日本证券型代币市场在 2023 财年蓬勃发展，有望持续扩张

2023财年，日本证券型代币市场出现显着增长，发行总量超过900亿日元。受益凭证发行信托占据市场主导地位，占比85%，其次是公司债券，占比13%。处理证券型代币的金融机构数量有所增加，包括经纪公司、银行和资产管理公司。联盟型区块链网络“ibet for Fin”成为领先的区块链基础设施提供商，支持市场上的交易和管理。

Japan's Security Token Market Blossoms in FY2023, Poised for Continued Growth

日本证券型代币市场在 2023 财年蓬勃发展，有望持续增长

Tokyo, Japan - April 2, 2024 - BOOSTRY Co., Ltd., a leading provider of blockchain solutions for the financial industry, today unveiled its comprehensive Japan Security Token Market Report for FY2023. The report paints a vibrant picture of a market that has swiftly evolved from its initial stage of experimentation to widespread practical use, firmly establishing itself as an innovative financing mechanism in the capital markets.

日本东京 - 2024 年 4 月 2 日 - 金融行业区块链解决方案的领先供应商 BOOSTRY Co., Ltd. 今天公布了 2023 财年全面的日本证券型代币市场报告。报告描绘了一幅充满活力的市场图景，该市场已从最初的实验阶段迅速发展到广泛的实际应用，牢固地确立了自己作为资本市场创新融资机制的地位。

Surge in Issuance Value and Product Diversification

发行量激增，产品多元化

The Japanese security token market experienced a remarkable surge in issuance value in FY2023, reaching an impressive JPY 97.6 billion, representing a remarkable 5.8-fold increase compared to the previous year. This substantial growth accounted for 16% of the annual issuance value in Japan's stock market and an astonishing 31% of the annual issuance value in the listed REIT market, demonstrating the significant impact of security tokens in the capital markets.

日本证券型代币市场在 2023 财年的发行额显着飙升，达到令人印象深刻的 976 亿日元，与上一年相比增长了 5.8 倍。这一大幅增长占日本股市年发行额的16%，占上市REIT市场年发行额的惊人31%，显示了证券型代币在资本市场的巨大影响力。

Notably, FY2023 witnessed three significant issuances surpassing JPY 10 billion for the first time, underscoring the growing capacity of the market to cater to diverse financing requirements.

值得注意的是，2023 财年首次出现三笔超过 100 亿日元的重大发行，凸显了市场满足多样化融资需求的能力不断增强。

The composition of security token products also exhibited a discernible shift towards diversification. While real estate beneficiary certificate issuance trusts remained the dominant category, accounting for 85% (JPY 82.5 billion), corporate bonds emerged as a significant segment, contributing 13% (JPY 13.2 billion). Additionally, novel initiatives emerged, such as securitization through silent partnerships and security tokens incorporating limited liability partnerships for investment purposes.

证券型通证产品的构成也呈现出明显的多元化趋势。虽然房地产受益凭证发行信托仍然是主导类别，占 85%（825 亿日元），但公司债券成为重要组成部分，占 13%（132 亿日元）。此外，还出现了新的举措，例如通过隐名合作伙伴关系进行证券化，以及出于投资目的而纳入有限责任合作伙伴关系的证券代币。

Institutional Investors Join the Fray

机构投资者加入竞争

The inclusion of a substantial digitally tracked green bond issued as security token corporate bonds paved the way for institutional investors to actively participate in the security token market. Trading for real estate beneficiary certificate issuance trusts commenced through exchanges utilizing private trading systems (PTS), further enhancing accessibility and liquidity.

纳入大量以证券通证公司债券形式发行的数字追踪绿色债券，为机构投资者积极参与证券通证市场铺平了道路。房地产受益人证书发行信托的交易通过利用私人交易系统（PTS）的交易所开始，进一步提高了可访问性和流动性。

Financial Institutions Embrace Security Tokens

金融机构拥抱安全代币

The number of financial institutions handling security tokens witnessed a notable increase, including 11 brokerage firms, six banks/trust banks, and nine asset management companies. Distribution firms (brokerage firms and registered financial institutions) increased by five year-over-year, while the count of trustees and bond administrators (banks and trust banks) rose by two year-over-year.

办理证券型通证的金融机构数量显着增加，其中券商11家，银行/信托银行6家，资产管理公司9家。发行公司（经纪公司和注册金融机构）同比增加5家，受托人和债券管理人（银行和信托银行）同比增加2家。

Notably, the number of firms engaged in the issuance of securitized products expanded, with four corporate bond issuers (+1 year-over-year), six asset management companies involved in beneficiary certificate issuance trusts (+3 year-over-year), and three asset management companies involved in other products (+1 year-over-year).

值得注意的是，从事证券化产品发行的公司数量有所增加，其中公司债券发行人4家（同比+1），参与受益凭证发行信托的资产管理公司6家（同比+3）， 3家涉及其他产品的资产管理公司（同比+1）。

ibet for Fin Dominates Blockchain Infrastructure

ibet for Fin 主导区块链基础设施

ibet for Fin, a consortium-type blockchain network for security tokens, emerged as the market leader, capturing a commanding 53% share of the blockchain infrastructure market in terms of issuance value (JPY 51.6 billion). BOOSTRY, a key participant in ibet for Fin, played a significant role in establishing the network as the only shared blockchain platform in Japan that facilitates the secure and efficient trading and management of security tokens.

ibet for Fin 是一个联盟型证券代币区块链网络，成为市场领导者，以发行价值计算，占据了区块链基础设施市场 53% 的份额（516 亿日元）。 BOOSTRY 是 ibet for Fin 的主要参与者，在将该网络打造为日本唯一的共享区块链平台方面发挥了重要作用，该平台促进安全高效的证券代币交易和管理。

Progmat, a blockchain platform utilized by Mitsubishi UFJ Trust and Banking Corporation, held a 45% share, excelling in real estate beneficiary certificate issuance trusts with 14 issuances. Hash DasH and Securitize also made notable contributions, with issuances valued at JPY 1.8 billion and JPY 0.3 billion, respectively.

三菱日联信托银行使用的区块链平台Progmat持有45%的份额，在房地产受益凭证发行信托方面表现出色，共发行了14份信托。 Hash DasH 和 Securitize 也做出了显着贡献，发行价值分别为 18 亿日元和 3 亿日元。

Bright Future for Security Tokens

证券型代币的光明未来

The report projects a continued expansion of the security token market in FY2024, as demonstrated by the increasing issuance value, liquidity, and participation of financial institutions.

该报告预计 2024 财年证券型代币市场将持续扩张，发行价值、流动性和金融机构参与度的增加就证明了这一点。

ibet for Fin and other public-type blockchains, which leverage the inherent advantages of blockchain technology and resist monopolization by individual entities, are expected to play a pivotal role in the market's growth.

ibet for Fin等公有型区块链利用区块链技术的固有优势，抵制个体实体的垄断，预计将在市场的增长中发挥关键作用。

BOOSTRY anticipates that FY2024 will witness groundbreaking funding transactions and innovative investment experiences enabled by security tokens, further showcasing their transformative potential.

BOOSTRY 预计 2024 财年将见证安全代币带来的突破性融资交易和创新投资体验，进一步展示其变革潜力。

Methodology

方法

The report's findings are based on a comprehensive analysis of data from BOOSTRY's vast network of industry professionals, combined with publicly available information. The report provides a detailed overview of the Japanese security token market, including issuance amounts, product breakdown, financial institutions involved, and blockchain infrastructure utilization.

该报告的调查结果基于对 BOOSTRY 庞大的行业专业人士网络数据的综合分析，并结合公开信息。该报告详细概述了日本证券型代币市场，包括发行量、产品细分、涉及的金融机构以及区块链基础设施利用率。

BOOSTRY's Japan Security Token Market Report is an indispensable resource for stakeholders in the financial industry, including investors, issuers, financial institutions, and regulators. The report offers invaluable insights into the current state and future trajectory of this rapidly evolving market.

BOOSTRY 的日本证券型代币市场报告是金融行业利益相关者（包括投资者、发行人、金融机构和监管机构）不可或缺的资源。该报告为这个快速发展的市场的现状和未来轨迹提供了宝贵的见解。

About BOOSTRY

关于BOOSTRY

BOOSTRY Co., Ltd. is a leading provider of blockchain solutions for the financial industry. BOOSTRY's mission is to empower financial institutions and businesses with the power of blockchain technology to create innovative and efficient financial products and services.

BOOSTRY Co., Ltd.是一家领先的金融行业区块链解决方案提供商。 BOOSTRY的使命是利用区块链技术的力量赋能金融机构和企业，创造创新、高效的金融产品和服务。

BOOSTRY offers a comprehensive suite of blockchain solutions, including the ibet for Fin consortium-type blockchain network, token issuance services, and asset management platforms. BOOSTRY's solutions are designed to meet the unique needs of financial institutions, enabling them to leverage the benefits of blockchain technology to improve operational efficiency, reduce costs, and enhance customer experiences.

BOOSTRY提供一整套区块链解决方案，包括ibet for Fin联盟型区块链网络、代币发行服务和资产管理平台。 BOOSTRY 的解决方案旨在满足金融机构的独特需求，使他们能够利用区块链技术的优势来提高运营效率、降低成本并增强客户体验。

With a team of experienced blockchain engineers and financial professionals, BOOSTRY is committed to providing the highest quality blockchain solutions and services to its clients. BOOSTRY is headquartered in Tokyo, Japan, with offices in London, New York, and Singapore.

BOOSTRY拥有经验丰富的区块链工程师和金融专业人士团队，致力于为客户提供最优质的区块链解决方案和服务。 BOOSTRY 总部位于日本东京，在伦敦、纽约和新加坡设有办事处。

For more information, please visit https://www.boostry.jp/en/

欲了解更多信息，请访问 https://www.boostry.jp/en/