JBA Replaces JADA

Formed in mid-April, the JBA replaces the former Japan Association of Digital Asset (JADA), that has been active in the industry since July 2014.

The new group includes high-profile members of the Japanese blockchain sector 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 had been necessary for the business to gain trust from the public about bitcoin Then,” she said, adding:

Blockchain covers advantages that are wider beyond settlement and money. 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 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. A common goal is shared by Both groups in nourishing and developing the blockchain sector of Japan despite their differences in direction.

JBA will maintain standards-setting assignment and the same advocacy as JADA, though the issues blockchain technology may influenceBetcoin casino Miyaguchi said, however, that all present and future businesses in the blockchain companies would be advised to join JBA. She continued:

We are associations including the Global Blockchain Forum, in addition to the point of contact to governmental authorities.

Structure & Mission

JBA will have two branches: one dealing with blockchain technologies in general with the other and currency. The group — which concerns tax customer and financial issues — includes bitcoin exchanges like Kraken, bitFlyer and Coincheck.

The group — that concerns definition and coverage proposals for non-currency blockchain tech — includes blockchain identity startup Soramitsu, payments gateway GMO Internet Group, blockchain cloud computing platform Orb and Microsoft Japan.

The primary aims of the group are to:

• Employ 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 financial and banking industry groups.

The Association will promote and support its member companies, organize events, speak to similar industry groups globally, and communicate with similar and related industry groupsZigZag777 Casino app counts several players in the space including Deloitte, Thomson Reuters, credit card company, and VC investors SBI Holdings JCB.

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 digital money and blockchain businesses.

News about the industry can be tricky to find with vague reports frequently gaining prominence on networking and news aggregators.

English language news had legislated, that Bitcoin could be described as an official currency in the country, or reported the Japanese government considered legislating.

That’s not the case, Miyaguchi stated. In order to draft the most suitable laws in future, bitcoin isn’t yet an official currency in Japan but the government has identified a need for it to be defined as something similar.

Can Japan be a world leader in creating digital money and blockchain technology? How important are industry groups like JBA and BCC?

Pictures courtesy of itpro.nikkeibp.co.jp, Shutterstock

Source: bitcoincasinoreview.info