The V20, a group of national crypto associations standing for the local virtual asset service providers (VASPs), have signed a Memorandum of Understanding (MoU) for setting up a global crypto association to unite the virtual asset industry to provide for a global delegation.

The group summoned at the inaugural V20 summit for the leading VASPs held in Osaka, Japan on 28 and 29 June which was held simultaneously with the G20 summit in the same place and at the same time.

V20 convener, Ronald M Tucker, said:

“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.”

As per the report, the signatories included 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 and Industry Self-Regulatory Organization and the signing ceremony took place in the presence of by Roger Wilkins AO, the former Financial Action Task Force (FATF) President.

The MoU threw light on the issues concerning the virtual asset industry with an agreement to construct a cooperative regime to maintain communication with the government and regulators to promote VASP. Additionally, the MoU addressed the need to support information exchange across the industry, foster the growth of policies and procedures, increase awareness and raise the benchmark to match the levels of global industrial standards.

Anson Zeall, the Chairman of Singapore ACCESS and Co-convener of V20 summit commented on the signing of the MoU:

“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.”

As reported earlier, the 36 member countries of the FATF, including European Commission held its annual Private Sector Consultative Forum in Austria in order to find some common ground on cryptocurrency before the commencement of the G20 summit. At the beginning of the month, Finance ministers and their central bank counterparts made a joint request to the Financial Stability Board (FSB) and global standards organizations to offer a cooperative response to monitor risks surrounding crypto assets.

 

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