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 consists of 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).

Speaking 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 industry to gain trust from the public about bitcoin Then,” she said, adding:

Blockchain covers advantages that are wider beyond currency and settlement. There was a need for us to deal with 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 exact same time. A common goal is shared by Both groups in nourishing and developing the blockchain sector of Japan .

Though the issues blockchain technology can influence JBA will maintain the advocacy and standards-setting assignment as JADAbest bitcoin casinos for us players bitcoin casinos for us players no deposit bonus codes 2019 Miyaguchi said that eventually all present and future businesses in the blockchain businesses 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 divisions: one dealing with another and virtual money with blockchain technologies in general. The former group — which worries financial regulatory issues, tax and customer — includes bitcoin exchanges such as Kraken, bitFlyer and Coincheck.

The latter group — which concerns definition and coverage suggestions for blockchain tech — 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 guidelines;
  • 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 will also promote and support its member businesses, organize promotional events, speak to similar industry groups and communicate with industry groupshttps://bitcoincasinoreview.info/ counts big 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 digital money and blockchain businesses.

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

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

That is not the case, Miyaguchi stated. So as to draft the laws in future bitcoin is not yet an official money in Japan but the government has identified a need to be described as something similar.

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

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

Source: bitcoincasinoreview.net