The Japan Financial Services Agency (JFSA) and Australian Securities and Investments Commission (ASIC) on June 23, 2017 reported to have done the completion of a co-operative framework aimed to boost innovation and creating opportunities in each country’s financial services industry – fintech Agreement.
While both countries are known for taking the first steps in the regulation of their laws in the favor and empowering the integration of the block-chain assets adoption into administrative financial services and procedures to run more smoothly and easily. They should be examples for others.
In the post about Bitcoins 5 factors to help it raise more, I have elaborated a little on how countries help digital currencies grow as for example Japan being the first one to recognize bitcoin as a legal tender and make the provisions for administrative and accounting systems to be enhanced for cryptocurrency transactions to take place seamlessly or Australia’s budget plan – Australia taking away its double taxiation towards cryptocurrencies.
- Partnership is the best for both countries, that is what Shunsuke Shirakawa, JFSA Vice Commissioner for International Affairs believes as he quotes:
“We are delighted to establish this Co-operation Framework with ASIC. ASIC is one of the leading Fintech regulators that actively promote fintech by taking progressive actions including setup of the Innovation Hub.” Shirakawa continued, “We believe that this Framework further strengthens our relationship and facilitates our co-operation in further developing our respective markets.”
Under the agreement, both authorities will assist each other in industry matters, such as referring FinTech businesses to each agency’s advice and support group. In addition, the authorities will share vital information, such as emerging market trends, developments, and regulatory issues concerning financial services innovation like virtual currencies – a technology that both countries have recognized for payment of goods and services.
ASIC Commissioner John Price recognizes Japan’s accomplishments with developing technology, and sees the joint venture as a catalyst for growth and opportunities for the financial services industries of both countries:
“Japan has been a world leader in technology for a long time. As we move into a new era of financial regulation, we look forward to sharing experiences and insights with our colleagues at the JFSA,”