PR: New FATF Rules See VASP Industry Convene for V20 Summit

[Osaka, Japan, June 10 2019] As the Financial Action Task Force (FATF) prepares to roll out a new set of rules to increase reporting requirements on cryptocurrency transactions at the G20 Leaders’ Summit this month, a collective of international industry associations have led an initiative to convene Virtual Assets Service Providers (VASPs) for the first-ever V20 Summit, to be held as a concurrent event to the G20 on June 28-29 in Osaka, Japan.

The summit will assemble VASPs, policy makers and crypto-asset industry participants to discuss the implications of the FATF proposed requirements and possible technical solutions to achieve the desired outcomes of the FATF while also protecting and promoting opportunities for business.

In response to the FATF Public Statement in February, a global crypto-asset participant working group brought together by Global Digital Finance (GDF) proposed that application of this requirement could result in potential unintended consequences, including encouraging P2P transfers via non-custodial wallets, which are significantly harder for law enforcement to track or control, ultimately reducing the prevalence of exchanges themselves, which are currently one of the most effective forms of prevention and partnership to law enforcement working in the virtual asset sector.

The V20 Summit