The V20 Summit Ends With Positive Talks Among Crypto Service Providers. Hopes To Form A Self Regulatory Body

    Alongside the G20 Summit in Osaka, Japan, there’s a V20 Summit held especially among VASPs (Virtual Asset Service Providers). The meeting was closed on Saturday discussing the policies announced by FATF in the past week.

    The V20 Summit Ends With Positive Talks Among Crypto Service Providers. Hopes To Form A Self Regulatory Body

    V20 Summit
    V20 Summit

    FATF (Financial Action Task Force) is an inter-governmental body that sets global standards to combat anti-money laundering and terrorist financing as well as other threats to the integrity of the international finance system. Last year, it announced that its international standards for illicit finance regulations would now apply to virtual assets with more precise instructions coming in 2019.

    With FATF being the relevant authority for seeking advice in policy framing, many nations have heard the suggestions from FATF and made their opinion.

    Though the proposed regulations put up by FATF aren’t mandatory, every nation of the community would eventually follow it. As the seclusion from it may lead that nation to fall apart from big nations interests later.

    Controversial Regulations!

    Financial Action Task Force (FATF) put forward proposed standards that would require virtual asset providers, including cryptocurrency exchanges, to not only verify their customers’ identities but also the recipients of their customers’ transfers. FATF has sought industry feedback on these standards, due to take effect during the G20 Summit in Osaka in June this year.

    This rule of maintaining the data for sender and receiver is seen ineffective by the member nations. As such data collection would be impossible and shall lead to other unwanted consequences which are against the proposed FATF rules. The V20 delegates have raised concerns of “What if users move funds from exchange to cold wallets and then send it others“. Collection and storing data of such cold wallets would be highly impossible. Furthermore, they’ve proposed forming a Self Regulatory Organization (SRO) to regulate and monitor the crypto related activities.

    Recent Articles

    Overwatch Tier List

    Overwatch Tier List: Overwatch is a colourful team-based shooter game starring a diverse cast of powerful heroes. It is developed and published by Blizzard...

    10 Best Ebook Torrent Sites

    Ebook Torrent Sites: Electronic books are called an eBook. eBooks can be read on digital devices like a tablet, mobile phone, computer, laptop, etc....

    10 Best Websites to Watch Cartoons Online for Free

    Watch Cartoons Online: Who does not love watching cartoons? Cartoons are favourite for all age groups be it kids or even adults. Some of...

    How To Fix Steam Missing File Privileges

    Steam Missing File Privileges: Steam is one ultimate destination for playing, discussing, and creating new games. On steam, you can find over more than...

    10 Best Sims 4 Mods

    The Sims 4 is a life simulation game that gives the players the power to create and control people. The players can experience creativity,...

    Related Stories

    Leave A Reply

    Please enter your comment!
    Please enter your name here

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Stay on op - Ge the daily news in your inbox