It discussed competition versus regulation.

Let's return to a focal point of regulation.

What motivated you to think Japan has to be pinpoint for regulational context?

I think there are two points.

We have the topic of the EU GDPR for platforms.

A lot of people have in fact been hurt by blockchains.

We must consider protecting novices and investors.

Each country is looking for balance.

Reg Tech is the other interesting one.

Not much could be done on the Internet in its infancy.

Wired was like that too.

The business model was the Internet.

Marketing agencies were selling the Internet.

Magazines were sold next.

Bitcoin and blockchains are today's commodities.

The big concern is regulation.

Countries want to gain the technical understanding.

I think we will see rapid development in technologies for such regulation.

GAFA may become a layer above these technologies as platforms.

Some countries may offer cross-national services to handle this as platforms.

What role do you think nations will take?

Nations have the police or military.

Both have authority for physical force.

Nations also have land and taxes.

So, anything in the real world is done through the nation as the landlord.

The nation may have a monopoly on physical force.

The Internet has the potential for a different type of power.

Quite large companies in modern times are able to sway national interests.

They can lobby and create laws.

Nations are already in a struggle with various other entities over power.

Will a major entity with force able to regulate form outside of a nation?

There are philosophical entities active out there like the United Nations.

However, the member nations have power not the United Nations.

Members debate their interests with only few advocating for all.

Terrorists are the closest entity, but not nearly as organized as a nation.

ISIS will not see that power.

A movement could generate power beyond a nation.

The US #MeToo for instance.

A more organized version is Time's Up.

These movements can spread worldwide and organize.

These structures could innovate and overturn the male society globally.

Millennials give you hope.

Yes. Their generation is strong.

The communication is excellent and we see many types of movements recently.