March 9, 2017
Financial Services Agency
Multilateral joint research on financial trading on blockchains
As FinTech has been developing, it is transforming the financial industry, and this development is based on various key technologies. In particular, blockchain technology enables ledgers to be managed in a distributed manner, and if used more widely it could transform the financial and economic landscapes.
In order to increase user convenience through the development of technology, proactive study of blockchain technology is important. We need to promote such efforts appropriately from the viewpoint of financial system stability and consumer protection.
Expertise in various areas inside and outside Japan is necessary, and since many blockchain transactions are likely to be cross-border, international discussion on rule-making may be required. Therefore, when planning to promote blockchain technology, it is important to establish an appropriate and constructive relationship with international networks and respect the blockchain community.
Considering the above, as part of a series of initiatives for utilizing blockchain technology, the Financial Services Agency (FSA) of Japan will hold a preparatory meeting before beginning multilateral joint research on blockchain technology. An overview of the preparatory meeting is as follows.
Date and venue: March 10, 2017 (Fri), Financial Services Agency of Japan
Examples of agenda:
- Sharing of each country’s efforts to utilize blockchain technology
- Response to risks entailed in blockchain transactions for consumer protection
- Securing privacy and confidentiality in blockchain transactions
- Issues in applying blockchain technology to settlement
- Countermeasures to errors in trading programs that use blockchain technology
This meeting is not open to the public, because confidential information of individual businesses and trade may be included in the discussion and it is necessary to ensure frank and free exchange of views. Establishing open relationships with various experts with diverse insights is important, and we will actively exchange opinions with them.
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