JBA Replaces JADA

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

The new group includes 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).

Speaking to Bitcoin.com, JBA’s Head of Global Affiliations and Partnerships Ayako Miyaguchi said both JADA and the authorities had received requests for a nationally blockchain industry association.

“JADA was more focused on self regulations as it had been necessary for the industry to gain trust from the public about bitcoin Then,” she said, adding:

Blockchain covers broader technological advantages beyond settlement and currency. 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, known as the Blockchain Collaborative Consortium (BCC) around the same time. A common goal is shared by Both groups in developing and nourishing Japan’s blockchain industry .

Though the issues blockchain technology may influence JBA will maintain the advocacy and standards-setting assignment as JADAOshi Casino review Miyaguchi said, however, that all present and future businesses in the blockchain companies would be advised to join JBA. She continued:

We are global associations including the International Blockchain Forum, as well as the point of contact to governmental authorities.

Structure & Mission

JBA will have two divisions: one dealing with blockchain technologies generally with another and currency. The former group — which concerns tax, customer and issues that are financial — includes bitcoin exchanges like Kraken, bitFlyer and Coincheck.

The group — which concerns definition and policy suggestions for blockchain technology — 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:

• 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 banking and financial industry groups.

The Association will promote and encourage its member businesses, organize events, speak to similar industry groups and communicate with similar and related industry groupsbitcoin casino best odds bitcoin casino best odds counts several players in the payments and financial space Thomson Reuters, including Deloitte, credit card company, and VC investors SBI Holdings JCB, as official supporters.

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 money and blockchain businesses.

News about the industry can sometimes be tricky to find, however, with reports that are vague frequently gaining prominence on social media and news aggregators.

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

That is not yet the case, Miyaguchi stated. In order to draft the 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 developing digital money and blockchain technology? How important are industry groups such as JBA and BCC?

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

Source: bitcoincasinoreview.net