security token

Progmat-Led Consortium Unveils Framework to Unlock Security Token Data Utility

Norbert Gehrke

04 Nov 2025 — 8 min read

Progmat, the core developer behind Japan's leading security token (ST) platform, has released the findings of a critical industry study, culminating in a standardized legal and operational framework designed to streamline the utilization of rights holder data in the ST ecosystem.

The comprehensive "ST Data Linkage Streamlining Working Group (WG)" report, conducted under the auspices of the Digital Asset Co-Creation Consortium (DCC)—an organization boasting 315 member entities—is poised to dismantle significant regulatory and practical barriers that have hindered the full potential of digital securities in Japan.

The report sets forth standardized data utilization requirements, evaluates optimal data linkage patterns, and formalizes the necessary legal structures under Japanese Personal Information Protection (PII) laws, specifically for two major ST asset classes: Trust-type ST (often used for real estate) and Bond-type ST (corporate debt).

Progmat CEO Tatsuya Saito commented that the framework is intended to strengthen the connection between token issuers and investors, facilitating a smoother and more beneficial customer experience across the Japanese digital asset landscape.

I. The ST Data Dilemma: Why Standardization Was Imperative

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