Japan Hosting World Conference to Discuss Decentralized Financial Governance

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Following the consensus reached at the G20 leaders’ summit on the importance of discussing better governance for the decentralized financial ecosystem, Japan’s top financial regulator is hosting a global blockchain conference to discuss the subject. The regulator is welcoming stakeholders from around the world to participate, including other regulators, open-source software developers, university researchers, and relevant businesses.

Also read: Regulatory Roundup – New US Crypto Bill, France’s 1st Approved ICO, Muslim Crypto

From G20 Leaders Summit to Blockchain Global Governance Conference

Japan’s top financial regulator, the Financial Services Agency (FSA), announced Monday that it is organizing Blockchain Global Governance Conference (BG2C) in collaboration with Nikkei Inc. The event will take place on March 9 and 10 in Tokyo. The FSA detailed:

As stated in the G20 Osaka Leaders’ Declaration under Japan’s presidency … within the international regulatory community, a consensus has been reached on the importance of engaging with various stakeholders in the decentralized financial ecosystem to ensure public policy objectives.

Japan Hosting World Conference to Discuss Decentralized Financial Governance
The G20 Osaka Leaders’ Summit in Japan.

The Osaka summit, where the G20 leaders declared their commitments on a variety of issues including crypto assets, took place at the end of June. Noting that it has been working towards “attaining the concept of multi-stakeholder governance for decentralized financial ecosystem,” the regulator described, “As a cornerstone, BG2C aims at providing a neutral place for stakeholders to deepen mutual understanding and explore the ways to enhance cooperation.”

Worldwide Participants Welcomed

The FSA detailed that it has been conducting Multilateral Joint Research Project (MJRP) since 2017, with an emphasis on blockchain research in areas such as security, privacy, anonymization, and traceability.

“We also observe that potential blockchain deployments will extend to digital currencies and digital tokens as well as trade finance, supply chain and logistics, etc,” the agency continued, noting that “This conference will address the uses of blockchain in various business areas and will touch on the current business models, future applications, and underlying challenges to be resolved.” Japan’s top financial regulator elaborated:

BG2C welcomes participation from various stakeholders around the world including those who are active in open source software communities, such as Bitcoin, Ethereum, and Hyperledger etc., researchers from universities and relevant organizations, businesses in this space, civil society and financial regulators to discuss the better governance for decentralized financial ecosystem.

Japan Hosting World Conference to Discuss Decentralized Financial Governance
The FSA building.

The regulator also holds international meetings called the Blockchain Round-Table (BCRT), with the participation of various stakeholders, financial regulators, and blockchain experts from around the world. The aim of this event is to “deepen the understanding of issues regarding the financial system based on decentralized financial technologies, using the outputs of MJRP.” A roundtable, held in March, was attended by global regulators, central banks, and other industry participants such as the Financial Stability Board (FSB), Bundesanstalt für Finanzdienstleistungsaufsicht (Bafin), Banque de France, Dubai Financial Service Authority, Hong Kong Monetary Authority, Monetary Authority of Singapore, U.K. Financial Conduct Authority, MIT Media Lab, and University of Cambridge.

BG2C will be held as a spin-off from a regular fintech meeting co-organized by the FSA and Nikkei Inc. called “FIN/SUM,” which has already been held four times. The latest one took place in September, where the FSA discussed “the current developments and growth inherent to Japan’s fintech” with the global community. The event aimed “to create a global eco-system and new form of cooperation and collaboration among various fintech stakeholders, in which Japan serves as a hub,” the FSA detailed.

What do you think of Japan’s FSA hosting a decentralized financial conference and inviting stakeholders from around the world to participate? Let us know in the comments section below.

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Images courtesy of Shutterstock and the Japanese government.


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