Japan: Financial Services Agency Regulatory Sandbox Announces Outcome of Blockchain-Based KYC Experiment

On July 17, 2018, the Japanese Financial Services Agency (JFSA) announced the outcome of the first experiment carried out under its observation via the FinTech PoC Hub, a regulatory sandbox with particular characteristics. The experiment consisted of a verification test on the construction of an advanced know your customer (KYC) platform using blockchain technology, which was carried out between July 2017 and March 2018. Verification under anti-money laundering regulations is an increasingly important aspect for financial institutions internationally.

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