Japan’s FSA Hosts Blockchain-Roundtable for Central Banks, Regulators

Attendees discussed issues relating to security, consumer protection, but details of closed-door meeting remain under wraps

The Japanese Financial Services Authority (FSA) earlier this month hosted a closed-door round-table for financial regulators, central banks, and representatives from academic institutions from a number of countries, a press release published on Monday revealed.

The conference, which was held March 8th and 9th, covered a wide range of topics surrounding blockchain technology, including the “potential of blockchain,” “standardization initiatives by [the] International Organization for Standards,” and “technical risks and opportunities around blockchain.”

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The FSA press release said the conference was held in accordance with a “Multilateral Joint Research” project initiative on the blockchain technology. The project was facilitated by Japan’s growth strategy in 2017 and by the strategic direction and priorities of the FSA in 2017-2018, aiming to lead international studies on blockchain-related issues.

“The roundtable meeting especially highlights the inherent technical risks and opportunities around blockchain,” the FSA statement read. “As a part of this initiative, JFSA currently conducts a study on the vulnerability issues of public-blockchain and relevant security issues and its impacts from technical perspectives.”

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‘Strengthening collaboration’

“Among others, the round-table is held to contribute to strengthening collaboration with academia and regulatory bodies that have established or will establish Fintech Co-operation Framework as well as central banks,” the announcement added.

Attendees represented a wide range of institutions, including the UK Financial Conduct Authority, the Monetary Authority of Singapore, the Australian Securities Investments Commission, the Abu Dhabi Global Market Financial Services Regulatory Authority, the French central bank’s Autorité de Contrôle Prudentiel et de Résolution, the Hong Kong Monetary Authority, the Bank of Japan, the Bank of Canada, MIT Media Lab, and the University of Tokyo.

Though specifics of the conference remain under wraps, the FSA will release selected details to the public when agreed upon by all participants, according to the announcement.

 

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