noviembre 22, 2017 | Posted in:Blog
JBA Replaces JADA
Formed in mid-April, the JBA replaces the prior 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 industry as well as 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 government 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 said, adding:
Blockchain covers advantages that are wider beyond money and settlement. There was a need for us to deal with those at precisely the exact same time as securing healthy regulations working with government authorities and bitcoin online 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 the two groups in growing and nourishing Japan’s blockchain sector despite their differences in direction.
JBA will maintain the advocacy and standards-setting mission though the issues blockchain technology may affectbitcoin casino live dealer bitcoin casino free money Miyaguchi said, however, that all existing and future businesses in the blockchain companies would be advised to join JBA. She continued:
We’re associations including the Global Blockchain Forum, in addition to the point of contact to authorities.
Structure & Mission
JBA will have two divisions: one dealing with blockchain technologies in general with another and virtual currency. The former group — that worries tax consumer and financial issues — includes bitcoin exchanges like bitFlyer Kraken and Coincheck.
The latter group — which concerns definition and policy proposals for blockchain technology — includes blockchain identity startup Soramitsu, payments gateway GMO Internet Group, blockchain cloud computing platform Orb and Microsoft Japan.
The primary aims of the group are to:
- Employ blockchain technology to social infrastructure and policy guidelines;
- Establish guidelines for bitcoin and other digital currency exchanges;
- Facilitate communication between the industry 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, in addition to other banking and financial industry groups.
The Association organize events will also promote and encourage its member businesses, talk to similar industry groups and communicate with similar and related industry groupsbitcoin casino game scripts bitcoin casino no deposit free spins bonus codes counts several players in the financial and payments space such as Deloitte, Thomson Reuters, credit card company, 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 digital currency and blockchain businesses.
News about the industry can be tricky to find with vague reports gaining prominence on news aggregators and media.
English language news reported the Japanese government was considering legislating, or had legislated, that Bitcoin could be defined as an official currency in the country.
That is not the case, Miyaguchi said. Bitcoin isn’t yet an official currency in Japan but the government has identified a need for it to be defined as something so as to draft the most suitable laws in future.
Can Japan be a world leader in creating digital currency and blockchain technology? How important are industry groups such as JBA and BCC?
Pictures courtesy of itpro.nikkeibp.co.jp, Shutterstock