Victor Ugochukwu · Dec 14, 2020 . 5min read
Japan’s JCBA and JBA Collaborate to Boost Crypto-Asset Development in Japan
Japan's JCBA and JBA associate to enable development of Crypto-assets like Virtual currencies and Blockchain technology in Japan.
By Komal Joshi · Sep 1, 2020 . 6min read
Japan’s leading blockchain association, Japan Cryptocurrency Business Association (JCBA) and Japan Blockchain Association (JBA) have collaborated to boost crypto assets. According to a blog post, they have joined hands for the development of crypto-assets (virtual currency) and blockchain technology.
Japan Cryptocurrency Business Association (JCBA) is a general incorporated association. It was initially a Cryptocurrency Business workshop group for the sound development of the industry. The association contributes to providing support when banks, securities firms, and financial instruments, and business companies launch their Cryptocurrency businesses in the Japanese market. The Japan Blockchain Association (JBA) is a reorganization of the Japan Authority of Digital Assets (JADA). JBA has two divisions. One deals with virtual currency, and the other with blockchain technologies in general.
JCBA and JBA on Development of Crypto Assets
In the domestic industry, both JCBA and JBA have conducted research and proposals linked to domestic industry and regulations. They have held seminars and events for blockchain technology. Particular cooperative measures involve holding co-sponsored events to promote public awareness, regulating activities related to stable coins and central bank digital currency (CBDC).
There are still many debates about crypto assets. Both organizations stated that the domestic implementation of crypto assets and blockchain technology has not advanced in Japan. They intend to carry out information dissemination and public awareness activities. Yuzo Kano, CEO of the Japan Blockchain Association (JBA), said on Twitter, “At last, two groups of Japanese virtual currencies and blockchains have joined together. We will do our best to solve the problem!”
Earlier, we reported that Ryozo Himino, Japan’s incoming Financial Services Agency Chief, cautions on the public expectancy of lax crypto rules. He warns about stiff crypto regulation but is open to discussing rolling out a digital yen. A Reuters report shows that Himono is more focused on Japan issuing CBDC, amidst the coronavirus pandemic. Himono thinks the pandemic could help speed up the arrival of a cash-less society.
In January, the FSA officially proposed cutting the leverage cap for cryptocurrency margin trading. The FSA reportedly planned to put the order into practice in April once a revised version of the Financial Instruments and Exchange Act enters into effect. JVCEA enacted a leverage cap of 4x last year, after which some cryptocurrency exchanges in the country reduced their rates.
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