According to a recent report, an initiative is taken to establish a global cryptocurrency association so as to provide a global representative for firms in the crypto industry. 

In the recently held V20 summit, the Japanese trade association has signed a Memorandum of Understanding (MoU) in Osaka aiming to establish a Global Cryptocurrency Association (GCA). The Japanese trade association that represents the Local Virtual Asset Service Providers (VASPs) signed the agreement with several other associations. The agreement was signed by six associations including the Korean Blockchain Association, Australian Digital Commerce Association (ADCA), Japan Blockchain Association, Singapore Cryptocurrency and Blockchain Industry Association, Hong Kong Blockchain Association among others.

The signing of the agreement took place at the inaugural session of the V20 summit that took place parallel to the G20 meeting held in Osaka. 

Ronald M. Tucker founder of ADCA and V20 convenor stated that “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.”

MoU aims to engage in dialogue with the regulators and the government to promote policy and procedures, to support information exchange and increase awareness of the industry. 

Anson Zeall, the V20 summit’s co-convenor and the Chairman of Singapore ACCESS stated that there is an atmosphere of collaboration and new beginnings for the whole crypto industry with the signing of this MoU.

Earlier this month, G20 finance ministers and central bank governors asked the Financial Stability Board (FSB) and international standard-setting organizations to carry out risk assessment monitoring of crypto assets. 

In the meeting for finance ministers and central bank governors from the G20 member countries, Adam Back, an influential blockchain advocate and one of the first people to work on Bitcoin, explained the benefits of Blockchain technology at this year’s G20 summit.

Do you think, the establishment of the Global Cryptocurrency Association(GCA) will facilitate the global adoption in the crypto industry? Let us know in the comment section below.