JBA Replaces JADA
Founded 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 industry in addition to 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 nationwide blockchain industry association.
“JADA was more focused on self regulations as it was necessary for the business to gain trust from the public about bitcoin Then,” she explained, adding:
Blockchain covers technological advantages that are wider beyond money 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 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 same time. Both groups share a common goal in developing and nourishing Japan’s blockchain industry .
JBA will maintain standards-setting mission and the advocacy as JADA, though with a view the issues blockchain technology can influence1xbitsite Miyaguchi stated that eventually all present and future businesses in the blockchain companies would be advised to join 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 the other and virtual money with blockchain technologies generally. The group — which concerns tax, consumer and regulatory issues that are financial — comprises bitcoin exchanges such as bitFlyer, Kraken and Coincheck.
The latter group — which concerns definition and coverage proposals for non-currency blockchain tech — includes blockchain cloud computing platform Orb, payments gateway GMO Internet Group, Microsoft Japan and blockchain identity startup Soramitsu.
The group’s primary aims 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, in addition to other banking and financial industry groups.
The Association communicate with similar and related industry groups, organize promotional events, speak to similar industry groups and will promote and encourage its member companies777coin casino bonus code counts several players in the obligations and financial 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 regulatory approach and the government’s generally open-minded attitude to the technology, Japan could be fertile ground for digital money and blockchain businesses.
Accurate news about the industry can be difficult to find, though, with reports gaining prominence on social networking and news aggregators.
English language news had legislated, that Bitcoin could be defined as an official currency in the country, or reported that the government considered legislating.
That is not yet the case, Miyaguchi said. In order to draft the appropriate laws in future bitcoin isn’t yet an official money in Japan but the government has identified a demand for it to be described as something similar.
Can Japan be a world leader in creating digital money and blockchain technology? How significant are industry groups such as JBA and BCC?
Pictures courtesy of itpro.nikkeibp.co.jp, Shutterstock
Source: bitcoincasinoreview.net
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