JBA Replaces JADA
Formed in mid-April, the JBA replaces the prior Japan Association of Digital Asset (JADA), that has been active in the sector 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 main financial regulator the Financial Services Authority (FSA).
Talking to Bitcoin.com, JBA’s Head of Global Affiliations and Partnerships Ayako Miyaguchi stated both JADA and the authorities had received requests for a nationally 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 Then,” she explained, adding:
Blockchain covers wider advantages beyond settlement and money. There was a need for us to deal with those at the same time as securing healthy regulations working with government authorities and bitcoin online casino australia.
Rival Groups Have Similar Goals
There was perhaps some confusion this month with the launch of a rival group within Japan, known as the Blockchain Collaborative Consortium (BCC) around the exact same time. Both groups share a common goal in nourishing and developing the blockchain sector of Japan .
Though the issues blockchain technology may influence JBA will maintain the same advocacy and standards-setting mission as JADATrusted bitstarz casino Miyaguchi stated, however, that all present and future businesses in the blockchain companies would be advised to join JBA. She continued:
We’re global associations including the International Blockchain Forum, as well as the point of contact to authorities.
Structure & Mission
JBA will have two divisions: one dealing with virtual currency and the other. The group — that concerns customer, tax and financial regulatory issues — includes bitcoin exchanges such as bitFlyer, Kraken and Coincheck.
The latter group — that concerns definition and policy proposals for non-currency blockchain tech — includes Microsoft Japan, payments gateway GMO Internet Group cloud computing platform Orb and blockchain identity startup Soramitsu.
The primary aims of the group are to:
- Apply blockchain technology to social infrastructure and policy guidelines;
- Establish guidelines for bitcoin and other electronic currency exchanges;
- Facilitate communication between the industry and government departments such as the FSA, the Ministry of Economy, Trade and Industry (METI), the Consumer Affairs Agency and the National Police Agency and the Tax Bureau, as well as other banking and financial industry groups.
The Association communicate with similar and related industry groups, organize promotional events, talk to similar industry groups and will also encourage and support its member companiescasino bonus the casinomeister get the fuck counts several big players in the space as official supporters, including Deloitte.
Keep an Eye on Japan
Due to its regulatory approach and the government’s generally open-minded attitude to the technology, Japan could be fertile ground for currency and blockchain businesses.
True news about the industry can sometimes be difficult to find, however, with reports gaining prominence on news aggregators and networking.
English language news had legislated, that Bitcoin would be described as an official currency in the country, or reported that the Japanese government considered legislating.
That is not the case, Miyaguchi stated. In order to draft the laws in future, bitcoin is not yet an official money in Japan but the government has identified a need for it to be described as something similar.
Can Japan be a world leader in developing digital money and blockchain technology? How important are industry groups such as JBA and BCC?
Images courtesy of itpro.nikkeibp.co.jp, Shutterstock