JBA Replaces JADA
Formed in mid-April, the JBA replaces the prior Japan Association of Digital Asset (JADA), which has been active in the sector since July 2014.
The new group consists of high-profile members of the Japanese blockchain industry as well as 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 government had received requests for a nationally blockchain industry association.
“JADA was more focused on self regulations as it was necessary for the industry to gain trust from the public about bitcoin at that time,” she said, adding:
Blockchain covers technological advantages that are broader beyond settlement and money. There was a need for us to address those at precisely the same time as securing healthy regulations working with government authorities and bitcoin internet casino australia.
Rival Groups Have Similar Aims
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 the two groups in nourishing and growing the blockchain industry of Japan .
Though the issues blockchain technology may affect JBA will maintain standards-setting assignment and the advocacy as JADAbitcoin casino software for sale create free bitcoin casino Miyaguchi said, however, that all existing and future businesses in the blockchain companies would be advised to join JBA. She continued:
We are associations including the International Blockchain Forum, as well as the point of contact to governmental authorities.
Structure & Mission
JBA will have two divisions: one dealing with blockchain technologies in general with the other and money. The former group — which concerns tax customer and financial regulatory issues — includes bitcoin exchanges such as Coincheck, bitFlyer and Kraken.
The group — that concerns definition and coverage proposals for non-currency blockchain technology — includes blockchain cloud computing platform Orb, payments gateway GMO Internet Group, Microsoft Japan and blockchain identity startup Soramitsu.
The primary aims of the group are to:
- Employ blockchain technology to social infrastructure and policy guidelines;
- Establish guidelines for bitcoin and other digital currency exchanges;
- Facilitate communication between the business 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, in addition to other financial and banking industry groups.
The Association communicate with similar and related industry groups, organize events, talk to similar industry groups internationally, and will also promote and support its member companiescasino reviews the games bitcoin casino review sites counts several big players in the obligations and financial space including Deloitte, Thomson Reuters, credit card firm, and VC investors SBI Holdings JCB.
Keep an Eye on Japan
Thanks to its approach and the government attitude to the technology, Japan could be fertile ground for currency and blockchain businesses.
News about the industry can sometimes be tricky to find with reports that are vague gaining prominence on media and news aggregators.
English language news had legislated, that Bitcoin would be defined as an official currency in the country, or reported that the government was considering legislating.
That is not the case, Miyaguchi said. So as to draft the most appropriate 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 currency and blockchain technology? How significant are industry groups like BCC and JBA?
Pictures courtesy of itpro.nikkeibp.co.jp, Shutterstock
Source: bitcoincasinoreview.net
