CoinTelegraph Japan reports that virtual asset service providers (VASP) will be providing a formal response towards a set of recommendations for virtual currencies set forward by the Financial Action Task Force (FATF).
This response will be in the shape of a so-called V20 summit, which they hope to convene alongside the G20 Leaders Summit in Osaka, Japan on 28 and 29 June 2019. It is said that global legislators have expressed their firm backing for this summit, which will bring together economic leaders of the G20 nations along with their national blockchain associations, VASPs, and legislators from various jurisdictions.
All this because of the growing discussions around the series of recommendations developed by the FATF — the body established between the governments of the G7 group of economies that seek to promote common standards in legal, regulatory and operational actions against money laundering.
Their guidelines are thought of as a global benchmark in anti-money laundering efforts and the fight against illegal financing. They are used by some 200 countries despite not being legally binding, and now countries hope to adopt the same guidelines as they come face-to-face with crypto.
As it stands, however, not everyone is on the same page as to the current recommendations on virtual currency, with former FATF President, Roger Wilkins AO and former secretary Australian Department of the Attorney General, stating that:
“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.”
The warning that overly restrictive regulations would drive crypto underground is not without basis — Iran and Venezuela are two recent examples where citizens continue to use Bitcoin peer-to-peer when their respective governments sought to ban them.
The G20 finance leaders and their central bank counterparts have already asked the Financial Stability Board (FSB) and global standards organizations to consider a multilateral crypto response.
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