Future of Finance From G20 to Practical Implementation of Multi-stakeholder Governance on Blockchain Based Finance

摘要

Financial regulators regulate financial intermediaries and activities to achieve their regulatory goals and, in so doing, address various market failures. These objectives are needed in the social interest regardless of the technologies used by the financial system. The blockchain-based financial system, however, has characteristics that could undermine the ability of regulators to achieve regulatory goals. Thus, financial regulators must discover ways to continue to achieve regulatory goals. This situation is similar to the case of telecommunication regulators during the rise of the Internet. In the face of such difficulties in cyberspace, it was suggested to invoke not just law but also social norms, market mechanisms, architecture to achieve a certain level of oversight. Now, G20 financial regulators recognize the need for cooperation with other stakeholders. Because code embedded in a blockchain system could determine the level of oversight within a blockchain-based financial system, regulators should consider ways to cooperate with engineering communities to develop codes that appropriately facilitate mechanisms to achieve regulatory goals and must empower society to use such codes in order to achieve regulatory goals, which requires consideration on alignment with social norms and market competitiveness. Thus, regulators must cooperate with other stakeholders, including businesses and users.