Japan's Finance Minister discusses blockchain regulation: a balance between innovation and regulation should be ensured

According to Coinpost, at the BG2C conference held on March 10, Toshio Endo, director of the Japan Financial Services Agency (FSA), and blockchain governance experts discussed blockchain regulation. Endo emphasized the importance of ensuring a balance between innovation promotion and regulation. Although the transaction volume of new technologies (cryptocurrencies) is small compared to existing finance, this could have a significant impact on the financial system. At present, the responsibility of the FSA as a financial regulator is to prevent the financial crisis in advance. At the same time, we must promote innovation and contribute to sustainable and healthy social development. Without keeping up with changes in new technologies, regulators cannot perform their duties. In addition, the FSA has been formulating regulatory rules on STO and AML, but the regulatory agency alone is not enough to make the decentralized financial system function properly. It also needs to work closely with other stakeholders (such as the technical community and academic community).