Group of National Trade Associations To Establish Global Cryptocurrency Association

  • Group of trade associations wants to create a crypto global association
  • There are still countries debating how to regulate digital assets

The group that represents the local Virtual Asset Service Providers (VASPs) announced its intention to establish an association in order to provide a global representative for firms in the crypto and blockchain industries. The information was released by Cointelegraph a few hours ago after receiving a press release that the group shared.

Trade Group To Create Global Crypto Association

According to the press release, the Japanese trade association decided to sign a Memorandum of Understanding (MoU) in Osaka in order to create this association. The group includes the Australian Digital Commerce Association (ADCA), Singapore Cryptocurrency and Blockchain Industry Association, and the Taiwan Parliamentary Coalition for Blockchain and Industry Self-Regulatory Association.

This meeting has been organized at the V20 VASP summit that took place in parallel with the G20 meeting in Osaka. VASP representatives have been working also with different regulators in the country.

ADCA founder and V20 convenor Ronald M. Tucker commented:

“We’ve bought 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 wants to increase the dialogue with governments and regulations from different countries, support information exchange also promotes policy and procedures, among other things. There are several regulatory agencies that are trying to regulate virtual currencies around the world. The intention is to have clear rules for digital assets to operate, but this is a very difficult task that very few countries were able to deal with.

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