An increasingly wide variety of financial products are being issued on blockchains through security token offerings (STOs). The corporate bond market is expected to see widespread issuance of bonds for retail investors and bonds with bondholder perks through STOs. In the real estate securitization space, recent legislation has opened a path to eliminate legal impediments to STOs. The stage is set for real estate security tokens’ rollout through GK-TK and specified joint real estate venture schemes in parallel with business process DX.

Regulation of giant digital platform companies, epitomized by GAFA, is under increasingly serious discussion in response to concerns about the threats they pose to fundamental constitutional values in democratic nations. The history of regulation of financial industries is the best template for thinking about digital platforms’ future.