noviembre 29, 2017 | Posted in:Blog

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 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, JBA’s Head of Global Affiliations and Partnerships Ayako Miyaguchi said both JADA and the government had received requests for a nationally blockchain industry association.

«JADA was more focused on self regulations as it was necessary for the industry to gain trust from the public about bitcoin at that time,» she said, adding:

Blockchain covers broader advantages beyond settlement and money. There was a need for us to address those at 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 developing and nourishing Japan’s blockchain industry .

JBA will maintain standards-setting assignment and the exact same advocacy as JADA, though the issues blockchain technology can affectnew bitcoin casino 2018 bitcoin casino for sale 2016 Miyaguchi stated that eventually all present and future businesses in the blockchain companies would be advised to combine JBA. She continued:

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

Structure & Mission

JBA will have two branches: one dealing with another and money with blockchain technologies generally. The group — that worries tax, consumer and financial issues — comprises bitcoin exchanges such as bitFlyer Kraken and Coincheck.

The latter group — which concerns definition and coverage proposals for non-currency blockchain tech — 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:

  • 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 financial and banking industry groups.

The Association will also promote and encourage its member companies, organize promotional events, speak to similar industry groups and communicate with similar and related industry groupsmBit site counts big players in the space including Deloitte, Thomson Reuters, credit card company, and VC investors SBI Holdings JCB.

Keep an Eye on Japan

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

Accurate news about the industry can be difficult to find, however, with reports frequently gaining prominence on news aggregators and social media.

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

That’s not yet the case, Miyaguchi said. So as to draft the most appropriate laws in future bitcoin isn’t yet an official currency in Japan but the government has identified a demand for it to be defined as something similar.

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

Images courtesy of, Shutterstock


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