The Japan Virtual Currency Exchange Association (JVCEA) has inked a Memorandum of Understanding (MoU) and entered into a partnership with the International Digital Asset Exchange Association (IDAXA). The signing of the MoU by JVCEA marks the eighth national trade association in the sector to align with IDAXA.
JVCEA and IDAXA have joined hands together to achieve the goal of offering a united voice for the Virtual Asset Service Provider or VASP sector and carry on an open discussion with the Financial Action Task Force (FATF) in connection with a fresh set of recommendations for the worldwide regulation of virtual asset transaction.
Japan has already become a powerful sector of blockchain technology as regulators have framed effective and crystal clear rules and regulations. Now, Japan appears to be geared up to surge ahead with digital assets that are securities.
The JVCEA has emerged as the self-regulatory company and has received certification by Japan’s Financial Services Agency to proceed with self-regulatory activities. These activities may include scrutinizing and tracking business activities of VASPs in agreement with its own regulations to offer top-class consumer protection and secure trading atmosphere for virtual assets.
Taizen Okuyama, Chairman of JVCEA, said,
As virtual assets are being consistently adopted, exploring a widely accepted framework of cross-border virtual-assets transfer is significantly important for the virtual assets industry. I believe it is meaningful for JVCEA to participate in the global round table that is IDAXA, and strongly hope that this approach will facilitate the sound development of the virtual-asset industry.
Meanwhile, in the year 2018, Japan went on to grant its cryptocurrency sector the essential self-regulatory power. Japan has become the only country all across the globe to accomplish this legislative status.
Those who have signed the MoU include leading names like Chairman and President of JVCEA, Taizen Okuyama, and founder and President of Blockchain Australia and convener of the V20, Ronald M. Tucker.
Tucker said Japan has emerged as the global leader in the proactive development and accountable, extensive adoption of self-regulatory practices for VASPs. The contribution of Japan is based on its rich experience and leadership. It will play a vital role in supporting regulatory bodies all over the world.
IDAXA is excited to continue to work closely with Japanese partners, added Tucker.
IDAXA came into existence during the V20 Summit that took place in Japan earlier in the year 2019.
Eight signatories have joined IDAXA which includes leading names like Singapore Cryptocurrency and Blockchain Industry Association or ACCESS, Blockchain Australia, Japan Blockchain Association or JBA, Korean Blockchain Association or KBCA, Taiwan Parliamentary Coalition for Blockchain & Industry Self-Regulatory Organization, Hong Kong Blockchain Association or HKBA, and Crypto Valley Association of Switzerland.