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

Curriculum and overview

  • 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 · · ·


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 …


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)




  • 第一部 「仮想通貨ベンチマーク開発の論点~エコシステムの構築を目指して」
     KPMG有限責任あずさ監査法人 保木健次氏
  • 第二部 「仮想通貨交換業に関する自主規制の概要について」
     一般社団法人日本仮想通貨交換業協会事務局長 福井崇人氏



KPMG 有限責任あずさ監査法人 保木健次氏

 ご紹介にあずかりましたKPMG の保木と申します。本日はよろしくお願いいたします。
 本日の仮想通貨ベンチマーク研究会についてですが、仮想通貨について話していく中で、金融取引をやるにしても、ベンチマークがないとビジネスが広がっていかない、あるいは税務・会計の処理についても、時価がないといくらなのか分からないという問題があります。もちろん、仮想通貨交換所は何社かあるのですが、どれが時価かというところが日本にはありませんが、今後は必要になるだろうというところで、何か作れないかなと思っていたところ、QUICK さんと話が合いまして、研究会を公式に立ち上げて、8 月に「仮想通貨ベンチマーク開発の論点~エコシステム構築に向けて」と題した報告書を公表しました。本日の話は、その報告書の概要と、少しエコシステムに関する見解を述べさせていただければと思います。

 今後の展開については、仮想通貨、またはトークンの拡大、多様化が進むだろうとみております。単なる通貨的な仮想通貨やトークンではなく、ICO トークン、セキュリティトークンといった資金調達目的でない、それ以外のユーティリティトークンが生まれてくるだろう思っています。
 また取引の機関化というところでは、機関投資家が入ってきて、流動性の高い仮想通貨のペアを中心に、インターディーラー取引とか、デリバティブ、あるいは ETF 等がどんどん登場してくるだろうとみています。


 同じような図ですが、概念的にいうと今は仮想通貨交換が市場の真ん中で、まずここで流動性ができて、その外側にエコシステム、必要な条件というのが整ってくると、その外側にさらに大きな市場が構築される可能性があります。既存の法定通貨の市場でも、FX の市場は市場規模が限られますが、それに対して上場デリバティブとか、インターディーラー(インターバンク取引)、あるいは ETF、ファンド、投資信託とかなってくると、やっぱり桁が違う市場になります。

 ここは参考までにというところで、仮想通貨交換業への参入、いま160社が登録待ちというふうにいわれております。実際に 160社の方が仮想通貨交換をやりたいのかというと、そういうことではないというふうに思います。それこそエコシステムに近いようなところをやられたいというような所がむしろ多いのではないかと思います。
 実際に、仮想通貨交換をやりたいと言って仮想通貨交換業を取ろうとされているというよりも、それ自 体が目的というよりも、コインを発行して、仮想通貨経済圏をつくろうとされている動きもあります。そういった、いろんなエコシステムを担う方というのがどんどん出てくるような社会の一助になればと いうことで、ベンチマーク研究会というのを立ち上げて、今般、報告書を公表させていただきました。私のほうからは以上です。ありがとうございました。




一般社団法人日本仮想通貨交換業協会事務局長 福井崇人氏


 当協会の業務内容ですが、こちらは資金決済法 88 条で、認定資金決済事業者協会の業務が定められており、そこと平仄を合わせている形で、法令や自主規制を会員に遵守させるといった必要な指導及び勧告をしていく、あるいはその会員の利用者との間の契約の適正化を図る、情報の適正な管理を図るといったところを目的としています。
 また、仮想通貨に関して、非常に技術的な要素も強いものですから、そういった情報技術に関する研 究、広報、研修会の開催も目的にしております。本来的には、法律で定められた範囲がありますが、周 辺領域への取り組みとして、今の資金決済法という枠組みですと、金融庁のガイドラインでも明示され ているとおり、仮想通貨の現物取引のみを対象とした法律になっておりますが、当協会での自主規制は、仮想通貨を用いた差金決済取引、デリバティブ取引、あるいは純粋な仮想通貨のウォレットサービスと いった、法律の対象外である業務に関しても、自主規制という枠組みで規制していくという形をとって おりおます。



 施行時期に関しては、原則として認定取得に向けてとありますが、認定取得と同時に、施行していき たいと考えています。ただし、もちろん、施行するといいつつも、自主規制規則の範囲は非常に多岐に わたりますし、会員自身の業態や業容というのもさまざまですので、会員の意見を踏まえて。例えば利 用者に対する周知徹底のための期間、いきなり取引内容を変えるのではなくて、期間に余裕を持って変 えていくことを考えています。会員自身において対応するために追加の人員確保が必要になること、シ ステムの改修が必要になること、といった部分に関しては、段階的に施行するとか、あるいは経過措置 を求めるなどの調整を行うという予定にしております。現状、検討しているところでも、施行はすると いうことになるので、段階的な施行といっても、当面何もしないというわけにはいかないと思います。会員自身において、自主規制規則にどうやって対応していくのかという計画を立てていただき、それを 協会できちっとモニタリングをしていくというような取り組みを考えているところです。