JBA Replaces JADA
Founded in mid-April, the JBA replaces the former Japan Association of Digital Asset (JADA), which has been active in the industry since July 2014.
The new group includes high-profile members of the Japanese blockchain industry in addition to member of Parliament (and long-time Bitcoin proponent) Mineyuki Fukuda and Japan’s primary financial regulator the Financial Services Authority (FSA).
Speaking to Bitcoin.com, JBA’s Head of Global Affiliations and Partnerships Ayako Miyaguchi said both JADA and the authorities had received requests for a nationwide blockchain industry association.
“JADA was more focused on self regulations as it had been necessary for the business to gain trust from the public about bitcoin at that time,” she said, adding:
Blockchain covers wider technological advantages beyond currency and settlement. There was a need for us to deal with those at the exact same time as securing healthy regulations working with government authorities and bitcoin internet casino australia.
Rival Groups Have Similar Goals
There was perhaps some confusion this month with the launch of a rival group within Japan, called the Blockchain Collaborative Consortium (BCC) around the exact same time. A common goal is shared by Both groups in nourishing and developing the blockchain sector of Japan .
Though the issues blockchain technology may influence JBA will maintain standards-setting assignment and the same advocacy as JADAbitcoin casinos & gambling casino to mix your Miyaguchi stated, however, that all existing and future businesses in the blockchain companies would be advised to join JBA. She continued:
We’re the point of contact to governmental authorities, in addition to global associations including the International Blockchain Forum.
Structure & Mission
JBA will have two branches: one dealing with currency and the other. The group — which concerns customer, tax and financial issues — comprises bitcoin exchanges such as Kraken, bitFlyer and Coincheck.
The latter group — which concerns definition and policy proposals for blockchain tech — includes Microsoft Japan, payments gateway GMO Internet Group cloud computing platform Orb and blockchain identity startup Soramitsu.
The group aims are to:
- Employ blockchain technology to social infrastructure and policy recommendations;
- Establish guidelines for bitcoin and other electronic currency exchanges;
- Facilitate communication between the business and government departments like the FSA, the Ministry of Economy, Trade and Industry (METI), the Consumer Affairs Agency and the National Police Agency and the Tax Bureau, in addition to other banking and financial industry groups.
The Association communicate with similar and related industry groups, organize events, speak to similar industry groups and will also encourage and support its member businessescasino bitcoin casino review gtbetseu bitcoin casino 1344×689 counts several large players in the payments and financial space such as Deloitte, Thomson Reuters, credit card firm, and VC investors SBI Holdings JCB.
Keep an Eye on Japan
Thanks to the technology to its regulatory approach and the generally open-minded attitude of the government, Japan could be fertile ground for digital currency and blockchain businesses.
Accurate news about the industry can at times be difficult to find with reports gaining prominence on social networking and news aggregators.
English language news reported that the Japanese government considered legislating, or had already legislated, that Bitcoin could be described as an official currency in the country.
That is not the case, Miyaguchi stated. In order to draft the laws in future, bitcoin isn’t yet an official money in Japan but the government has identified a demand to be described as something similar.
Can Japan be a world leader in developing digital money and blockchain technology? How significant are industry groups such as JBA and BCC?
Pictures courtesy of itpro.nikkeibp.co.jp, Shutterstock