Japan FSA launches blockchain development project in the country

Japan's financial regulator announced the launch of the Blockchain Governance Initiative Network (BGIN), which will promote“Sustainable development of the blockchain industry.”

Japan Financial Services Agency (FSA)announced this initiative during an event co-organized with Nikkei. It is reported that BGIN will stimulate the sustainable development of the distributed registry technology (DLT) sector by creating an “open and neutral environment for all stakeholders of the blockchain industry to increase mutual understanding between them.”

The project also aims to develop a “singlea multi-stakeholder approach ”and the creation of an open source information exchange network. FSA will participate in BGIN as a stakeholder. BGIN is not the first initiative of the Japanese regulator in the field of blockchain.

In 2018, the Japan Financial Services AgencyFSA organized a closed round table, which was attended by regulators and central banks of several countries as part of a joint research project related to the blockchain. In addition, back in 2017 it became known that the FSA and several financial institutions are developing a unified identification system that uses blockchain technology to work with customers.

In addition to government initiatives in Japanprivate companies associated with the blockchain are actively developing. The other day, Securitize and LIFULL launched a platform for tokenizing abandoned houses in Japan, and the logistics company Nippon Express announced that it plans to develop a new blockchain-based system that will ensure transparency in the delivery of shipments.

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