JBA Replaces JADA
Founded in mid-April, the JBA replaces the former 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 in addition to member of Parliament (and long-time Bitcoin proponent) Mineyuki Fukuda and Japan’s primary financial regulator the Financial Services Authority (FSA).
Talking to Bitcoin.com, JBA’s Head of Global Affiliations and Partnerships Ayako Miyaguchi said both JADA and the government had received requests for a nationwide 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 money and settlement. 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 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 exact same time. Both groups share a common goal in nourishing and developing the blockchain sector of Japan .
Though the issues blockchain technology may affect JBA will maintain the same advocacy and standards-setting assignment as JADAa href=”https://bitcoincasinoreview.info/zigzag777-casino-review”>zigzag777 casino bonus code Miyaguchi said, however, that all present and future businesses in the blockchain companies would be advised to combine JBA. She continued:
We are the point of contact to authorities, in addition to global associations including the Global Blockchain Forum.
Structure & Mission
JBA will have two divisions: one dealing with blockchain technologies in general with another and virtual money. The group — that worries tax, customer and issues that are financial — includes bitcoin exchanges like Kraken, bitFlyer 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 digital 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, 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 globally, and will also encourage and encourage its member companiesBitcoin Lottery site counts big players in the obligations and financial space such as 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, though, with reports frequently gaining prominence on news aggregators and networking.
English language news had legislated, that Bitcoin could be described as an official currency in the country, or reported the Japanese government was considering legislating.
That is not the case, Miyaguchi said. So as to draft the suitable laws in future, bitcoin isn’t yet an official money in Japan but the government has identified a need to be defined as something similar.
Can Japan be a world leader in developing digital currency and blockchain technology? How significant are industry groups such as BCC and JBA?
Pictures courtesy of itpro.nikkeibp.co.jp, Shutterstock