PR: Legislators Support V20 Summit in Response to New FATF Rules

[Osaka, Japan, 18 June 2019] Legislators have shown their support for the V20 Summit which is set to take place alongside the G20 Leaders Summit in Osaka, Japan, 28 & 29 June 2019. The event will convene G20 representatives, national blockchain associations, the world’s leading Virtual Asset Service Providers (VASPs) and legislators from jurisdictions to discuss implications and explore possible technical solutions to achieve the desired outcomes of a new set of recommendations proposed by the Financial Action Task Force (FATF).

“What we are hearing from industry is that the new rules may have the opposite effect to which they were intended, effectively forcing crypto transactions off the controlled platforms, which are currently one of the best avenues we have in gaining visibility over financial crime” said ex-FATF President, Roger Wilkins AO and former secretary Australian Department of the Attorney General, who will deliver a keynote speech at the V20 Summit. “As a former regulator, I recognise how important it is to identify a balanced solution that implements the recommendations of the FATF while also building the opportunity for business,” added Wilkins.

While FATF Recommendations are internationally recognised, they are not legally binding. It is up to each jurisdiction to implement the rules into local law. The V20 will explore the role of national jurisdictions in ensuring that regulations impacting on blockchain technology are both effective and balanced.

“The VASP industry recognises the importance of clear regulation in preventing financial crime and mitigating corruption,” said Japanese Congressman Naokazu Takemoto. “Japan has led by example and we are delighted to share our learnings with industry and the international community,” said Takemoto.

Japan, the host nation for this year’s G20 Summit, granted its cryptocurrency industry the authority to self-regulate in October 2018. It is the only country in the world to achieve this legislative status.

“We must step together as a group of forward-looking legislators to encourage our national and cross-border interests, as we continue to build the thriving economies of tomorrow,” said Taiwanese Congressman Jason Hsu, who will also speak at the V20 Summit. Nicknamed ‘The Crypto Congressman’ by Ethereum co-founder Vitalik Buterin for his plans to make Taiwan the world’s next blockchain island and crypto nation, Hsu has called upon other legislative leaders to back the movement.

The V20 is hosted by the Singapore Cryptocurrency and Blockchain Industry Association (ACCESS) and the Australian Digital Commerce Association (ADCA), with the support of the British Blockchain and Frontier Technologies Association (BBFTA), the Korean Blockchain Association (KBCA), the Hong Kong Blockchain Association (HKBA), the FinTech Association of Hong Kong (FTAHK), and in cooperation with Global Digital Finance (GDF).

For more information, visit: https://v20.io/

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Leah Callon-Butler, Head of Media and Communications, E: leah@v20.io