Magic Circle is one of the nine newest members to join the Japan Security Token Offering Association.
HONG KONG, July 1, 2020- The Japan Security Token Offering Association (JSTOA) has announced today that Magic Circle has officially become the association’s first and only non-Japanese member. Nine new companies were inducted, bringing the total JSTOA standing members to 33.
Japan is one of the leading countries, along with the U.S., to adopt security token offerings (STO) as a legal form of fundraising. In order to lay the groundwork for the wide adoption of STO, sufficient conditions must be put into place leading the JSTOA to be established in October 2019. As a General Incorporated Association, it is self-regulating. It strives to ensure compliance with laws and provide investor protection while preventing illegal activities including unfair trading and money laundering. The association has been certified as an Authorized Financial Instruments Firms Association based on the Financial Instruments and Exchange Act. This accreditation means that the association is positioned like FINRA in the U.S.
The association’s goals are to consolidate the top experts in securities businesses to explore and develop STO business opportunities in Japan. It also aims to promote and disseminate knowledge about security tokens. An induction into the association means that the member company is compliant with Japanese STO laws and regulations, and is knowledgeable and well placed to be a forerunner in the crypto-finance industry.
“Becoming a member of the JSTOA is a great feat and encouragement for us. It means that we are officially a part of a state recognized financial instruments and exchange association,” said Doer Qu, Magic Circle’s CEO. “We are honored to be accepted as the only overseas member. Japan has always been a country that is constantly innovating in crypto-finance, and we are looking forward to sharing our leading-edge technology to drive the country’s growth and leadership in STO. Meeting Japanese compliance requirements will further enhance Magic Circle’s product suitability and operation protocols. We hope to use our new status in the JSTOA to help more companies unlock the power of STO, to continue to set trends, and to share best practices.”
This is the first of many milestones for the Magic Circle team as they aim to be a globally recognized leader in the crypto-finance industry.