FASE: Industrial Design of Digital Assets

Session Overview

Agenda

• Mapping the stakeholders and structural features of the digital-asset industry: a thin domestic intermediary layer that depends on a technology, audit and market-making layer largely provided overseas; a competitive imbalance between registered operators and offshore or decentralised services; and an industry that is vertically integrated and largely loss-making
• Competitive asymmetry: how can Japan protect users and support local operators when offshore exchanges and DeFi services can reach Japanese users without bearing the same regulatory costs?
• Infrastructure and global markets: which parts of the crypto infrastructure stack should Japan develop and be competitive in, and which can it rely on global providers for?
• Compete vs. share: which functions should each digital asset venture run itself, and which could be provided by third parties or shared across the industry?
• Public chains and their public-good nature: how should Japan contribute to the core technology and developer ecosystems of public blockchains, rather than benefit from work maintained elsewhere?
• Coexistence with DeFi: is today's approach — regulating centralised exchanges but having no clear regulatory touchpoint for decentralised exchanges — sustainable, and where should the regulatory line be drawn?
• Diversifying capital markets: how could token-based fundraising become accessible to people using their own wallets while protecting investors, especially as the boundary between crypto tokens and securities blurs?
• Open discussion: participants propose ways to address or mitigate the six questions

Session Chair & Speakers

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