JBA Replaces JADA
Formed 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 includes high-profile members of the Japanese blockchain industry as well as 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 stated both JADA and the authorities 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 at that time,” she said, adding:
Blockchain covers wider technological advantages 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 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 exact same time. A common goal is shared by Both groups in nourishing and growing the blockchain sector of Japan .
Though with a broader view the issues blockchain technology can affect JBA will maintain the advocacy and standards-setting assignment as JADArunning a bitcoin casino best bitcoin casino promotions Miyaguchi stated that all existing and future businesses in the blockchain businesses would be advised to combine JBA. She continued:
We are the point of contact to governmental authorities, as well as global associations including the International Blockchain Forum.
Structure & Mission
JBA will have two branches: one dealing with the other and virtual money with blockchain technologies generally. The group — which worries tax consumer and financial regulatory issues — includes bitcoin exchanges like bitFlyer, Kraken and Coincheck.
The group — that concerns definition and coverage proposals for non-currency blockchain technology — includes blockchain identity startup Soramitsu, payments gateway GMO Internet Group, blockchain cloud computing platform Orb and Microsoft Japan.
The group 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 business 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 financial and banking industry groups.
The Association will also encourage and support its member businesses, organize promotional events, speak to similar industry groups globally, and communicate with similar and related industry groupsBitcoin Lottery site counts several large players in the financial and payments space as official supporters, such as Deloitte, Thomson Reuters, VC investors SBI Holdings, and credit card company JCB.
Keep an Eye on Japan
Due to the government attitude and its approach to the technology, Japan could be fertile ground for electronic money and blockchain businesses.
True news about the industry can be difficult to find with vague reports gaining prominence on social networking and news aggregators.
English language news reported the Japanese government was considering legislating, or had legislated, that Bitcoin could be described as an official currency in the country.
That’s not the case, Miyaguchi said. In order to draft the laws in future bitcoin is not yet an official currency in Japan but the government has identified a demand to be defined as something similar.
Can Japan be a world leader in developing digital money and blockchain technology? How important are industry groups like BCC and JBA?
Images courtesy of itpro.nikkeibp.co.jp, Shutterstock
Source: bitcoincasinoreview.net
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