National cryptocurrency associations will create a global association of digital assets

National cryptocurrency associations will create a global association of digital assets

A group of national associations representing virtual asset service providers (VASP) plans to create a single association that will represent the industry at the global level.

The Memorandum of Understanding is reportedly signed by the Digital Commerce Association of Australia (ADCA), the Singapore Cryptocurrency Industry Association and the Blockchain, the Japanese Blockchain Association, the Korean Blockchain Association, the Hong Kong Blockchain Association and the Taiwan Parliamentary Blockchain and Self-Regulatory Coalition.

The document was signed at the V20 VASP summit, held in parallel with the G20 summit in Osaka. The purpose of the agreement is to ensure cooperation between virtual asset service providers and regulators. ADCA founder and V20 coordinator Ronald Tucker said:

“We decided to unite everyone to move in one direction and create a new body that will help develop tools for interaction with government departments and the Financial Action Task Force on Money Laundering (FATF). Thanks to this, we hope to create an ecosystem in which our interests will be understood and appreciated at the international level. ”

The document argues that the new association will deal first with building relationships with authorities and regulators, and will also support the exchange of information, promote uniform policies and procedures, develop tools to raise awareness in the industry and ensure legal compliance.

Recall that the FATF has previously published a document that includes recommendations on cryptocurrency regulation for 37 states. It states that virtual asset service providers are required to share customer information among themselves when transferring funds.


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