The top Japanese financial and crypto sector regulator, the Financial
Services Agency (FSA), has published a report on DeFi, blockchain and
crypto – with its authors concluding that there may be a need for the
nation to develop regulations for the decentralized finance sphere.To
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The report was the second from the FinTech Innovation Hub, a working
group created by the FSA in 2018, per Coin Post. The group‘s main aim is
identifying new business avenues and trends in the fintech and
blockchain space, rather than policy creation, per se – but the report
is nonetheless likely to influence the thoughts of the FSA’s
policy-forming executives.
The reports main function is to sum up developments and meetings held
in Japan or virtually over the past few months – creating a sort of
executive summary of key meetings for regulators to access at a glance.
But the group wrote that it was “proceeding with discussions and
document formulation” in the DeFi space, and claimed that regulators
should understand more about community trends, development of DeFi
technologies, governance mechanisms and the prospects for the further
progress of decentralization in the space.
The papers authors also added that “future regulations” would likely
be imposed and that discussions about the space were ongoing within the
FSA. And they added that these regulatory discussions were taking place
not only in DeFi deliberations but also in the wider crypto sphere,
including the crypto custody sector.
The Wall