An international association of the crypto-industry will be created to work with regulators

The group of national associations of service providers in the field of virtual assets (VASP) intends to form a unified association that will represent the cryptocurrency industry at the global level, writes CryptoBtcMining.com .

The protocol of understanding has already been signed by the following associations :

• Australian Digital Commerce Association (ADCA),
• The Singapore Association of Crypto Industry and Blockchain,
• Japanese Blockchain Association,
• Korean Blockchain Association,
• Hong Kong Blockchain Association,
• Taiwanese parliamentary coalition on blockchain and self-regulation.

The signing of the document took place at the first V20 VASP Summit, which was held in parallel with the G20 meeting in Osaka and was aimed at ensuring cooperation between virtual asset service providers and regulators.

ADCA founder and V20 coordinator Ronald Tucker stated:

“We have brought everyone together to create a new body that will help create new means of interaction with government departments and the Financial Action Task Force on Money Laundering (FATF) to ensure that our best interests are understood and valued at the international level.”

According to the document, participants in associations intend to establish a dialogue with authorities and regulators, support the exchange of information, promote uniform policies and procedures, raise awareness in the industry and ensure compliance with legal requirements.

Earlier, FATF launched an initiative that calls for the exchange of customer data between cryptocurrency exchanges in the transaction process.

Publication date 01/07/2019
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