JBA Replaces JADA
Founded in mid-April, the JBA replaces the former Japan Association of Digital Asset (JADA), that 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 authorities 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 explained, adding:
Blockchain covers wider 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 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. A common goal is shared by Both groups in nourishing and developing Japan’s blockchain industry .
Though with a view the issues blockchain technology may influence JBA will maintain standards-setting assignment and the advocacy as JADAZigZag777 Casino app Miyaguchi said that all existing and future businesses in the blockchain businesses would be advised to combine JBA. She continued:
We are the point of contact to governmental authorities, in addition to global associations including the Global Blockchain Forum.
Structure & Mission
JBA will have two branches: one dealing with virtual money and the other. The group — which concerns tax, consumer and issues that are financial — includes bitcoin exchanges such as Coincheck, bitFlyer and Kraken.
The group — which concerns definition and coverage proposals for non-currency blockchain tech — includes payments gateway GMO Internet Group, Microsoft Japan cloud computing platform Orb and blockchain identity startup Soramitsu.
The group 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 organize promotional events will also encourage and support its member companies, talk to similar industry groups globally, and communicate with similar and related industry groupsETHEREUM SWEEPSTAKES scam counts several large players in the financial and payments space such as Deloitte.
Keep an Eye on Japan
Thanks to the technology to the generally open-minded attitude of the government and its regulatory approach, Japan could be fertile ground for currency and blockchain businesses.
True news about the industry can be tricky to find, though, with reports that are vague frequently gaining prominence on networking and news aggregators.
English language news reported that the Japanese government considered legislating, or had legislated, that Bitcoin could be described as an official currency in the country.
That is not yet 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 creating digital currency and blockchain technology? How important are industry groups like JBA and BCC?
Pictures courtesy of itpro.nikkeibp.co.jp, Shutterstock