Japan's Financial Services Agency (FSA) is set to hold a meeting
early next month at which representatives of the regulatory body will take part
in a policy discussion on blockchain applications in the country’s
financial markets.
In an 8th April notice, the government entity overseeing
banking, insurance and securities and exchange, said that it plans to
weigh the effects of automated, high-frequency trading operations on market
stability and transparency, as well as examine new developments in the asset
management industry.
A date for which has not yet been disclosed by the FSA.
The agency stated:
"The development of FinTech such as block-chain technology is
now a rapidly emerging, important topic for market participants to address
intentionally. Discussion also needs to be held on what kind of solutions we
should prepare in order to enhance the competitiveness of our markets.”
The
remarks come weeks after an official from the FSA voiced support for Asia to become a global leader in
blockchain applications. At the time, vice minister for international affairs
Masamichi Kono advocated for a risk-oriented approach to encouraging adoption
of disruptive technologies like blockchain.
The
FSA is no stranger to digital currency issues, having drawn up a proposal for regulating exchange services in
the wake of the collapse of Tokyo-based bitcoin exchange Mt Gox.
The
agency is also playing a role in defining the legal status of
digital currencies in Japan.
Japanese business image via
Shutterstock
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