Creating some irritation at the FSA and among the general public, the Blockchain Collaborative Consortium (BCCC) was registered as a General Incorporated Association (non-profit organization) at about the same time as the JBA, after having been operating as a volunatary organization since April 2016. Both two groups share a common goal in growing and nourishing Japan’s blockchain industry despite their differences in leadership.
Industry sources shared the view that the JBA was lead more by the pure virtual currency exchanges, the newcomers to the Japanese financial system who want to innovate and disrupt, while the BCCC was dominated more by the traditional FX retail brokers turned crypto exchanges, who were increasingly keen to defend their entrenched position. No surprise then that the FSA forced the creation of a single body as an SRO.
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