Biggest Bank In Japan Mitsubishi UFJ Trust Bank Will Launch Crypto Asset Services
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. 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.
