Softbank’s telecommunications division will become the latest member of the Japanese Security Token Association.
Softbank Corp, the telecommunications arm of the Japanese conglomerate Softbank Group, has confirmed its membership in the Japanese Security Token Association.
The company now joins other firms such as Mitsui Trust and Qunie, the consulting subsidiary of NTT Data, as members of the cryptomoney defence body.
The JSTA also includes member firms of crypto and blockchain, such as the value token platform TokenSoft and Japan’s largest crypto trading service, BitFlyer.
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The association is part of a group of advocacy and self-regulatory bodies that exist within the Japanese space of crypto and blockchain.
In April 2020, the Japan Financial Services Agency certified both the Japanese Security Token Association (JSTA) and the Japan Virtual Currency Exchange Business Association, or JVCEA, as recognised Exchange and Financial Instruments Associations.
As part of the process, the JVCEA was renamed the Japan Crypto Asset Trading Business Association.
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These self-regulatory organisations regularly work with the FSA to strengthen Japan’s cryptomoney regulations. Cryptomint exchanges generally seek membership as part of the FSA’s operational licensing process.
Softbank’s JSTA membership promotes the company’s participation in crypto and blockchain. The technology conglomerate has invested in a number of blockchain projects focused on implementing novel technology in the telecommunications sector.
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Softbank Group CEO Masayoshi Son lost more than $130 million after buying Bitcoin (BTC) at the peak of the 2017 bull market and then selling off during the 2018 bear market period.
In November 2020, Son said his earlier investment in Bitcoin distracted him from running his company, but admitted that digital currencies were here to stay. The technology giant recorded its worst annual loss of around USD 12.7 billion in May 2020 when Alibaba co-founder Jack Ma resigned from the company’s board of directors.