The world’s first passkey-based biometric wallet development support ASP service for businesses, “PassWallet,” is now available free of charge, the Japan Patent Office has granted a patent, and the Ministry of Economy, Trade and Industry has removed custody regulations from the Financial Services Agency under its gray zone elimination system. Applicable answer
Japan Content Blockchain Initiative Press release: October 9, 2024 Launch of free provision of “PassWallet”, the world’s first ASP service that supports the development of biometric authentication wallets for businesses using passkeys, patent approval from the Japan Patent Office, and response from the Financial Services Agency that custody regulations are not applicable due to the Ministry of Economy, Trade and Industry’s gray zone elimination system ～As a free service for businesses available on all blockchain platforms～
https://prcdn.freetls.fastly.net/release_image/63619/69/63619-69-f0aea8457dbf7795ba46bb1f1d1faae3-1920×1080.png
fingerprint) using a passkey. Starting today, we will start providing free ASP service “PassWallet(R)” to support users. In order to achieve mass adoption of services that utilize blockchain, it is essential to resolve issues related to the management of private keys used for transfers of NFTs, crypto assets, etc. However, since the private key is a complex and long string of characters, it is difficult for general users to manage it themselves due to the burden of management and the risk of losing the private key. On the other hand, if a business providing a blockchain service manages users’ private keys on behalf of users to reduce the burden and risk on users, in addition to the cost of developing the wallet function, they will be required to use funds. There is a possibility that custody will be subject to the custody regulations under the Payment Services Act (Funds Settlement Act), and if this is the case, it will require a considerable amount of cost to establish a system for compliance, so solutions that are not necessarily easy to implement. It is not. Therefore, JCBI (General Incorporated Association) has launched “PassWallet(R)” as a support service for developing a highly secure wallet function that is less burdensome for both users and business operators when it comes to private key management. )” and have decided to provide it free of charge starting today. By providing PassWallet(R) free of charge to businesses, JCBI will promote the social implementation of blockchain by solving the following four issues in blockchain service
development.
https://prcdn.freetls.fastly.net/release_image/63619/69/63619-69-8a5ef445f508b726c7796fdd741c31cc-1920×1080.png By introducing PassWallet(R), operators can create a wallet function that allows users to create a wallet and generate a private key by simply performing biometric authentication (face, fingerprint) using a passkey, without having to be aware of the private key. It can be developed. The target blockchains that can be used with the developed wallet are currently all EVM-compatible blockchains such as Ethereum, Sanpō Blockchain, Avalanche, Solana, and Polygon, but in the future, all other blockchains will be gradually expanded. We are planning to take action.
https://prcdn.freetls.fastly.net/release_image/63619/69/63619-69-5beaaa427369ebdc66b9d95039b64dcc-1920×1080.png JCBI, a general incorporated association, has submitted an application to the Ministry of Economy, Trade and Industry for the Gray Zone Elimination System, which allows businesses to provide blockchain services using PassWallet in accordance with Article 2, Paragraph 15 of the Funds Settlement Act (Funds Settlement Act). Businesses using PassWallet(R) will not be subject to custody regulations as the Financial Services Agency has responded that it does not fall under the category of “managing crypto assets for the benefit of others” as stipulated in Item 4. I’m getting confirmation. (The response from the Financial Services Agency will be published on October 8, 2024 on the gray zone elimination system page of the Ministry of Economy, Trade and Industry website below) Therefore, businesses can use
PassWallet(R) with confidence as a compliant service.
https://prcdn.freetls.fastly.net/release_image/63619/69/63619-69-9032d7d07772aa70662c6af8778281da-1920×1080.png Ministry of Economy, Trade and Industry website:
https://www.meti.go.jp/policy/jigyou_saisei/kyousouryoku_kyouka/shinjigyo-kaitakuseidosuishin/result/gray_zone.html Inquiry letter from JCBI General Incorporated Association:
https://www.meti.go.jp/policy/jigyou_saisei/kyousouryoku_kyouka/shinjigyo-kaitakuseidosuishin/press/241008_syokaisyo.pdf Response from the Financial Services Agency:
https://www.meti.go.jp/policy/jigyou_saisei/kyousouryoku_kyouka/shinjigyo-kaitakuseidosuishin/press/241008_yoshiki.pdf After agreeing to the service usage terms and conditions, submit an application to use the service to the general incorporated association JCBI, and after it is reviewed and approved, you can use the service for free. In addition, before use, JCBI will set up the PassWallet server to allow connections from the business’s IP address in advance. If you would like to use this service, please contact us using the inquiry form below. Contact form:
https://www.japan-contents-blockchain-initiative.org/contact Image
URL: https://prcdn.freetls.fastly.net/release_image/63619/69/63619-69-a62f8d34aa470ad6800ceb5fb8dd6f59-1920×1080.png With services provided by businesses that have introduced
PassWallet(R), users can use their NFTs and crypto assets across multiple services by simply performing biometric authentication (face, fingerprint) using a passkey. can. This will enable user companies to collaborate from services that distribute and sell NFTs to services where NFTs can be used, including customer business, and revenue sharing business for paid services.
https://prcdn.freetls.fastly.net/release_image/63619/69/63619-69-2e2307da57e7af68fada2b5d95540523-1920×1080.png Furthermore, in order to continue to provide this service as a public good for the industry, JCBI has filed a patent application for the mechanism related to PassWallet(R), and on September 26, 2024, the Japan Patent Office granted a patent application (patent number :7555553) and obtained a patent. In addition, in order to expand our services globally, we also plan to complete the PCT international application (application number: PCT/JP2024/034783) and obtain an international patent on October 1, 2024. Masu.
https://prcdn.freetls.fastly.net/release_image/63619/69/63619-69-551e2b2f49c6d0fa5d08fc41efff75f7-1920×1080.png JCBI, a general incorporated association, will continue to work on promoting the social implementation of blockchain. ■Inquiries regarding this matter General Incorporated Association JCBI
Secretariat info@japan-contents-blockchain-initiative.org