JBA Replaces JADA
Founded in mid-April, the JBA replaces the prior Japan Association of Digital Asset (JADA), which has been active in the industry since July 2014.
The new group consists of high-profile members of the Japanese blockchain sector 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 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 industry to gain trust from the public about bitcoin at that time,” she said, adding:
Blockchain covers advantages that are broader beyond money 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 online casino australia.
Rival Groups Have Similar Aims
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 same time. Both groups share a common goal in growing and nourishing the blockchain sector of Japan despite their differences in direction.
JBA will maintain standards-setting assignment and the advocacy as JADA, though the issues blockchain technology can influenceignition casino and bitcoin bitcoin casino how it works Miyaguchi said, however, that all present and future businesses in the blockchain businesses would be advised to combine JBA. She continued:
We’re global associations including the Global Blockchain Forum, as well as the point of contact to authorities.
Structure & Mission
JBA will have two branches: one dealing with the other and virtual currency with blockchain technologies generally. The group — that worries tax consumer and financial regulatory issues — includes bitcoin exchanges such as bitFlyer, Kraken and Coincheck.
The group — which concerns definition and policy proposals for blockchain technology — includes blockchain cloud computing platform Orb, payments gateway GMO Internet Group, Microsoft Japan and blockchain identity startup Soramitsu.
The group’s primary aims 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 like 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 encourage and encourage its member companiesdeposit bitcoin with ignition casino bitcoin casino stock market counts several players in the space as supporters, such as Deloitte, Thomson Reuters, credit card company, and VC investors SBI Holdings JCB.
Keep an Eye on Japan
Due to the government’s generally open-minded attitude and its approach to the technology, Japan could be fertile ground for electronic currency and blockchain businesses.
News about the industry can at times be difficult to find, though, with reports that are vague often gaining prominence on social media and news aggregators.
English language news had legislated, that Bitcoin could be defined as an official currency in the country, or reported that the Japanese government was considering legislating.
That is not yet the case, Miyaguchi stated. In order to draft the most suitable laws in future bitcoin isn’t yet an official currency in Japan but the government has identified a demand to be defined as something similar.
Can Japan be a world leader in developing digital money and blockchain technology? How significant are industry groups like BCC and JBA?
Images courtesy of itpro.nikkeibp.co.jp, Shutterstock