MUTB and Ginco partner on Japan’s first “Crypto Asset Trust”

<p>Mitsubishi UFJ Trust & Banking (MUTB) and Ginco have started collaborating to provide Japan’s first “crypto asset trust” by a trust bank itself. One of the specific services provided by this collaboration is the application of an appropriate tax system for token issuers and the use of tokens by institutional investors, with the aim of making Japan a healthy and attractive environment as a token (crypto asset) issuance market.</p> <h2>Background</h2> <p>Mitsubishi UFJ Trust & Banking, prior to the development of “Progmat”, which is a platform for issuance and management of digital assets, started implementing the Payment Services Act, which established regulations regarding “virtual currencies” in April 2017). MUTB has obtained two patents for a trust service targeting crypto assets. Due to a series of tightened regulations triggered by the Coincheck hack that occurred in 2018, banks including trust banks are prohibited from conducting business involving crypto assets, and trust banks are also unable to provide trust services for crypto assets.</p> <p><a href="https://medium.com/tokyo-fintech/mutb-and-ginco-partner-on-japans-first-crypto-asset-trust-70f90a9ed183"><strong>Learn More</strong></a></p>