Japan’s Financial Regulator Launches Global ‘Blockchain Governance Initiative Network’ – Africa Missing Among Stakeholders

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Japan’s financial regulator has announced the launch of a global Blockchain Governance Initiative Network (BGIN) intended to foster the “sustainable development of the blockchain community.”

The Blockchain Roundtable which initiated the launch hosted domestic and international regulators, central banks, financial institutions and universities from across the world.

However, no African regulator, central bank, institution, or university was represented.

SEE ALSOBlockchain Among 6 Key Technologies for Africa, According to a 2020 Study by African Development Bank

A look at the Japan Financial Services Agency of Japan (JFSA), the regulator’s website, shows representation from across the world except Africa.

Here is an excerpt from the stakeholder roundtable meeting:

Financial Services Agency of Japan (JFSA) held the Blockchain Round-Table (BCRT) on March 27 and 28 with the participation of foreign and Japanese regulatory and supervisory authorities and central banks, including the;

  • Financial Stability Board (FSB)
  • International Monetary Fund-Regional Office for Asia and the Pacific (IMF-OAP)
  • Organisation for Economic Co-operation and Development (OECD) [remote]
  • Financial Services Regulatory Authority of Abu Dhabi Global Market (FSRA)
  • Australian Securities and Investments Commission (ASIC),
  • Bundesanstalt für Finanzdienstleistungsaufsicht (Bafin)
  • Banque de France
  • France Autorité de Contrôle Prudentiel et de Résolution (ACPR)
  • Department of Finance – Government of Ireland
  • Dubai Financial Service Authority (DFSA)
  • Hong Kong Monetary Authority (HKMA)
  • Monetary Authority of Singapore (MAS)
  • UK Financial Conduct Authority (FCA)
  • Bank of Japan (BOJ)
  • Ministry of Finance (MOF) Japan as well as academic institutions, including the:
    – Georgetown University
    – MIT Media Lab
    – University of Cambridge
    – Keio University
    – Kyoto University
    – Meiji University
    – Ritsumeikan University
    – The University of Tokyo
  • Also, foreign and Japanese industrial experts specialized in security and cryptography and engineers of blockchain were invited to join the BCRT

BGIN aims at providing an open and neutral sphere for all blockchain stakeholders to deepen common understanding, address issues they face in order to attain sustainable development of the blockchain community.

Their aims are tentatively set out as noted below:

  • Creating an open, global and neutral platform for multi-stakeholder dialogue
  • Developing a common language and understandings among stakeholders with diverse perspectives
  • Building academic anchors through continuous provision of trustable documents and codes based on an open source-style approach

The JFSA will participate in the BGIN as a stakeholder. JFSA adds that the BGIN is in line with its G20 Osaka declaration.

The BGIN is the JFSA’s third blockchain initiative, following its 2019 Blockchain Roundtable and its “Multilateral Joint Research Projects’ looking at DLT.

While Africa has been hailed as the continent where most of the benefits of blockchain technology are going to be realized, it is unfortunate that the continent is not offered an opportunity on the global scene to be a key participant during the key period of evolution of this technology.

 

 

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