People walk by SoftBank mobile phone network store
People walk by SoftBank mobile phone network store in Tokyo, Japan on 1 December 2016. Shutterstock

The Japanese telecoms giant has announced it has become the latest member of the country’s foremost blockchain association.

According to Capacity Media, SoftBank Corp confirmed the move earlier this week. The company will be joining the likes of security token platform TokenSoft and cryptocurrency exchange BitFlyer as a member of JSTA.

Some of the association’s other members include NTT Data consulting subsidiary Qunie, Deloitte Tohmatsu, Tokai Tokyo Financial, Sumitomo Mitsui Trust Research, Hanwha Asset Management, Mitsui Fudosan, and real estate firm LIFULL.

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The association is part of a larger group of advocacy and regulatory bodies in Japan whose mission is to support cryptocurrency and blockchain regulation in the country. In April 2020, Japan’s Financial Services Agency (FSA) recognized JSTA as a Financial Instrument and Exchange Association.

Cryptocurrency exchanges in Japan are likely to seek membership in the association as part of the process of obtaining operating licenses from the FSA. The addition of SoftBank to the group is set to establish the association as a leader in blockchain development and adoption in Japan.

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