‘V20′ Blockchain Summit to Coincide with G20 Leaders’ Meeting in Osaka This Week
A summit to discuss unified regulatory frameworks for the blockchain industry will run alongside this week’s G20 Summit in Osaka, Japan. The two-day “V20” conference on 28-29th June will include representatives from a number of blockchain trade organizations and digital asset exchanges.
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V20 Blockchain Summit to Discuss New FATF Guidelines
Participants will discuss new regulatory guidelines set by the Financial Action Task Force (FATF), an international body formed to combat money laundering and terrorism financing (better known as AML/CFT) and discuss other potential threats to the integrity of the international financial system. FATF’s updated standards are due to come into effect at the same time as the G20 Summit.
Specifically, the group is proposing that new regulations consider “the unique nature of virtual assets”, request an extension of the timeline for the new FATF to come into effect, and develop industry protocols to meet FATF’s information collection requirements.
FATF has in the past taken a strong interest in the cryptocurrency and digital asset world, and has proposed standard regulations to identify all users of exchanges and monitor transfers in and out. Several of the larger industry players have voiced support for such standards, which are key to establishing their legitimacy in the financial world.
V20 provides a forum for the blockchain industry to interact directly with those who may regulate it. This dialog, participants hope, will communicate better each side’s needs and create regulation that supports growth in an atmosphere of trust. In turn, it would help make future compliance smoother for businesses dealing with the ever-increasing amounts of money flowing through their systems.
About the V20 and G20
Other groups from Japan, Korea and the United Kingdom will participate, as will well-known exchanges like Huobi, Kraken, and ANX, plus financial firms Deloitte and SBI Group.
The G20 represents the “group of 20” world’s largest economies, whose leaders, key ministers and central banks gather to discuss issues affecting world financial stability. The Osaka event will be the fourteenth since the G20 formed in 2008.
Do summits like this produce useful outcomes for the blockchain and digital asset industries? Tell us what you think in the comments.
Images via Pixabay