JBA Replaces JADA

Founded 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).

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 explained, adding:

Blockchain covers advantages that are wider beyond settlement and money. There was a need for us to deal with those at 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, known as the Blockchain Collaborative Consortium (BCC) around the same time. Both groups share a common goal in growing and nourishing the blockchain sector of Japan despite their differences in direction.

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

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

Structure & Mission

JBA will have two branches: one dealing with virtual currency and the other. The group — which worries customer, tax and financial regulatory issues — includes bitcoin exchanges such as bitFlyer Kraken and Coincheck.

The group — which concerns definition and policy proposals for non-currency blockchain technology — includes payments gateway GMO Internet Group, Microsoft Japan , blockchain 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 recommendations;
  • 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, as well as other banking and financial industry groups.

The Association communicate with similar and related industry groups, organize promotional events, talk to similar industry groups and will encourage and encourage its member businessesbitcoin casino united states best bitcoin casino 2016 counts large players in the payments and financial space such as Deloitte, Thomson Reuters, credit card company, and VC investors SBI Holdings JCB.

Keep an Eye on Japan

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

News about the industry can at times be tricky to find with vague reports gaining prominence on news aggregators and networking.

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

That is not yet the case, Miyaguchi stated. In order to draft the most appropriate laws in future bitcoin is not yet an official currency 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?

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

Source: bitcoincasinoreview.info