Japan’s Financial Services Agency (FSA), has announced the launch of the Blockchain Governance Initiative Network (BGIN). The regulator revealed this at the “BG2C – Special Online Broadcasting Panel Discussion,” held in collaboration with Nikkei on March 10.
According to Georgetown University Professor, Dr. Shin’ichiro Matsuo, this project is meant to create a sustainable ecosystem for blockchain tech development. The fundamental idea is to develop an open network that can facilitate dialogue between industry stakeholders.
Apart from a communication avenue, BGIN will serve as an archive for academic research and development on distributed ledgers. The project is set to create a common language which will enhance interaction and sharing of perspectives amongst network stakeholders like the JFSA;
“an open and neutral sphere for all blockchain stakeholders to deepen common understanding”
These developments are part of the G20 Osaka declaration where the JFSA spearheaded research initiatives around blockchain. The roundtable took place back in 2019 and prominent regulators across the world were in attendance. Some notable mentions include the United Kingdom, Singapore, Germany, and France.
Given Japan’s advanced crypto laws, BGIN is more likely to complement regulatory development so far. This open network will take blockchain discussions to distributed ledgers which means more input and consolidation within the industry.