The Japan Virtual Currency Exchange Association (JVCEA) became the eighth national industry body and the first certified self-regulatory organization to sign a Memorandum of Understanding (MoU) with the International Digital Asset Exchange Association (IDAXA), whose purpose is to provide a unified voice for the Virtual Asset Service Provider (VASP) industry and work with the Financial Action Task Force (FATF) to come up with regulations for global virtual-asset transactions.
JVCEA, certified by the Financial Services Agency of Japan, oversees the business activities of VASPs to ensure compliance to its own regulations, protect consumers and create safe trading environments for virtual assets.
“As virtual assets are being increasingly adopted, it is significantly important for the virtual assets industry to explore a widely accepted framework for cross-border virtual assets transfer. I believe it is meaningful for JVCEA to participate in the global round table that is IDAXA and I strongly hope that this approach will facilitate the sound development of the virtual-asset industry,” JVCEA Chairman and President Taizen Okuyama.
A global leader in the self-regulation of virtual-assets, Japan granted its cryptocurrency industry the authority to self-regulation in October 2018. It is the only country in the world so far to bestow this status on the industry.
The MOU was signed at the JVCEA offices in Tokyo by Okuyama and Ronald M. Tucker, Founder and President of Blockchain Australia and the convenor of the V20 summit, the VASP conference held in parallel to the G20 Leaders Summit in Osaka in June that culminated in the formation of IDAXA.
“Japan is a recognized world leader in the proactive development and the responsible, widespread adoption of self-regulatory practices for VASPs. Japan’s contributions, based on its experience and leadership, will be invaluable in supporting regulatory bodies around the globe. IDAXA is delighted to continue working closely with our Japanese partners,” Tucker said.
Aside from JVCEA, IDAXA now represents Blockchain Australia, Singapore Cryptocurrency and Blockchain Industry Association (ACCESS), Japan Blockchain Association (JBA), Korean Blockchain Association (KBCA), Hong Kong Blockchain Association (HKBA), the Taiwan Parliamentary Coalition for Blockchain & Industry Self-Regulatory Organization and the Crypto Valley Association of Switzerland.