After the G20 leaders discussed the importance of decentralized finance, and the ECB released its vision of a CBDC, Japan is readying to host a world conference on a distributed ledger. The Japanese Financial Services Agency (FSA) partnered with Nikkei Inc. to organize a Blockchain Global Governance Conference (BG2C) on March 9 and 10.
FSA reveals details of the conference
On Monday, the FSA announced that it would hold the blockchain conference in Tokyo and added,
“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.”
The conference is inspired by the G20 leaders’ Osaka summit earlier this year, which committed to discussing and working on a digital/crypto economy. The leaders aim to get the multi-stakeholder governance model for a decentralized financial ecosystem. The BG2C is trying to create a “neutral place” for crypto industry stakeholders to help deepen their mutual understanding and work on enhancing cooperation.
FSA’s previous work with blockchain
The Japanese regulator said that is has been working on a Multilateral Joint Research Project (MJRP) for two years. It emphasizes taking a multi-pronged approach to blockchain research including areas like traceability, anonymization, privacy, and security. The FSA noted further that the blockchain deployments would also extend to digital tokens and industries like logistics, supply chain, and trade finance.
It added that the conference would address different use cases for blockchain in a variety of business sectors and discuss existing and future applications of the same. It will also focus on resolving underlying challenges with the technology.
It wants to bring together a global group of stakeholders who actively participate in prominent blockchain projects like Hyperledger, Bitcoin, and Ethereum. It also seeks participation from blockchain businesses, regulators, university researchers, and civil society.
The FSA currently organizes Blockchain Round-Table (BCRT), an international meeting that brings blockchain experts, regulators, and other stakeholders together. The March meeting was attended by a group of industry participants and stakeholders like the University of Cambridge, MIT Media Lab, U.K. Financial Conduct Authority, Banque de France, Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), Financial Stability Board (FSB), Hong Kong Monetary Authority, Dubai Financial Service Authority, and Monetary Authority of Singapore.
Apart from this, FSA and Nikkei organize a fintech meeting called FIN/SUM, discussing Japanese fintech progress.