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 consists of high-profile members of the Japanese blockchain sector as well as member of Parliament (and long-time Bitcoin proponent) Mineyuki Fukuda and Japan’s main 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 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 advantages that are wider 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 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 same time. Both groups share a common goal in developing and nourishing the blockchain industry of Japan .
Though the issues blockchain technology may influence JBA will maintain the advocacy and standards-setting mission as JADAstart a bitcoin casino best bitcoin casino usa Miyaguchi stated, however, that eventually all present and future businesses in the blockchain businesses would be advised to join JBA. She continued:
We’re global associations including the Global Blockchain Forum, in addition to the point of contact to authorities.
Structure & Mission
JBA will have two branches: one dealing with blockchain technologies generally with another and currency. The group — which concerns tax, consumer and financial regulatory issues — comprises bitcoin exchanges such as bitFlyer Kraken and Coincheck.
The latter group — which concerns definition and coverage suggestions for non-currency blockchain technology — includes Microsoft Japan, payments gateway GMO Internet Group cloud computing platform Orb and blockchain identity startup Soramitsu.
The group’s primary 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, as well as other financial and banking industry groups.
The Association organize events will promote and encourage its member businesses, speak to similar industry groups internationally, and communicate with similar and related industry groupsfree bitcoin casino software ignition casino bitcoin deposit time counts several players in the space as supporters, including Deloitte, Thomson Reuters, credit card company, and VC investors SBI Holdings JCB.
Keep an Eye on Japan
Thanks to its regulatory approach and the government’s generally open-minded attitude to the technology, Japan could be fertile ground for money and blockchain businesses.
News about the industry can be tricky to find with vague reports often gaining prominence on social media and news aggregators.
English language news had already legislated, that Bitcoin would be described as an official currency in the country, or reported the government considered legislating.
That is not the case, Miyaguchi stated. Bitcoin is not yet an official currency in Japan but the government has identified a demand to be described as something similar, in order to draft the most appropriate laws in future.
Can Japan be a world leader in developing digital currency and blockchain technology? How important are industry groups like JBA and BCC?
Pictures courtesy of itpro.nikkeibp.co.jp, Shutterstock