Blockchain Collaborative Consortium

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The Blockchain Collaborative Consortium (BCCC) is a non-profit organization focused on advancing Japan's blockchain industry. Formed in 2016, BCCC fosters collaboration among traditional FX brokers, crypto exchanges, and other stakeholders. It promotes blockchain adoption via events, research initiatives, and close cooperation with the Financial Services Agency (FSA). By creating a unified blockchain ecosystem, BCCC aims to ensure both innovation and regulatory compliance in the rapidly evolving blockchain space.

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FAQ

What is the purpose of the Blockchain Collaborative Consortium (BCCC)?

The Blockchain Collaborative Consortium (BCCC) is a non-profit organization dedicated to advancing the blockchain industry in Japan. It primarily aims to foster collaboration among various industry stakeholders, including FX brokers and crypto exchanges, to promote blockchain technology and enhance its applications. BCCC works towards creating a unified blockchain ecosystem while ensuring regulatory compliance in partnership with the Financial Services Agency (FSA).

How does BCCC contribute to the growth of Japan's blockchain industry?

BCCC contributes to Japan's blockchain industry growth by fostering collaboration among industry players, organizing events, and conducting research and development projects. These initiatives help promote the understanding and adoption of blockchain technology, ensuring stakeholders are aligned with the industry's objectives while maintaining regulatory compliance and facilitating industry communication.

What differentiates BCCC from other blockchain organizations in Japan?

BCCC is distinguished by its focus on collaboration between traditional FX brokers turned crypto exchanges and the blockchain sector. Unlike groups led by virtual currency exchanges keen on innovation, BCCC seeks to defend its established position by working with these traditional brokers. This unique focus assists in balancing innovation with stability, critical for fostering Japan's blockchain ecosystem.

What role does the Financial Services Agency (FSA) play concerning BCCC?

The Financial Services Agency (FSA) plays a regulatory role in relation to BCCC, ensuring that the consortium's initiatives align with national standards for compliance and industry practices. The FSA has encouraged the creation of a unified industry body to serve as a self-regulatory organization (SRO), demonstrating the importance of accountability and structure in the evolving blockchain industry.

Why was there initial resistance to BCCC's establishment?

Initially, resistance to BCCC's establishment stemmed from the irritation it caused at the FSA and among the public, due to its simultaneous registration with the Japan Blockchain Association (JBA). The differences in leadership styles and strategic focus between BCCC and JBA contributed to the tension, driving the need for a unified body that could harmonize the interests of both traditional and disruptive players in the industry.

How can businesses benefit from collaborating with BCCC?

Businesses that collaborate with BCCC can benefit from access to a network of industry stakeholders, opportunities for participation in R&D initiatives, and involvement in influential events aimed at enhancing blockchain adoption. Additionally, they can gain insights into regulatory compliance and industry best practices, helping them better navigate the blockchain landscape in Japan.

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