Japanese capital Tokyo is among the cities that want to emerge as one of the world’s most friendly blockchain and fintech hubs. To that end the Tokyo Metropolitan Government (TMG) is organizing the “Blockchain Business Camp Tokyo” accelerator program for foreign companies dealing with advanced blockchain technology in such areas as transactions, securities, IoT, supply chains and the sharing economy. The TMG aims for this intensive two-month program to generate “groundbreaking innovation.”
The program is free, offering accommodation, transportation, office space, mentorship from leading Japanese companies that too are versed in blockchain technologies, along with the opportunity to connect with investors, Tokyo-based businesses, and others.
In addition, about five foreign companies that are expected to be selected for the program will also get free advertising using digital signage located around Shinjuku and Tokyo stations in the heart of Tokyo, as well as an additional support should they (companies) decide to establish their businesses in the capital of Japan.
As for the participating Japanese companies, they include Gaiax, Japan Post, KDDI, Mitsubishi UFJ Financial Group, Nomura Holdings, SBI Holdings, SBI Sumishin Net Bank, Toyota, and Yamato Holdings.
The application for the accelerator is now open and will last through November 24. Those accepted will be announced in December, and the program kicks off in January 2018,
Bitcoin exchanges licensing in Japan
Japan is already one of the biggest (if not the biggest) cryptocurrency markets in the world. To put some order into things, the country’s Financial Services Agency (FSA) has recently issued operating licenses to 11 bitcoin exchanges.
At the time of this announcement, 17 applications were still in review, while 12 firms have closed their doors in light of the new regulations.
The licensing enforces certain operational requirements for the exchanges, including standards for cyber-security, the segregation of customer accounts and the verification of customer identities.
The move was made on the heels of the regulator’s mandate to have all cryptocurrency exchanges register with authorities by the end of September. Also, the FSA said it was intended to foster “sound market development” by working with the exchanges.
Japan may also launch its own digital currency
As we’ve reported before, the country may launch the so called J-Coin before Tokyo 2020 games. Said digital currency is not intended to replace the Japanese Yen; rather, its creators envision working it in tandem with the fiat currency. However, J-Coin would be exchanged at a one-to-one ratio, and most importantly — it would enable regulators to actually track transactions, which is hard to do in a cash-based society.
The problem though is that the Bank of Japan — and for what it matters, European Central Bank — don’t consider blockchain “mature enough” for the “job.” So where this will go is anyone’s guess.
Meanwhile, we are certain that an advanced economy like Japan does want blockchain innovation happening on its turf; and this latest move to bring startups working in this space to Tokyo certainly makes sense.