Where it all started
IDAXA was established during the V20 summit (v20summit.org) in Osaka, Japan – a two-day industry summit for the world’s leading Virtual Asset Service Providers (VASPs). It was held in parallel to the G20 Leader’s Summit, bringing together leading digital asset exchanges, key domestic industry representatives, bodies and dignitaries.
“Upon bringing together the leading VASPs in Osaka for the V20, we recognised a need for an international dialogue to drive collaboration between government and industry (and other such-key stakeholders moving forward) to deliver a coordinated response to the updated standards proposed by the Financial Action Task Force”
The outcome of the V20 was the signing of a memorandum of understanding (MoU) which signified a willingness for a unified approach in developing a solution that will be both workable for business and acceptable for regulators. The signatories of that MoU will drive forward IDAXA as the vehicle for the industry to engage with FATF.
The Development of Industry Codes and Standards
- Liaising with relevant government agencies and international bodies to create consistent (so far as possible) international regulation, policy and national legislation in relation to crypto asset commerce. With this, the orderly growth of industry can be promoted and appropriate commercial competition can be maintained.
Conduct and Disclosure
- Working with policy makers and other stakeholders to ensure that industry conduct enhances the accessibility of digital assets, financial products and services, while promoting consumer protection for exchanges customers. Additionally, promoting and supporting the exchange of information and best practices amongst participants in the digital asset industries.
- Working cooperatively with governments, law enforcement, the private sector, and digital asset exchanges on ways to prevent fraud and financial crime.
- Improving the global access to digital asset services and support for emerging economies, to ensure accessibility to the worlds unbanked and allow an increase in financial inclusion.
- Improving digital asset financial literacy aimed at helping all investors make informed and confident decisions regarding their money.