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 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 primary 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 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 said, adding:

Blockchain covers advantages that are wider beyond money and settlement. There was a need for us to address 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, known as the Blockchain Collaborative Consortium (BCC) around the same time. A common goal is shared by Both groups in nourishing and growing Japan’s blockchain industry .

JBA will maintain the same advocacy and standards-setting mission as JADA, though with a broader view the issues blockchain technology can affectBitcoin casino beginners guide bitcoincasinoreview.net Miyaguchi said, however, that all present and future businesses in the blockchain businesses would be advised to join JBA. She continued:

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

Structure & Mission

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

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

The primary aims of the group 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 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 will also promote and support its member businesses, organize events, speak to similar industry groups and communicate with related and similar industry groupsbitcoin casino for usa bitcoin casino no deposit counts several players in the financial and payments space including Deloitte, Thomson Reuters, VC investors SBI Holdings, and credit card firm 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 electronic currency and blockchain businesses.

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

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

That is not the case, Miyaguchi stated. Bitcoin is not yet an official money in Japan but the government has identified a need for it to be defined as something so as to draft the laws in future.

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

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

Source: bitcoincasinoreview.info