Japanese Financial Giants Join Hands to Establish Digital Asset Platform Progmat

To enhance the development and competitiveness of the digital asset market in Japan, eight local financial giants on Monday (September 11) have inked an agreement to establish a digital asset company "Progmat, Inc".

These financial institutions are namely Mitsubishi UFJ Trust and Banking Corporation, Mizuho Trust & Banking Co., Ltd., Sumitomo Mitsui Trust Bank, Limited, Sumitomo Mitsui Financial Group, Inc., SBI PTS Holdings, Co., Ltd., JPX Market Innovation & Research, Inc., NTT DATA Japan Corporation, and Datachain, Inc.

This move follows the principal financial regulator of Japan, the Financial Services Agency (FSA), deciding​ to free domestic firms from the end-of-the-year "unrealized gains" tax​ on crypto, which aims to improve the environment for the promotion of Web3 and promote business startups that make use of blockchain technology.

According to the joint announcement, "Progmat, Inc" will lead the development of an issuance and management platform for a range of digital assets, "Progmat". Besides, the company will be responsible for the management of the Digital Asset Co-Creation Consortium, which has 214 member companies.