In June 2018, the Government of Japan introduced a framework under the Act on Special Measures for Productivity Improvement (seisansei koujou tokubetsu sochi hou) to encourage innovation through a project- based ‘regulatory sandbox’. The purpose was to create an environment in which businesses can conduct proof of concept and pilot testing for new technologies and business models that are not covered by existing regulations. The aim is to facilitate the collection of data and contribute…
On October 24, 2018, the Japanese Financial Services Agency (JFSA) accredited the Japan Virtual Currency Exchange Association (JVCEA, established in March 2018) as a self-regulatory organization under the Payment Services Act (PSA). On the same day, an initial set of self-regulations and related guidelines came to effect, as prepared by the JVCEA. Going forward, it is anticipated that the JVCEA will cooperate with continued inspection and monitoring by the JFSA and will act to enhance…
On September 26, 2018, Japan’s Financial Services Agency (JFSA) and Dubai’s Financial Services Authority (DFSA) entered into a FinTech cooperation agreement, recognizing the global nature of innovation in financial services and agreeing to share information about FinTech developments. This framework also establishes a regulatory referral system for FinTech companies from Japan and Dubai wishing to enter the other’s market, with a view to reducing barriers to entry and encouraging innovation in both countries. The JFSA…