Japan's Financial Services Agency discusses how to stimulate blockchain application development

Rage Comment : Since this year, the Japanese Financial Services Agency has discussed the blockchain application strategy in the financial market many times, and it can be seen that they are actively considering the potential impact that the blockchain industry may have on the financial industry. Especially with so many global financial giants investing in it, and multiple central banks have also expressed their views one after another, Japan, as a global financial power, cannot remain indifferent in this field. It can also be seen that many large financial institutions in Japan have begun their own layout, especially in March this year, after R3 CEV re-accepted financial institutions to join, the first to be accepted was Japan's SBI Bank.

Translation: Height difference signal is full

Japan’s Financial Services Agency (FSA) is preparing to hold a meeting early next month, inviting representatives from regulatory agencies to discuss policies for blockchain applications in Japan’s financial markets.

The Financial Services Agency, a government agency that regulates banks, insurance, securities and stock exchanges, plans to weigh the impact of automated, high-frequency trading operations on market stability and transparency, and is also preparing to study new developments in the asset management industry, according to an April 8 report.

The Financial Services Agency has not yet given a specific date for the meeting.

Financial Services Agency statement:

"Internet finance is developing rapidly. For example, blockchain technology has emerged and become an important topic for market participants. We need to discuss what solutions we should prepare to enhance the competitiveness of our market."

The comments come weeks after an official from Japan’s Financial Services Agency said they would support Asia in becoming a global leader in blockchain applications. In that speech, Japan’s Vice Minister of International Affairs Masamichi Kono advocated a risk-oriented approach to encourage the application of disruptive technologies, such as blockchain.

The Japanese Financial Services Agency is not very strong in digital currencies. After the collapse of Mt Gox, a Tokyo-based bitcoin exchange, the agency drafted a proposal for exchange regulation.

The government agency also plays a role in determining the legal status of digital currencies.