Singapore and Japan to jointly develop the block chain or will promote bilateral bitcoin market prosperity

Singapore and Japan to jointly develop the block chain or will promote bilateral bitcoin market prosperity

In March 14th, foreign media news, the monetary authority of Singapore (MAS) announced that Japan’s financial services agency (FSA) to establish a new partnership to strengthen the Internet financial and technological progress.

The MAS and FSA cooperation includes many aspects, which block chain cooperation is one of the important content of cooperation. The market believes that MAS and FSA enhance the cooperation between the two countries after the blockchain, bitcoin market will also get rapid development.

The monetary authority of Singapore last week and the United Arab Emirates Dubai government signed a similar agreement, intended to promote block chain communication, the two sides will use the “sharing of financial service innovation information” link to cooperate.

The FSA said, very pleased with the monetary authority of Singapore to jointly establish the cooperation framework, they learned that MAS is actively promoting a financial technology project, the project aims to create a new financial center of wisdom.

FSA Deputy Commissioner for international affairs agency (Shunsakke) said white sichuan,

“We believe that the framework to strengthen the relationship between FSA and MAS, and promote the innovation of our own market.

MAS is to promote the sharing of transactions progress, new knowledge (block chain technology) for sharing speed to bring trade has been very obvious.”

Recently, the cross-border clearing business block chain technology development based on the inter-bank achieved initial results, greatly shorten the original carry out the business time.

In March 10th, MAS also announced the completion of the first block chain technology interbank payment based testing, and achieved success. The test is MAS and its partners together, these partners include HSBC, Bank of America, JP Morgan.

According to the white Sichuan agency,

“Soon, Singapore will host a conference, invited major Asian bank representatives will announce the common block chain roadmap.

At the same time block chain technology to Japan is very significant, because the first quarter of this year, Japan has become the world’s largest bitcoin trading market, this is not a huge surprise.”

Since 2017, the central bank Chinese strengthened domestic bitcoin trading platform regulation, limiting each domestic bitcoin trading platform to stop providing bitcoin currency business, resulting in domestic bitcoin prices fell. Many domestic bitcoin users have transferred to the surrounding market.

At the same time, Japan news, Japan’s new digital currency regulation bill will be implemented in April this year, the bill recognized the legitimacy of bitcoin in Japan, so a large number of bitcoin users into the Japanese market. Under the shift, Japan overtook China, became the world’s largest bitcoin exchange market.

According to reports, in September last year, the Bank of Tokyo and Singapore has launched a block chain technology cooperation, that is to research the Hitachi group digital bank check project, this project adopts the block chain technology development. Foreign media that this a good precedent before, perhaps also to Singapore and Japan bitcoin market benefit. It is worth mentioning that, MAS has announced in August last year the domestic bitcoin exchange into supervision.

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