tue, 01 Oct 2019, 10:00 am UTC

Six major Japanese security companies have teamed up to establish an organization that will establish rules for security token offerings (STOs).

Called the Japan Security Token Offering Association, the organization will primarily work to develop self-regulation regarding STOs with “an aim of the healthy development of STO fund-raising model,” Monex said in a press release.

Participating companies include SBI Securities, Nomura Securities, Daiwa Securities Group, and online brokerages Kabu.com Securities, Rakuten Securities and Monex Group. Yoshitaka Kitao, Representative Director and Chairman of SBI Securities, has been appointed as the Chairman of the new organization.

STOs have become a popular way of raising capital from real-world assets. Instead of issuing equities and other securities as in a traditional model, STO involves the issuance of security tokens via digital means such as blockchain.

While the fundraising option has gained prominence globally, it is expected to go big in Japan in April 2020 as the recently amended laws will come into force. In May, the Japanese House of Representatives amended the Payment Services Act and the Financial Instruments and Exchange Act (FIEA).

According to Cointelegraph, the FIEA has been revised to introduce the concept of electronically recorded transferable rights (ERTRs) to define that initial coin offerings (ICOs) and STOS are regulated under the act.

“The Japan STO Association intends to consolidate expertise on securities businesses from among securities companies and other entities so that the STO business opportunities can be explored and developed in Japan,” the release said.

“The association also strives to ensure compliance of laws and regulations as well as investor protection, while preventing illegal activities including unfair trading and money laundering.”

The association intends to obtain certification as an Authorized Financial Instruments Firms Association based on the FIEA and to fully leverage its capabilities as a self-regulatory organization (SRO).

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