JBA Replaces JADA
Formed in mid-April, the JBA replaces the former Japan Association of Digital Asset (JADA), which has been active in the sector 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).
Talking to Bitcoin.com, JBA’s Head of Global Affiliations and Partnerships Ayako Miyaguchi stated both JADA and the authorities had received requests for a nationally 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 Then,” she explained, adding:
Blockchain covers wider technological advantages beyond settlement and money. There was a need for us to address those at precisely the 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, called the Blockchain Collaborative Consortium (BCC) around the exact same time. Both groups share a common goal in nourishing and growing the blockchain industry of Japan despite their differences in direction.
JBA will maintain standards-setting mission and the same advocacy as JADA, though the issues blockchain technology may influenceEthereum Sweepstakes app Miyaguchi stated, however, that eventually all existing and future businesses in the blockchain businesses would be advised to combine JBA. She continued:
We are associations including the International Blockchain Forum, as well as the point of contact to authorities.
Structure & Mission
JBA will have two divisions: one dealing with another and currency with blockchain technologies generally. The former group — which worries tax, consumer and financial regulatory issues — includes bitcoin exchanges such as bitFlyer, Kraken and Coincheck.
The group — which concerns definition and policy suggestions for blockchain technology — includes Microsoft Japan, payments gateway GMO Internet Group cloud computing platform Orb and blockchain identity startup Soramitsu.
The primary aims of the group are to:
- Employ blockchain technology to social infrastructure and policy guidelines;
- Establish guidelines for bitcoin and other electronic 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 communicate with similar and related industry groups, organize promotional events, speak to similar industry groups and will also encourage and support its member businessesCryptogames site counts several players in the financial and obligations space including Deloitte, Thomson Reuters, credit card firm, and VC investors SBI Holdings JCB.
Keep an Eye on Japan
Due to the generally open-minded attitude of the government and its approach to the technology, Japan could be fertile ground for currency and blockchain businesses.
Accurate news about the industry can sometimes be difficult to find, however, with vague reports frequently gaining prominence on news aggregators and social networking.
English language news had legislated, that Bitcoin would be described as an official currency in the country, or reported the government considered legislating.
That’s not yet the case, Miyaguchi said. So as to draft the laws in future bitcoin isn’t yet an official money in Japan but the government has identified a demand 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 JBA and BCC?
Images courtesy of itpro.nikkeibp.co.jp, Shutterstock