FSA official: Asia should emerge as a leader in blockchain tech

Announcements | March 29, 2016 By:

Japan’s Financial Services Agency (FSA) vice minister for international affairs Masamichi Kono has indicated he believes Asia should emerge as a leader in blockchain technology.

Kono made these comments as part of a keynote address at the OECD-ADBI Roundtable on Capital Markets and Financial Reform in Tokyo last week.

“An area of strength for Asia may be in making the best use of technological innovations. Particularly for those ‘disruptive technologies’, including distributed ledger and blockchain technologies, Asia has a competitive edge, and should be in a position to be able to deploy those new tools in financing growth in the region in a more cost-effective yet safe manner,” said Kono.

He added that confidence in markets is the key and a well-regulated financial market equipped with measures to enhance transparency and accountability of firms, progress in improving corporate governance and consistent implementation of accounting standards, will contribute to these strategies.