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Rival Groups Have Similar Aims bitcoin casino with practice play mode

JBA Replaces JADA

Founded 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 in addition to 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 said both JADA and the government had received requests for a nationally blockchain industry association.

“JADA was more focused on self regulations as it had been necessary for the industry to gain trust from the public about bitcoin Then,” she explained, adding:

Blockchain covers broader technological advantages beyond money and settlement. There was a need for us to deal with those at precisely 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, called the Blockchain Collaborative Consortium (BCC) around the same time. A common goal is shared by the two groups in nourishing and growing Japan’s blockchain sector .

JBA will maintain the advocacy and standards-setting mission though with a wider view the issues blockchain technology may influenceBITCOIN LOTTERY scam Miyaguchi said, however, that eventually 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, as well as the point of contact to governmental authorities.

Structure & Mission

JBA will have two divisions: one dealing with virtual money and the other. The former group — that concerns customer, tax and financial regulatory 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 Microsoft Japan, payments gateway GMO Internet Group cloud computing platform Orb and blockchain identity startup Soramitsu.

The group aims are to:

  • Employ blockchain technology to social infrastructure and policy recommendations;
  • Establish guidelines for bitcoin and other digital 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 communicate with similar and related industry groups, organize promotional events, speak to similar industry groups internationally, and will also encourage and support its member companiesbitcoin casino and faucet bitcoin dice casino for sale counts large players in the payments and financial space Thomson Reuters, such as Deloitte, credit card company, and VC investors SBI Holdings JCB, as official supporters.

Keep an Eye on Japan

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

Accurate news about the industry can sometimes be difficult to find, however, with vague reports gaining prominence on networking and news aggregators.

English language news reported that 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. In order to draft the suitable laws in future, bitcoin is not yet an official currency in Japan but the government has identified a demand 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 JBA and BCC?

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

Source: bitcoincasinoreview.info