Aggregated News From Investment Management Regulators

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

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Overview

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

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 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.

  • Scaling Bitcoin 2019 (September 11-12 2019)
  • Devcon 5 (October 8-11 2019)
  • Convergence – The Global Blockchain Congress 2019 (November 11-13 2019)

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 inplication. The outcomes from the research will be one of the contributions by JFSA for further dialog at BGIN.

[Research papers]

Contact Details

Fintech and Innovation Office, Financial Services Agency

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

Regulator Information

Abbreviation: FSA
Jurisdiction: Japan

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