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 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 nationwide blockchain industry association.
“JADA was more focused on self regulations as it was necessary for the business to gain trust from the public about bitcoin at that time,” she explained, adding:
Blockchain covers wider technological advantages beyond currency and settlement. There was a need for us to deal with those at the same time as securing healthy regulations working with government authorities and bitcoin internet 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 same time. A common goal is shared by the two groups in nourishing and developing Japan’s blockchain sector .
Though the issues blockchain technology can affect JBA will maintain standards-setting mission and the exact same advocacy as JADAGet up to 1 Bitcoin Free on ZigZag777 Casino bonus code Miyaguchi stated that eventually all present and future businesses in the blockchain businesses would be advised to join JBA. She continued:
We are the point of contact to governmental 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 virtual money and another. The group — which concerns tax consumer and financial regulatory issues — includes bitcoin exchanges such as bitFlyer Kraken and Coincheck.
The latter group — that concerns definition and policy proposals for non-currency blockchain tech — includes payments gateway GMO Internet Group, Microsoft Japan , blockchain cloud computing platform Orb and blockchain identity startup Soramitsu.
The team’s primary aims are to:
- Apply 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 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, in addition to other banking and financial industry groups.
The Association communicate with similar and related industry groups, organize promotional events, speak to similar industry groups and will also promote and encourage its member businesses counts large players in the obligations and financial space including Deloitte, Thomson Reuters, credit card company, and VC investors SBI Holdings JCB.
Keep an Eye on Japan
Thanks to the government attitude and its approach to the technology, Japan could be fertile ground for money and blockchain businesses.
Accurate news about the industry can at times be tricky to find, though, with reports that are vague often gaining prominence on news aggregators and social networking.
English language news reported the Japanese government considered legislating, or had already legislated, that Bitcoin could be defined as an official currency in the country.
That is not the case, Miyaguchi stated. So as to draft the laws in future, bitcoin isn’t yet an official currency in Japan but the government has identified a need to be described as something similar.
Can Japan be a world leader in developing digital money and blockchain technology? How significant are industry groups like JBA and BCC?
Images courtesy of itpro.nikkeibp.co.jp, Shutterstock