G20 Finance Ministers and Central Bankers “Crypto-asset Has Technology Potential Under Proper Global Regulations”

March 22, 2018/Tokyo, Japan

G20 Finance Ministers and Central Bankers
“Crypto-asset Has Technology Potential Under Proper Global Regulations”
～New Phase of Blockchain Business Just Started～

The G20 finance ministers and central bankers have discussed on “Crypto-currency” first time from 19 to 20 March, 2018 in Buenos Aires, Argentina.

The main points in the meeting’s statement specifically on crypto-currency is shown below

– Crypto-currencies are to be called as “Crypto-assets”, implying cryptos shall be regarded as not currencies but assets.
– Despite various concerns and problems expressed so far, the technology behind crypto-assets has shown its potential to promote financial innovations
– Recommendations on global cryptocurrency regulation are required by July 2018

The global community, at least G20 countries are now determined to follow a clear direction in terms of newly named “crypto-assets”: More technological development is encouraged while being controlled by global regulations.  Since the finance ministers with central bankers officially announced the so-called crypto-currencies are not “currencies” but “assets”, speculation of “crypto-assets” is also likely to be regulated besides issues such as money-laundering, lack of consumer and investor protection in the near future. Nevertheless, it seems at this juncture that total ban of “crypto-assets” is almost excluded.

Being said that, Initial Coin Offering (ICO), for example, which uses token of blockchain technology, could be further achieved under well-regulated and sound environment in the near future. While the “crypto-assets” will remain one of the main issues in the global market, all the stake holders of “crypto-assets” market are urgently advised to continuously pay much more close attention to the relevant developments.

The IISIA (Institute for International Strategy and Information Analysis, Inc.) has successfully worked on global rule making process through actively participating in decision making process such as B20 (Integral part of the G20 process, representing the entire G20 business community) and ICC (International Chamber of Commerce). As the professional consulting firm in this field in Japan, one of the largest markets of “crypto-assets”, the institute will further keep eyes on developments of crypto-assets and blockchain technology and provide effective support for blockchain and ICO projects of both Japanese and global blockchain enterprises.

＜Background＞

While the newly named “crypto-assets” are expected to be the brand new means of financial settlement, they’re still creating plenty of controversial issues such as money-laundering and investor protection all over the world. While some countries have no legal restrictions vis-à-vis “crypto-assets”, other countries have even completely banned crypto-assets trading or ICO (See the chart shown below).

Based on this situation, the G20 finance ministers and central bankers have tentatively ended up without specific regulations for crypto-assets. But they have agreed to establish global regulations in the very future while showing understanding for acute importance of crypto-assets and blockchain technology.

Japan is widely known as one of the crypto-assets advanced countries, where people may trade crypto-assets under official regulations. The rules and custom in the Japanese “crypto-assets” market could turn out to be the best model for the entire global community.

＜Outstanding service and support by IISIA＞

　The IISIA has actively supported businesses of both domestic and foreign venture companies using blockchain technologies and achieved great successes with the clients. Getting strictly along with the principle “legality and ethics of business”, the IISIA will further pursue business opportunities with both innovative and ambitious ventures with cutting-edge technologies.

 The institute provides the following services in this field:

– Updated information and precise analysis on global and domestic business environment of cryptocurrencies and ICO
– Marketing support of foreign cryptoventures’ ICO projects in Japan
– Total support for ICO projects of Japanese companies
– Introduction of legal and technical experts with outstanding experiences in Japan

＜CEO profile: Takeo HARADA＞

Takeo HARADA is an author and CEO of the Institute of International Strategy and Information Analysis(IISIA), a leading consulting firm and think tank located in Tokyo. He was born in Kagawa Prefecture, Japan in 1971. While devoting to enhance business activities in both Japanese and global markets with vast menus of consultancy programmes, he actively participates in decision making of the global agenda, as a member of B20 and ICC G20 CEO advisory group. His daily analysis reports on global macro and geopolitical risks are distributed by Thomson Reuters and widely accepted by a series of leading institutional investors all over the world.

He has extensively written more than twenty five books, among others, “Jenseits des Unentscheidbaren”, Springer, 2002 (Germany), “The Principle in the Post Pax Americana”, Book21 Publishing Group, 2011(Japan/Taiwan/Korea), and “PAX JAPONICA-The Resurrection of Japan-”, LID publishers, 2017 (Britain).

＜Reference＞

Current Crypto-currency regulations in each G20 country
(Mar 22. 2018)

（Created by our institute: based on published reports in each country）

(Category)

No regulation:  Without any regulations or prohibitions (Blue)
Regulated:  Having regulation(s) (Green)
Limited:  Specific transaction(s) is/are prohibited (Yellow)
Prohibited:  Completely prohibited(Red)

◆Contact & Inquiry

Ms. Maria Nawatani / Email：goglobal@haradatakeo.com

Global Business Unit
Institute for International Strategy and Information Analysis, Inc.（IISIA）
TEL：+81-3-6256-0960（Press 1 for Voice Guidance）　FAX：+81-3-6256-0959
Japanese website： https://www.haradatakeo.com
English website: http://iisia.com