A new “Blockchain Governance Initiative” has come together in Japan thanks to the country’s Financial Services Agency. They’re calling it BGIN for short.
“BGIN aims at providing an open and neutral sphere for all blockchain stakeholders to deepen common understanding, address issues they face in order to attain sustainable development of the blockchain community,” the post reads.
Overall, the goal here is to create a common understanding of regulation throughout the entire world. They’ll be bringing in different perspectives around the globe to try and establish one that works for all.
This news follows Osaka’s claims at G20 last year, which involved Japan’s Financial Services Agency mentioning the Multilateral Joint Research Projects of Blockchain and the Blockchain Roundtable (BCRT).
The Agency will remain as one of BGIN’s stakeholders.
Groups like these are key for global regulation, and, of course, eventual mainstream adoption.
Considering cryptocurrencies are globally used, one wide regulation is essential. As of now, everyone is looking into their own regulations, but that’s an outdated method that won’t work in the long run.
Despite what many cryptocurrency enthusiasts want – unregulated usage – regulations are what’s necessary to get more people involved. A balanced offering that works for both parties is what’s needed here.