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Japan to Have Blockchain-Based Stock Exchange in 2022
The exchange reportedly planned by SBI and SMFG is expected to be the first of its kind in Japan.
SBI Holdings has reportedly partnered with Sumitomo Mitsui Financial Group (SMFG) to launch a digital stock exchange slated for spring 2022.
STORY CONTINUES BELOW
- SBI and SMFG are expected to launch the platform in Osaka to compete against the Tokyo Stock Exchange (TSE), according to a Nikkei report Thursday.
- The exchange is expected to be Japan's first such stock exchange, allowing investors to trade digital securities using blockchain technology.
- In March, the companies will set up an operator called the Osaka Digital Exchange (ODX), with SBI to own 60% and SMFG 40%, per the report.
- SBI and SMFG, which both have brokerage arms, will put in place a governance structure to prevent any conflict of interest.
- The news comes after the TSE was criticized for a major hardware glitch in September caused the worst outage ever for the world's third-largest equity market.
- The ODX is expected to start trading digital securities in 2023.
See also: Australia’s Central Bank Tells ASX to Push On With Delayed DLT Trading Platform
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
