As the G20 leaders’ summit came to a close, the nearby V20 summit concluded with a set of promises for the crypto industry in response to the global crypto standards set by the Financial Action Task Force. A group of national crypto associations aims to engage with government agencies and global policymakers to ensure the industry’s best interests are understood and valued at an international level.
The two-day Virtual Asset Service Providers Summit or V20 in Osaka, Japan, wrapped up Saturday. Policymakers and representatives of major companies in the crypto industry gathered “to develop a clear roadmap toward full compliance with a new set of recommendations from the Financial Action Task Force (FATF) for the global regulation of crypto asset transactions,” the V20 declared. At the same time and in the same city, the G20 leaders’ summit also wrapped up Saturday.
At the conclusion of the summit, the V20 announced that a group of national trade associations representing virtual asset service providers (VASPs) signed a Memorandum of Understanding (MOU) “to establish an association to provide a global unified voice for the virtual asset industry.” Ronald M. Tucker, convenor of the V20 and founder of the Australian Digital Commerce Association (ADCA), commented:
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.
Signatories of the MOU signed at the V20 summit.
Tucker explained that the agreement signals a commitment to develop a “cooperative regime to underpin dialogue with government and regulators to promote VASP.” In addition to supporting “industry-wide information exchange and best practice” and an increased “awareness of the industry and its economic value,” it promotes and facilitates “compliance with global industry standards.”
The signatories include the ADCA,