[Osaka, Japan, June 29, 2019] A group of key national trade associations representing Virtual Asset Service Providers (VASPs) has announced the signature of a Memorandum of Understanding (MOU) to establish an association to give a single worldwide voice for the virtual asset industry to protect industry players like Bitcoin traders, digital asset investors, and crypto-related companies.
The signatories on the MoU include the Australian Digital Commerce Association (ADCA), Singapore Cryptocurrency and Blockchain Industry Association (ACCESS), Japan Blockchain Association (JBA), Korean Blockchain Association (KBCA), Hong Kong Blockchain Association (HKBA) and the Taiwan Parliamentary Coalition for Blockchain &Industry Self-Regulatory Organization. Former FATF president Roger Wilkins AO was also present to witness the signing ceremony.
The signing took place at the inaugural V20 Summit, which was held concurrently with the G20 Leaders Summit in Osaka, Japan, with the goal of developing a clear roadmap toward full compliance with a new set of recommendations from the Financial Action Task Force (FATF) for global regulation of crypto-asset transactions.
Ronald M. Tucker, convenor of V20 and founder of ADCA, said the signing represents a pivotal moment for VASPs as the industry continues to evolve. “We’ve brought everyone on a journey to create a new body that will assist in establishing a means to engage with government agencies and the FATF to ensure our best interests are understood and valued at an international level,” he said.
In particular, the MOU signals a commitment to:
- the development of cooperative regimes to underpin dialogue with government and regulators to promote VASP
- support industry wide information exchange and best practices
- develop and promote policies and procedures
- increase awareness of the industry and its economic value
- promote and facilitate compliance with global industry standards.
“With these new rules from the FATF, and in signing this MoU, we are coming together in the spirit of collaboration and entering into a new phase for the whole industry,” said Anson Zeall, co-convenor of the V20 and Chairman of Singapore ACCESS.
“Further, this new agenda aligns with and strengthens our original mission to utilize the power of blockchain technology to deliver financial inclusion across the world,” he added.
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