Biggest Bank In Japan Mitsubishi UFJ Trust Bank Will Launch Crypto Asset Services
- Mitsubishi UFJ Trust Bank and Ginco introduce Japan’s pioneering “crypto-asset trust” service.
- Ginco manages tokens on Mitsubishi UFJ’s blockchain.
- The partnership positions the bank at the forefront of crypto asset management within evolving regulations.
In a groundbreaking collaboration, Japan’s largest bank, Mitsubishi UFJ Trust Bank, and Web3 development firm Ginco have announced their partnership to introduce the nation’s inaugural “crypto-asset trust” service, according to a Coinpost report.
The move aims to revolutionize the management of cryptographic assets while complying with evolving regulations.
Under this strategic alliance, Ginco will take charge of overseeing tokens issued on Mitsubishi UFJ’s public blockchain. This novel service, slated for launch within the year, marks a significant stride toward legitimizing the crypto landscape in Japan.
The “crypto asset trust” initiative, initiated on March 31 by Mitsubishi UFJ Trust and Banking Corporation and Ginco Co., embarks on a journey to establish a secure and attractive environment for the issuance and trading of tokens.
The collaboration aspires to facilitate proper taxation for token issuers and enable institutional investors to confidently partake in the token market.
While regulatory challenges surfaced after a 2018 data leak incident, the tide is turning with the legal framework adjustments that took effect in October 2022, enabling trust banks like Mitsubishi UFJ to offer custody services for crypto assets.
This groundbreaking endeavor will encompass responsibilities related to trust tokens, including private key management.
With the financial sector’s adoption of blockchain technology gaining momentum, this innovative collaboration between Mitsubishi UFJ Trust Bank and Ginco sets a remarkable precedent. It promises to propel Japan into the vanguard of crypto asset management while adhering to the country’s evolving regulatory landscape.
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