A group of national trade associations representing the local Virtual Asset Service Providers (VASPs) announced their intention to establish an association to provide a global representative for firms in the industry in a press release.

Per the release, the aforementioned Japanese trade association signed a Memorandum of Understanding (MoU) in Osaka aiming to establish the association. The associations that signed the agreement include the Australian Digital Commerce Association (ADCA), Singapore Cryptocurrency and Blockchain Industry Association, Japan Blockchain Association, Korean Blockchain Association, Hong Kong Blockchain Association, and the ​Taiwan Parliamentary Coalition for Blockchain & Industry Self-Regulatory Organization.

The signing ceremony took place at the inaugural V20 VASP summit, which took place in parallel with the G20 meeting in Osaka which has seen VASP representative collaborate with regulators. ADCA founder and V20 convenor Ronald M. Tucker commented:

“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 press release explains that the MOU aims to establish dialogue with governments and regulators, support information exchange, promote policy and procedures, increase awareness of the industry and facilitate compliance.

G20 finance ministers and central bank governors asked the Financial Stability Board (FSB) and global standard-setting organizations to monitor risks around crypto assets.

Adam Back, who invented the hashcash proof-of-work system and was one of the first people to work on bitcoin (BTC), spoke about the positive uses of blockchain at this year’s G20 summit.

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