During this year’s Annual Meeting of the World Economic Forum in the Swiss resort town of Davos, two of the world's leading international crypto economy trade associations formed a partnership calling for much closer engagement with central banks, government regulators and other related bodies and a coordinated effort to clarify the economic and social benefits of virtual currencies for individuals, businesses, schools, governments and the broader community.
With the signing of a memorandum of agreement, International Digital Asset Exchange Association (IDAXA) and Global Digital Finance (GDF) hopes to expand the influence of the crypto sector around the world and form a unified voice when working with all involved sectors and groups.
“Today’s announcement here in Davos ensures the voices of more than 120 global exchanges will have constructive engagement with governments and regulators on behalf of global crypto currencies such as Bitcoin. With a total crypto asset market cap of more than a quarter trillion dollars, the need for a unified approach by the sector is more important than ever, IDAXA Founder Ronald Tucker explained.
GDF Co-chair Lawrence Wintermeyer, former CEO of Innovate Finance, the UK’s global fintech hub also said: “Our partnership further strengthens the position of the digital economy and puts the virtual asset services industry at the forefront of the dialogue with government and the community on economic growth and social cohesion.”
“The work of GDF and IDAXA together helps enhance the commercial opportunities between traditional banks and institutional players in emerging markets,” Wintermeyer added.
The signing, witnessed by representatives of national trade association representatives of Singapore, Taiwan, Hong Kong, Switzerland and Australia among others, was followed by an announcement to form a Banking-VASP advisory committee at the next V20 Summit, to be held in parallel with the next G20 Leaders Summit in Riyadh, Saudi Arabia in November.
This latest partnership follows the last year’s inaugural V20 Summit in Osaka last June when 20 leading global crypto brands sat down with the Financial Action Task Force (FATF), regional regulators, legislators and several self-regulatory and national trade associations to formulate workable arrangements for the future of virtual assets. The inaugural V20 Summit took place also in parallel with the G20 Leaders Summit in the Japanese city.
