Softbank Corp Joins JSTA
According to sources, Softbank Corp has confirmed that it has just partnered with the Japanese Security Token Association (JSTA). Softbank Corp is a Japanese conglomerate of Softbank Group’s telecommunications arm.
By joining hands with the Japanese Security Token Association (JSTA), Softbank Corp has joined other firms, becoming a member of the advocacy body of the cryptocurrency industry. Some of the prominent entities it is working along with include the unit, a consulting subsidiary of NTT data, and the Mitsui Trust.
The Japanese Security Token Association (JSTA) also has other members that belong to the blockchain sector. Some of the blockchain members JSTA has include BitFlyer and TokenSoft. BitFlyer is the largest cryptocurrency platform in Japan while TokenSoft is a popular security token platform.
The Japanese Security Token Association is a group of self-regulatory and advocacy bodies that are based in Japan. These entities belong to the blockchain and cryptocurrency space in Japan.
It was back in April 2020 when the Japan Virtual Currency Exchange Business Association (JVCEA) and Japan Security Token Association (JSTA) received the certification. The certification was granted by the Financial Services Agency of Japan and certification recognizes both firms as Exchanges Associations and Financial Instruments.
During the process, the Japan Virtual Currency Exchange Business Association (JVCEA) was renamed the Japan Crypto Asset Trading Business Association.
One of the duties of these self-regulatory organizations is to routinely and actively work with FSA. The collaboration work with the FSA ensures that Japan’s cryptocurrency regulations are under constant watch. If these firms establish or detect any ambiguities or flaws in the crypto-regulations, it is expected from these organizations to take the necessary actions.
It is common for the cryptocurrency exchanges to seek membership with the Japanese Security Token Association (JSTA). The exchanges do this in order to acquire licenses from FSA in order to operate in Japan.
The recent membership between Softbank and JSTA has paved Softbank’s path towards developments and adoption in the blockchain and cryptocurrency involvement.
It has been revealed that in the past couple of years, Softbank Corp has made a lot of investments in the crypto-blockchain sector. It has invested in a lot of projects based on blockchain networks in order to provide telecom sectors more exposure to blockchain technology.
The CEO of Softbank Group, Masayoshi Son is no stranger when it comes to cryptocurrencies and blockchain technologies. He is popularly known among the cryptocurrency community has made a large investment in Bitcoin (BTC) from his personal portfolio. Son revealed that although he is fond of blockchain technology and other cryptocurrencies, he is not ready to invest in Bitcoin (BTC).
Son stated that it was back in 2017 when he bought a large quantity of Bitcoin (BTC) only to sell them off and incur a loss of around $130 million.