Curriculum and overview

• Date and time：September 27, 2018 (Thursday) 17: 00 – 19: 00
• Place：Fukurasia Marunouchi Oazo Hall A (16th Floor)

• Part 1 “Issues on virtual currency benchmark development – aiming at building an ecosystem”
• Part 2 “About the outline of self-regulation on virtual currency exchange industry”

Issues on virtual currency benchmark development – aiming at building an ecosystem

I’m calling KPMG’s custody of introduction. Thank you for your time today.
I for today’s virtual currency benchmark study group, in which we talk about virtual currency, even if to do financial transactions, benchmark business is not Ika spread that there is no, or regard to the processing of tax and accounting, there is no market value There is a problem that I do not know how much it is. Of course, the virtual currency exchange office is Is there anything companies do, which is does not have is in Japan a place called or market value, was not in the place that will be necessary in the future, I wonder if can not make something, QUICK’s In talks with each other, we officially launched a research group and in August we announced a report entitled “Issues for Virtual Currency Benchmark Development – Toward Building an Ecosystem.” Today ‘s story would be to give an outline of the report and a little opinion on the ecosystem.

In a report, market and regulatory developments relating to the virtual currency, something needs for benchmarks that are derived from it, issues of in making the benchmark was compiled to organize for the three issues that something,. At the Study Group, we discussed the trend of market regulation of the current virtual currency first and future developments, and we have discussed discussion on what benchmark needs are thereafter.
For the future deployment, we expect that virtual currency or tokens will expand and diversify. I believe that other utility tokens will be born, not just currency virtual currencies and tokens, but rather for funding purposes such as ICO tokens and security tokens.
In a place called institutions of the transactions, and came institutional investors, in the center of the pair of highly liquid virtual currency, Toka inter-dealer trading, derivatives or ETF, etc., I expect it would come more and more appeared .
As the issue of in order to calculate the benchmark of virtual currency, grasp of market conditions, as that requires only a simple benchmark such as the processing of tax and accounting, actually provides build a position in-kind, or something strong to price manipulation, more sophisticated financial We will see that there will be two kinds of benchmarks for trading · · ·

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Although it is a similar figure, conceptually speaking, virtual currency exchange is now in the middle of the market, when liquidity is first created here and ecosystems and necessary conditions are set up outside it There is a possibility that a bigger market will be constructed outside. Even in the existing legal currency market, the market size of the FX market is limited, but when it comes to listed trading derivatives, inter dealers (interbank transactions), ETFs, funds, investment trusts or the like, digits are It will be a different market.

I think there is a business opportunity here, but I think that it is necessary to prepare an ecosystem for that. I think that it is realistic that maintenance of the ecosystem here does not proceed quite easily. As I mentioned earlier, the legal system is also true, but 16 companies think that absolutely as a number of exchanges is absolutely necessary. Since the definition of the virtual currency is too broad, I think that the players are not enough at all, including that.
It is said that this is for reference, it is said that the entry into the virtual currency exchange industry, now 160 companies are waiting for registration. In fact 160 companies think that they want to do virtual currency exchange, it seems that it is not such a thing. I think that there are many places where we want to be able to do something similar to the ecosystem.
In fact, rather than saying that they would like to do a virtual currency exchange, they are not trying to take over the virtual currency exchange industry, rather they are issuing coins rather than a purpose to create a virtual currency economic zone There are also movements. By launching the benchmark research group, we announced the report now, saying that if we can help society such as those who carry out various ecosystems more and more will come. It is over from me. Thank you very much.

(The whole data is released to more than the associate member)

About the outline of self-regulation on virtual currency exchange industry

As a Japan Virtual Currency Exchange Industry Association, the association was established with the aim of self-regulation of industry unification in virtual currency exchange industry. All registered virtual currency exchange operators gathered and made self-regulation, and we applied for application to the Financial Services Agency as an approved fund settlement association to the Financial Services Agency on August 2. In such a place, it is now that the Financial Services Agency is also examining the accreditation of our association. Last week, we had a very sense of crisis as the accident of virtual currency illegal outflow occurred from members of our association, so we have a sense of crisis very much, so we are going to explain the outline today, We want to enforce and work on improving the industry.

The contents of the work of our association, this is the Article 88 of the Settlement of Loans Act, the work of the Association of Certified Settlement Business Operators has been stipulated, and we will comply with laws and voluntary regulations in a manner consistent with that We are aiming for proper guidance and recommendation such as to make appropriate contracts with users of the member and to manage information appropriately.
In addition, since the very technical elements are also strong with regard to the virtual currency, we aim to hold research, public relations and workshops on such information technology. Originally, there is a range stipulated by the law, but if it is framework of current fund settlement law as an approach to the surrounding area, as indicated in the FSA guidelines, only the actual transaction of the virtual currency However, the voluntary regulation at our association is not covered by the law, such as difference settlement transaction using virtual currency, derivative transaction, or wallet service of pure virtual currency Regarding business, we are taking the form of regulating in the framework of self-regulation.

Regarding members, regarding the membership of the association, only 16 virtual currency exchangers registered in the Financial Services Agency are currently registered with the Financial Services Agency. Regarding Class 2 members, those who are applying for virtual currency exchange business registration or those planning to apply include, for example, deemed deeds, and those who have submitted applications to the FSA or who have not yet submitted applications Though it is not, a trader who is planning to apply is included as a member of the second kind. Currently, we have not started accepting two kinds of members, but soon we will accept membership of two kind members so we will make it public on our website.
Third type is planning to target those who can agree with the purpose of such association, including businesses that do peripheral business, financial institutions etc. Although the secretariat organization has a tree here, the secretariat, as of October, it is planned to increase the number of staff up to about 20 people. Although it is said that there are two headquarters, five departments, and one room system, the main body of self-regulation headquarters will be in charge of guidance of members on self-regulation, on-site inspection of members on …

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Regarding the time of enforcement, in principle it is aimed for certification acquisition, but I would like to enforce it at the same time as obtaining certification. However, of course, although it may be necessary to enforce, the scope of self-regulation rules varies widely, and the members’ own business style and business are also various, so based on the opinion of the members. For example, during the period for thoroughly informing the user, I am planning to change the transaction time with a margin rather than changing the transaction contents suddenly. Regarding the parts such as the need for securing additional personnel to deal with the members themselves, and the necessity of renovation of the system, adjustments such as enforcement in stages or requesting transitional measures I am on schedule. Even though we are studying at the present time, we will enforce it, so even if it is stepwise enforcement, I think that it can not be said that we will not do anything for the foreseeable future. The members themselves are thinking about initiatives such as planning how to respond to the self regulatory rules and monitoring them with the association properly.
It will be over from me. Thank you very much for a long time.

(The whole data is released to more than the associate member)