Japanese
June 5, 2020
(Updated October 20, 2023 )
Financial Services Agency

DeFi Governance

 

G20: Efforts on Governance Issues in Decentralized Financial Systems

Blockchain Governance Initiative Network [BGIN]

A Decentralized financial system underpinned by blockchain could attain full P2P (Peer to Peer) financial transactions without intermediaries. While such systems can offer a variety of opportunities and benefits, they could also undermine the ability to enforce existing regulations.
As stated in the G20 Osaka Leaders' Declaration under Japan's presidency (June, 2019), a consensus has been reached on the issue of governance of decentralized financial systems based on blockchain technology and the importance of strengthening dialogue with a wide range of stakeholders, including regulatory authorities and engineers.

Based on this belief, on March 10, 2020, a special online panel discussion has been held at Blockchain Global Governance Conference [BG2C], which is a global conference on blockchain and cohosted by FSA and Nikkei, Inc.

In the panel discussion, Shin'ichiro Matsuo (Research Professor, Georgetown University) made public the launch of a new global network named "Blockchain Governance Initiative Network" (BGIN - pronounced 'BEGIN').
 
FSA contribute to the activities of BGIN as one of the stakeholders by leveraging our experience in dialogues and collaborations with various blockchain stakeholders.

Outline of BGIN

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 goals are tentatively set out as noted below.
 
  1. Creating an open, global and neutral platform for multi-stakeholder dialogue
  2. Developing a common language and understandings among stakeholders with diverse perspectives
  3. Building academic anchors through continuous provision of trustable documents and codes based on an open source-style approach
  • For further infromation, please visit BGIN Official Website and register for its mailing list. All BGIN documents are on its GitHub repository for public discussion.

BGIN related information

  • BGIN's First meeting (Block#1)
  • BGIN's Second meeting (Block#2)
  • BGIN's Third meeting (Block#3)
    • Please see BGIN official website for details.

Road to BGIN

[1] Blockchain Round-Table

March 27 and 28, 2019

* FSA has convened BCRT using the outputs of FSA's "Multilateral Joint Research Project [MJRP]" (see below).

[2] G20 Finance Ministers and Central Bank Governors Meeting (Fukuoka: June 9, 2019)

[3] Blockchain Global Governance Conference [BG2C]

(Some sessions were held on March 10, 2020; others were held on August 24 and 25, 2020)
*In addition, some FSA officials participated in the following blockchain stakeholder dialogues.

Multilateral Joint Research Project

FSA has been conducting blockchain Multilateral Joint Research Project since 2017. The research aims to gain in-depth knowledge about underlying technological risks and provides the basis of agenda items for Blockchain Round-Table for the purpose of developing policy implication. The outcomes from the research will be one of the contributions by FSA for further dialogue at BGIN. 

[Research papers]

* The views and opinions expressed in the papers do not necessarily reflect the official policy or position of FSA
Contact Details

Fintech and Innovation Office, Financial Services Agency

Tel: +81-(0)3-3506-6000

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