Announcement of the Results of the Demonstration Experiment for the Financial Services Agency's "FinTech PoC Hub" Supported Project
VESSLabs announced the completion of a PoC under the FSA's FinTech PoC Hub. The project verified a new identity verification scheme using Verifiable Credentials (VC) in collaboration with MUFG Trust Bank.
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- 📰 Published: April 1, 2026 at 01:20
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March 31, 2026
VESSLabs, Inc.
VESSLabs, Inc. announces the completion and outlines the results of a demonstration experiment supported as the 9th project of the Financial Services Agency's "FinTech Proof of Concept (PoC) Hub". The project examined a scheme for conducting identity verification based on the Act on Prevention of Transfer of Criminal Proceeds (hereafter, Criminal Proceeds Act) using digital certificates (Verifiable Credentials, hereafter VC). This was deliberated at the "Identity Verification Working Group" (established in June 2024) of the Decentralized Identifier / Verifiable Credential Co-creation Consortium (DVCC, 50 member companies as of the end of March 2026), hosted by Mitsubishi UFJ Trust and Banking Corporation (President: Hiroshi Kubota, hereafter MUFG Trust Bank).
1. Overview and Results of the Demonstration Experiment
(1) Overview of the Demonstration Experiment
This experiment verified the feasibility and effectiveness of a "new identity verification method" aiming to achieve both improved security and user convenience. It utilized the results of identity verification conducted by financial institutions under the Criminal Proceeds Act as VCs that users can manage and present on their smartphones.
In this experiment, the following two schemes were considered:
1. Using a VC containing the financial institution's identity verification result in combination with a VC recording the IC chip information read from identity verification documents like the My Number Card, to be used as a method stipulated in Article 6, Paragraph 1, Item 1 (g) of the Ordinance for Enforcement of the Criminal Proceeds Act (as of March 2025) (hereafter, Former 'To' Method). (Initial Scheme)
2. Using an x.509 certificate issued by a business certified under Article 4, Paragraph 1 of the Electronic Signatures Act, passed in VC format, to be used as a method stipulated in Article 6, Paragraph 1, Item 1 (m) of the Ordinance for Enforcement of the Criminal Proceeds Act (as of March 2026) (hereafter, 'Wa' Method). (Final Scheme)
(2) Results of the Demonstration Experiment
This experiment demonstrated the potential of a "new identity verification method" that reduces the burden on customers during identity verification.
On the other hand, the relevant ministries responded that the initial scheme (1) cannot be used as the Former 'To' Method because it cannot guarantee the physical existence of the user at the time the VC is presented.
Regarding the final scheme (2), the relevant ministries responded that it can be used as the 'Wa' Method, provided that the financial institutions implement risk mitigation measures.
For details of the implementation results, please refer to the attached report below:
"DID/VC Co-creation Consortium [Financial Services Agency FinTech PoC Hub Results Report]"
https://www.tr.mufg.jp/houjin/dvcc/pdf/houkokusho.pdf
2. Future Challenges for Social Implementation of VC
Moving forward, we will sort out detailed issues toward exploring various VC use cases not limited to identity verification purposes, realizing the scheme, and spreading it in society. This includes clarifying the division of responsibilities among businesses, designing business models, and creating incentive designs such as appropriate cost values that Verifiers can bear based on cost-effectiveness.
3. Future Developments
The DVCC will continue to collaborate with relevant government ministries and private industry associations to...
VESSLabs, Inc.
VESSLabs, Inc. announces the completion and outlines the results of a demonstration experiment supported as the 9th project of the Financial Services Agency's "FinTech Proof of Concept (PoC) Hub". The project examined a scheme for conducting identity verification based on the Act on Prevention of Transfer of Criminal Proceeds (hereafter, Criminal Proceeds Act) using digital certificates (Verifiable Credentials, hereafter VC). This was deliberated at the "Identity Verification Working Group" (established in June 2024) of the Decentralized Identifier / Verifiable Credential Co-creation Consortium (DVCC, 50 member companies as of the end of March 2026), hosted by Mitsubishi UFJ Trust and Banking Corporation (President: Hiroshi Kubota, hereafter MUFG Trust Bank).
1. Overview and Results of the Demonstration Experiment
(1) Overview of the Demonstration Experiment
This experiment verified the feasibility and effectiveness of a "new identity verification method" aiming to achieve both improved security and user convenience. It utilized the results of identity verification conducted by financial institutions under the Criminal Proceeds Act as VCs that users can manage and present on their smartphones.
In this experiment, the following two schemes were considered:
1. Using a VC containing the financial institution's identity verification result in combination with a VC recording the IC chip information read from identity verification documents like the My Number Card, to be used as a method stipulated in Article 6, Paragraph 1, Item 1 (g) of the Ordinance for Enforcement of the Criminal Proceeds Act (as of March 2025) (hereafter, Former 'To' Method). (Initial Scheme)
2. Using an x.509 certificate issued by a business certified under Article 4, Paragraph 1 of the Electronic Signatures Act, passed in VC format, to be used as a method stipulated in Article 6, Paragraph 1, Item 1 (m) of the Ordinance for Enforcement of the Criminal Proceeds Act (as of March 2026) (hereafter, 'Wa' Method). (Final Scheme)
(2) Results of the Demonstration Experiment
This experiment demonstrated the potential of a "new identity verification method" that reduces the burden on customers during identity verification.
On the other hand, the relevant ministries responded that the initial scheme (1) cannot be used as the Former 'To' Method because it cannot guarantee the physical existence of the user at the time the VC is presented.
Regarding the final scheme (2), the relevant ministries responded that it can be used as the 'Wa' Method, provided that the financial institutions implement risk mitigation measures.
For details of the implementation results, please refer to the attached report below:
"DID/VC Co-creation Consortium [Financial Services Agency FinTech PoC Hub Results Report]"
https://www.tr.mufg.jp/houjin/dvcc/pdf/houkokusho.pdf
2. Future Challenges for Social Implementation of VC
Moving forward, we will sort out detailed issues toward exploring various VC use cases not limited to identity verification purposes, realizing the scheme, and spreading it in society. This includes clarifying the division of responsibilities among businesses, designing business models, and creating incentive designs such as appropriate cost values that Verifiers can bear based on cost-effectiveness.
3. Future Developments
The DVCC will continue to collaborate with relevant government ministries and private industry associations to...