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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 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 said 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 industry to gain trust from the public about bitcoin Then,” she said, adding:

Blockchain covers technological advantages that are broader beyond money and settlement. There was a need for us to address those at 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, known as the Blockchain Collaborative Consortium (BCC) around the same time. The two groups share a common goal in growing and nourishing Japan’s blockchain industry despite their differences in leadership.

Though with a view the issues blockchain technology may influence JBA will maintain the exact same advocacy and standards-setting assignment as JADACloudBet review Miyaguchi said that all present and future businesses in the blockchain businesses would be advised to combine JBA. She continued:

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

Structure & Mission

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

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

The group aims are to:

  • Employ blockchain technology to social infrastructure and policy guidelines;
  • Establish guidelines for bitcoin and other electronic currency exchanges;
  • Facilitate communication between the industry and government departments like 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 organize events will also promote and support its member companies, talk to similar industry groups and communicate with similar and related industry groupsBitcoinRush casino counts several large players in the space such as Deloitte, Thomson Reuters, VC investors SBI Holdings, and credit card firm JCB.

Keep an Eye on Japan

Thanks to the generally open-minded attitude of the government and its regulatory approach to the technology, Japan could be fertile ground for money and blockchain businesses.

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

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

That’s not yet the case, Miyaguchi stated. So as to draft the appropriate laws in future, bitcoin isn’t yet an official money in Japan but the government has identified a need to be defined as something similar.

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

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

Source: bitcoincasinoreview.info