JBA Replaces JADA
Founded in mid-April, the JBA replaces the prior Japan Association of Digital Asset (JADA), which has been active in the industry 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 primary 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 nationally 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 said, adding:
Blockchain covers wider technological advantages beyond money and settlement. There was a need for us to address those at precisely the same time as securing healthy regulations working with government authorities and bitcoin internet 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 same time. The two groups share a common goal in growing and nourishing Japan’s blockchain sector despite their differences in leadership.
JBA will maintain the advocacy and standards-setting mission as JADA, though with a view the issues blockchain technology may influenceHow does 1Xbit Casino bonus Miyaguchi stated, however, that eventually all present and future businesses in the blockchain businesses would be advised to combine JBA. She continued:
We are global associations including the Global Blockchain Forum, as well as the point of contact to governmental authorities.
Structure & Mission
JBA will have two divisions: one dealing with blockchain technologies in general with money and the other. The former group — which concerns customer, tax and financial regulatory issues — comprises bitcoin exchanges like Kraken, bitFlyer and Coincheck.
The group — which concerns definition and coverage proposals for blockchain tech — includes payments gateway GMO Internet Group Microsoft Japan 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 recommendations;
- 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 communicate with similar and related industry groups, organize promotional events, talk to similar industry groups and will promote and encourage its member businessesBitcoin Lottery scam counts several big players in the payments and financial space Thomson Reuters, including Deloitte, credit card firm, and VC investors SBI Holdings JCB, as official supporters.
Keep an Eye on Japan
Due to the technology to its approach and the generally open-minded attitude of the government, Japan could be fertile ground for money and blockchain businesses.
News about the industry can sometimes be difficult to find, however, with reports gaining prominence on news aggregators and media.
English language news had already legislated, that Bitcoin could be defined as an official currency in the country, or reported that the government considered 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 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