UPDATE (28th April 17:45 BST): Japan’s Financial Services Agency responded to our request for comment to confirm that the bill is still under deliberations and an enforcement date is not yet determined.
A group of 34 companies from around the world has launched Japan’s first blockchain trade association, created with the aim to promote both investment in startups working with the technology and broader industry collaboration.
The Blockchain Collaborative Consortium includes a wide range of companies ranging from Microsoft Japan to Brooklyn-based ConsenSys, as well as a variety of established Japanese technology companies and startups.
The makeup of the membership more closely aligns with that of the Linux Foundation-led Hyperledger, a consortium including technology companies, startups and financial institutions, compared to the consortium run by R3CEV that primarily focuses on banks.
The consortium's backers say they hope to encourage industry collaboration and information-sharing, while at the same time committing to increase public awareness, according to a TechCrunch Japan report published today.
The group said in a statement:
The establishment of the consortium comes as the Japanese government looks to solidify its regulatory position on digital currencies.
Japan making moves
According to an unconfirmed report earlier this week by the Japan Times, senior Japanese government officials had given their approval to legislation that would help integrate digital currency with the traditional banking system.
Image via Shutterstock
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.