The Japan Virtual Currency and Exchange Association (JVCEA) has become the eighth national trade association, and the first certified self-regulatory organization, to sign a Memorandum of Understanding with the International Digital Asset Exchange Association (IDAXA).
Per a press release shared with Coinfomania, JVCEA which was founded in 2018 and licensed by the country’s Financial Services Agency (FSA) joined IDAXA with the goal to provide a unified voice for crypto exchanges and continue an open dialogue with the Financial Action Task Force (FATF) regarding a new set of recommendations for regulation crypto platforms globally.
Notably, the JVCEA as a self-regulatory body carries out activities such as inspecting and monitoring the business activities of crypto exchanges to ensure consumer protection and safe trading environments for virtual assets. Bring such a wealth of experience to the IDAXA board arguably strengthens the chase for unified regulations for crypto platforms.
Commenting on the development, Chairman of JVCEA, Taizen Okuyama, highlighted the importance of exploring a widely accepted framework for the cross-border transfer of cryptocurrencies in line with global regulators. He then added:
I believe it is meaningful for JVCEA to participate in the global round table that is IDAXA, and strongly hope that this approach will facilitate the sound development of the virtual-asset industry.
The signing of the MoU took place at the JVCEA offices in Tokyo, Japan, with the signatories including Chairman Taizen Okuyama, and Ronald M. Tucker, founder and President of Blockchain Australia and convenor of the recent V20 summit.
Tucker, on his part, hailed the JVCEA’s decision to join IDAXA, expressing the conviction that “Japan’s contributions based on their experience and leadership will be invaluable in supporting regulatory bodies around the globe.”
Earlier this month, Coinfomania also reported that Switzerland’s crypto association joined IDAXA as the seventh national trade association.