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As a part of the research being conducted, the consortium will also apply for a Japanese patent regarding infrastructure and organizational structure for managing security tokens.
The consortium is being formed in the wake of Japanese legislators amending the country’s crypto laws. In March, Japan’s legislative body, the Diet, introduced a new bill to define security tokens as liquid securities, which would amend the existing Act on Settlement of Funds and the Financial Instruments and Exchange Act.
“It has to go through loopholes of intermediaries–the issuer, the paying agent, the clearing house–to be able to actually pay back to the investor whatever portion of the note they acquire,” Domingo said about the current way in which fixed income assets are issued and bought. “This process is bound to have errors.”