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 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 industry to gain trust from the public about bitcoin at that time, » she explained, 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 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. A common goal is shared by Both groups in nourishing and developing the blockchain sector of Japan .

JBA will maintain the exact same advocacy and standards-setting assignment though with a wider view the issues blockchain technology may affectbitstarz site Miyaguchi said, however, that eventually all present and future businesses in the blockchain companies would be advised to combine JBA. She continued:

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

Structure & Mission

JBA will have two branches: one dealing with another and currency with blockchain technologies in general. The group — that concerns tax, customer and financial issues — comprises bitcoin exchanges such as bitFlyer, Kraken and Coincheck.

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

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 promote and support its member companies, organize events, speak to similar industry groups globally, and communicate with industry groupsstrategy for bitcoin casino ignition casino bitcoin bonus counts big players in the obligations and financial space as official supporters, such as Deloitte, Thomson Reuters, credit card firm, 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 currency and blockchain businesses.

News about the industry can be difficult to find with vague reports gaining prominence on media and news aggregators.

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

That’s not the case, Miyaguchi stated. So as to draft the most appropriate laws in future bitcoin is not yet an official currency in Japan but the government has identified a need for it to be described as something similar.

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

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

Source: bitcoincasinoreview.net