Regulatory trends in overseas virtual currency operators and block chain related business

Curriculum and overview

  • “Regulatory trends of overseas virtual currency operators and block chain related businesses”
  • American virtual currency safety standard (CCSS) and Japan’s future


“Regulatory trends of overseas virtual currency operators and block chain related businesses”

(David Byrd)
First of all, I would like to look back on the past history in databases. DBMS (Database Management System) and RDB (Relational Database) have appeared after the era of hierarchical file system starting from punch cards. Furthermore, as a technology that has evolved rapidly in recent years, there is a block chain.
Compared to the development of the Internet at the development stage of the current block chain, it is said that it is the situation that is approaching the era when photographs were sent on the Internet. In this way, it seems that it takes time to actually use things, but it is expected that it will develop rapidly because there is already the Internet.
If you have a block chain you can also manage and store digital assets, you can also realize Smart Contract. However, the block chain is not a solution to all problems.
With block chain technology, there are many things that can be realized. Today, as an explanation from us, we believe it is beneficial to share the latest information on regulations, etc. that should be conscious of virtual currency related business, among services using block chain technology …

The audit team of EY that I belong to recognizes that we need to become familiar with block chains and to understand themselves, in order to deepen our understanding of the client’s industry, we are investing for that.
In the world of virtual currency, the ledger is stored in the node on the public network. If regulators have nodes, they can also see the virtual currency ledger directly. Furthermore, once a tool to analyze the ledger is developed, regulators may be able to quickly grasp where the corruption is occurring. We are also examining the possibilities of block chains, including these things.

(Questioner 1)
Do you consider virtual currency as securities in the United States?
Also, there were many regulatory authorities, but are there authorities that are leading it?
Another thing, there was the Department of Labor in the authorities, but how is it related to the virtual currency?

(David Byrd)
In the United States, it is the mother to judge whether the SEC is a securities.
As SEC’s view, I do not think that all virtual currencies apply to securities.
As they analyze according to the actual situation, I think that the main focus will be on whether or not they can earn profits mainly through contributions from other companies as to what can be seen as securities.
Regarding the involvement of the US Department of Labor, we can say about taxation if employees are paid in virtual currency …

(Overall data is released only to associate members)


American virtual currency safety standard (CCSS) and Japan’s future

(Mr. Mike Belshe)
In my experience, I have been working in the IT industry for about 25 years, mainly working in Silicon Valley.
I was at Netscape in the 1990s. Other companies are also doing business, some of which were acquired by Microsoft, and Chrome also did. Now, if you are using a web browser, I think that it is basically my job.
Currently we are working on various virtual currencies variously, I would like to introduce about security relations in particular.
Although this is a list of agenda items, I would like to introduce about how the security risk is being reduced and how security is about around the virtual currency.
We have built a platform for virtual currency security, then scalability.
We mainly work on bit coins, but we are also working on various virtual currencies.
About 15 percent of the bit coin · cache, Ethernet, light coin, ripple, globally on-chain transaction share.
Perhaps now in the world, we think that we are the world’s largest transaction business operator.
Wallet will be a $ 12 billion class monthly …

Although there is no mechanism for deposit insurance in the virtual currency relation now, if the insurance mechanism can be made and assuming the insurance risk, there is no standard to take the security risk of the trader as the underwriter if it is assumed It is said that it is difficult.
We would like to inform you if we can insure such insurance in order to further develop the virtual currency market in Japan.
It is not that we are going to sell anything, but this best practice is done and I know what it is like. However, based on the fact that it has not been practiced sufficiently, I hope that Japan will be in a better direction and I will finish my presentation.

(Questioner 1)
In the previous story, CME thought a little by customers, but it is very dangerous for the exchange to keep assets and it is probably better to have another one because the center Are you thinking of systems like rules, counterparties?

(Mr. Mike Belshe)
CME thinks that he does not own assets or touches assets separately.
As virtual currency is not dealt with because it is a derivative exchange site, we trade various products.
However, is there something a bit different where the CME itself does not have assets?
So, this virtual currency has come out, it has been around for about 5 years but now there are no banks, no brokers, there is no infrastructure, if so, the virtual currency is not to isolate the operation itself It is turned by the exchange office.
Still doing it while doing it, I think that it is only the virtual currency that is operating in this way …

(Overall data is released only to associate members)




  • 「海外における仮想通貨事業者およびブロックチェーン関連ビジネスの規制のトレンド」
     EY Americas Blockchain Assurance Research Lead David Byrd氏
  • アメリカの仮想通貨安全基準(CCSS)と日本の今後
     BitGo CEO Mike Belshe氏



EY Americas Blockchain Assurance Research Lead David Byrd氏

(David Byrd氏)



(David Byrd氏)




BitGo CEO Mike Belshe氏

(Mike Belshe氏)



(Mike Belshe氏)