JBA Replaces JADA
Formed in mid-April, the JBA replaces the former 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 primary 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 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 technological advantages that are wider beyond currency and settlement. There was a need for us to address 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 developing and nourishing the blockchain sector of Japan despite their differences in direction.
Though with a wider view the issues blockchain technology can influence JBA will maintain standards-setting assignment and the exact same advocacy as JADAbitcoin casino no deposit bonus usa usa bitcoin casino fair Miyaguchi said that eventually all present and future businesses in the blockchain businesses would be advised to join JBA. She continued:
We’re the point of contact to authorities, in addition to global associations including the Global Blockchain Forum.
Structure & Mission
JBA will have two branches: one dealing with another and virtual currency with blockchain technologies in general. The group — that concerns customer, tax and financial regulatory issues — includes bitcoin exchanges like bitFlyer, Kraken and Coincheck.
The group — which concerns definition and policy proposals for non-currency blockchain technology — includes blockchain identity startup Soramitsu, payments gateway GMO Internet Group, blockchain cloud computing platform Orb and Microsoft Japan.
The group aims are to:
- Apply 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 promote and support its member companies, organize promotional events, talk to similar industry groups globally, and communicate with similar and related industry groupsbitcoincasino site counts big players in the obligations and financial space as supporters, such as Deloitte, Thomson Reuters, credit card company, and VC investors SBI Holdings JCB.
Keep an Eye on Japan
Due to its regulatory approach and the government’s generally open-minded attitude to the technology, Japan could be fertile ground for digital money and blockchain businesses.
News about the industry can be tricky to find, though, with vague reports frequently gaining prominence on news aggregators and social media.
English language news reported the government was considering legislating, or had already legislated, that Bitcoin would be defined as an official currency in the country.
That is not the case, Miyaguchi stated. So as to draft the suitable laws in future bitcoin is not yet an official currency in Japan but the government has identified a need for it to be described 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?