Sumitomo Mitsui Trust Bank (SMTB) and security token tech provider Securitize have just completed the private placement of Japan's first regulated security token, Ledger Insight reports.
The interest of Japanese companies in initial security token offerings (STOs) is growing. SMBT is a member of the Japan STO Association, which is recognized by the Financial Services Agency.
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The token has been created by tokenizing the beneficiary's certificates of deposit that represents the investor's ownership of the underlying asset. The Securitize platform has been used for this purpose.
On Securitize, investors can confirm the token status and access documents, while SMTB can manage investors and the process.
Rating agency Rating and Investment has assigned the token an "a-1" rating, reflecting the high likelihood that the issuer will meet short-term obligations to creditors.