A group of national associations representing virtual asset service providers (VASPs) has signed an MoU that will establish a global association of VASPs that will champion the agenda of blockchain companies going forward. Convening at the inaugural V20 Summit held in Osaka Japan on Friday, June 28th and Saturday, June 29th, the associations agreed to come together in order to represent a globally unified voice for the virtual asset industry. The V20 Summit was held in parallel to the meeting of the G20 world leaders that have also convened in Osaka Japan on the same dates.
The signatories to 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. The signing was witnessed by former FATF President, Roger Wilkins AO.
The meeting was convened in the first place to discuss a global regulatory environment and provide a new set of recommendations for the FATF task force. There was a group of policymakers as well as global dignitaries who attended the summit. Founder of the ADCA and convener of the V20 Summit Ronald M. Tucker said that:
We’ve brought everyone on the 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.
The MoU required the signatories to make a commitment to the following issues concerning the virtual asset industry:
- Development of a cooperative regime to underpin dialogue with government and regulators to promote VASP
- Supporting industry-wide information exchange and best practice
- Developing and promoting policy and procedures
- Increasing awareness of the industry and its economic value
- Promoting and facilitating compliance with global industry standards.
Anson Zeall, the co-convener of the V20 Summit and Chairman of Singapore ACCESS commented on the signing of the MoU saying that:
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 […] 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.