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The country

of the rising sun

rises solutions  

for the world financial markets regulations debated in Paris 



 Interview in exclusivity with

Makoto Sonoda

Director for International Capital Market Regulation

Director for International Accounting

Financial Services Agency

Government of Japan


Europe gets inspired by Japanese solutions revealed in Paris during the Annual meeting of the Authority of financial markets (AMF)

Makoto Sonoda lors des entretiens AMF à  Paris fin 2018

by Ingrid Vaileanu et PhD. Florin Paun  

Interview Francophone: How could regulatory authorities support the disruptive innovations - including financial innovation - for the interest of the society and the humanity? 

園田周(Makoto SONODA):

As I mentioned at the conference, the most important point is to make a good balance between regulation (AML/CFT, investor protection) and promotion.


Interview Francophone: Are the ICO and crypt oriented to serve the industrial innovations or they are already a disruptive financial innovation ? 

園田周(Makoto SONODA):

First of all, we need to understand that the background technology of crypt, so called DLT (Distributed Ledger Technology) and blockchain, could have a significant impact on current financial services and industry, through digitalization.


Interview Francophone: What are your common objectives with the future of Europe in these financial innovations?

園田周(Makoto SONODA):

As a regulator’s perspective, it is necessary to understand influences of new technologies, and simultaneously need to promote while keeping proper investor protection and investor convenience.


Interview Francophone: What is Europe best accomplishment in these financial innovations and what is your best experience that might inspire others working on the subject? 

園田周(Makoto SONODA): 

As explained at the conference, the Japan FSA introduced regulations on crypt, ahead of other developed countries.At the same time, the FSA has tackled to promote digitalization and new technologies thorough fintech support desk, fintech experiment hub, fintech innovation hub, which are frameworks to promote and support for European countries, those Japanese experiences could be of help. Also, the Japan FSA has shared its experience with foreign authorities by exchanging letters to cooperate fintech developments.


The recent case is with France. On Monday, November 19, the FSA agreed with French AMF and central bank on Cooperation Frameworks regarding Innovation in the Financial Sector :

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