JBA Replaces JADA
Formed in mid-April, the JBA replaces the prior Japan Association of Digital Asset (JADA), that 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 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 government had received requests for a nationwide blockchain industry association.
“JADA was more focused on self regulations as it had been necessary for the business to gain trust from the public about bitcoin Then,” she said, adding:
Blockchain covers technological advantages that are wider beyond money and settlement. There was a need for us to address those at the exact 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, called the Blockchain Collaborative Consortium (BCC) around the exact same time. The two groups share a common goal in developing and nourishing the blockchain industry of Japan despite their differences in leadership.
Though with a broader view the issues blockchain technology can affect JBA will maintain standards-setting mission and the advocacy as JADAno deposit bitcoin casino codes best bitcoin casino deposit bonus Miyaguchi stated, however, that all existing and future businesses in the blockchain businesses would be advised to join JBA. She continued:
We are global associations including the International Blockchain Forum, in addition to the point of contact to authorities.
Structure & Mission
JBA will have two branches: one dealing with currency and the other with blockchain technologies in general. The group — that concerns financial issues, tax and consumer — comprises bitcoin exchanges like bitFlyer Kraken and Coincheck.
The group — which concerns definition and coverage suggestions for non-currency blockchain tech — includes payments gateway GMO Internet Group Microsoft Japan , blockchain 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 industry 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, as well as other banking and financial industry groups.
The Association will promote and encourage its member companies, organize promotional events, speak to similar industry groups and communicate with similar and related industry groupscasino reviews: top #10 casino reviews the games counts large players in the space as official supporters, including Deloitte, Thomson Reuters, credit card company, and VC investors SBI Holdings JCB.
Keep an Eye on Japan
Due to its approach and the government’s generally open-minded attitude to the technology, Japan could be fertile ground for currency and blockchain businesses.
Accurate news about the industry can be tricky to find, though, with reports gaining prominence on networking and news aggregators.
English language news had already legislated, that Bitcoin could be defined as an official currency in the country, or reported the Japanese government was considering legislating.
That’s not yet the case, Miyaguchi stated. So as to draft the laws in future bitcoin is not yet an official money in Japan but the government has identified a demand for it to be defined as something similar.
Can Japan be a world leader in creating digital currency and blockchain technology? How significant are industry groups like BCC and JBA?
Images courtesy of itpro.nikkeibp.co.jp, Shutterstock
Source: bitcoincasinoreview.info
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