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G20: Efforts on Governance Issues in Decentralized Financial Systems “BGIN” ― new global network


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A Decentralized financial system underpinned by blockchain could attain full P2P (Peer to Peer) financial transactions without intermediaries. While such systems can offer a variety of opportunities and benefits, they could also undermine the ability to enforce existing regulations.
As stated in the G20 Osaka Leaders’ Declaration under Japan’s presidency (June, 2019), a consensus has been reached on the issue of governance of decentralized financial systems based on blockchain technology and the importance of strengthening dialogue with a wide range of stakeholders, including regulatory authorities and engineers.

Based on this belief, on March 10, 2020, a special online panel discussion has been held at Blockchain Global Governance Conference [BG2C], which is a new global conference on blockchain and cohosted by JFSA and Nikkei, Inc.

In the panel discussion, Shin’ichiro Matsuo (Research Professor, Georgetown University) made public the launch of a new global network named “Blockchain Governance Initiative Network” (BGIN – pronounced ‘BEGIN’).

JFSA will contribute to the activities of BGIN as one of the stakeholders by leveraging our experience in dialogues and collaborations with various blockchain stakeholders.

Outline of BGIN

BGIN aims at providing an open and neutral sphere for all blockchain stakeholders to deepen common understanding, address issues they face in order to attain sustainable development of the blockchain community. Their goals are tentatively set out as noted below.

1. Creating an open, global and neutral platform for multi-stakeholder dialogue
2. Developing a common language and understandings among stakeholders with diverse perspectives
3. Building academic anchors through continuous provision of trustable documents and codes based on an open source-style approach

  • For further infromation, please visit BGIN Official Website and register for its mailing list. All BGIN documents are on its GitHub repository for public discussion.

Latest Updates on BGIN

  • BGIN’s first meeting (Block #1) on  Nov 23-25 (November 11, 2020 updated)

Participants from diverse stakeholders will discuss a wide range of issues of the decentralized financial system.

This meeting will be held online and anyone is welcome to join the discussion.

Please see below for details.

-Dates and time: 21:00 to 24:00 JST (12:00 to 15:00 UTC), November 23-25, 2020

-Location: Online (Virtual Host: Mumbai, India)

-Detals: to be updated on the official BGIN website

-Example of agenda:

-Decenralized financial technologies and privacy, identity and tracability

-Key Lifecycle Management for Centralized / Decentralized Custodians

-Tutorial sessions with engineers, regulators, etc.

-Registration: You can register for participation from the above BGIN official website.

Road to BGIN

[1] FIN/SUM 2018

September 25-28, 2018 (JFSA Symposium: September 27)

[2] Blockchain Round-Table

   March 27 and 28, 2019

JFSA’s Blockchain Round-Table 2019 High Level Summary [Multilateral Joint Research project]

* JFSA has convened BCRT using the outputs of JFSA’s “Multilateral Joint Research Project [MJRP]” (see below).

[3] G20 Finance Ministers and Central Bank Governors Meeting (Fukuoka: June 9, 2019)

[4] FIN/SUM 2019

   September 3-6, 2019 (JFSA Symposium: September 5)

[5] Blockchain Global Governance Conference [BG2C]

   (Some sessions were held on March 10, 2020; others are to be decided.)

*In addition, some JFSA officials participated in the following blockchain stakeholder dialogues.

Multilateral Joint Research Project

JFSA has been conducting blockchain Multilateral Joint Research Project since 2017. The research aims to gain in-depth knowledge about underlying technological risks and provides the basis of agenda items for Blockchain Round-Table for the purpose of developing policy implication. The outcomes from the research will be one of the contributions by JFSA for further dialogue at BGIN.

[Research papers]

* The views and opinions expressed in the papers do not necessarily reflect the official policy or position of JFSA

Contact Details

Fintech and Innovation Office, Financial Services Agency

Tel: +81-(0)3-3506-6000

Source link

Regulator Information

Abbreviation: FSA
Jurisdiction: Japan

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