V20 SUMMIT RECOVENES WITH SUPPORT FROM FATF, REGULATORS TO ADDRESS STABLECOINS, DEFI
Updated: Aug 26, 2022
(First posted on https://www.idaxa.org)
FOR IMMEDIATE RELEASE
[PARIS, 11 November 2020] The V20 Summit will take place virtually 16 - 18 November, reconvening in response to new regulatory challenges set forth by the Financial Action Task Force (FATF).
As a continuation of the work commenced at the inaugural V20 Summit, which was held in parallel to the 2019 G20 Leaders’ Summit in Osaka, Japan, the 3-day online event will bring together world-leading virtual asset service providers (VASPs) and key blockchain industry bodies with regulators to report directly to the FATF on industry progress toward meeting the obligations of the Travel Rule.
Added to the agenda for this year’s discussions are newly identified risks associated with stablecoins and decentralised finance (DeFi), as described in the FATF 12-Month Review and Red Flag Report.
“The industry is innovating at a tremendous pace. To realise the opportunities of virtual assets, we must work together to mitigate the risks of them being used to fuel crime and terrorism,” said David Lewis, Executive Secretary, FATF, who will address the V20 on the opening day. “The V20 provides an excellent forum to help inform the effective implementation of global standards,” said Lewis.
Day one of the summit will provide a platform for FATF and regulators to share their views on current and future money laundering and terrorist financing (ML/TF) risks associated with virtual assets. The regulators currently confirmed to participate in these sessions include the US Department of Treasury and the Financial Crimes Enforcement Network (FinCEN), Monetary Authority of Singapore (MAS) and Japan Financial Services Agency (JFSA). Officials from Australia, Canada, Switzerland and Taiwan are also confirmed to attend as observers.
Day two is for VASPs only, allowing industry representatives a chance to privately workshop the concerns of the regulators, with C-suite executives from Crypto.com and Bitcoin Suisse among the prominent VASPs in attendance. On the third and final day of the summit, the moderators that led the industry-only discussions will deliver key takeaways back to FATF and regulators.
“Based on what we saw in Osaka last year, the V20 is proven to be an effective platform to drive industry collaboration on these matters,” said Takahide Habuchi, Assistant Commissioner, International Affairs Office, JFSA, and Co-Chair of the FATF Virtual Asset Contact Group, who will deliver the concluding remarks on behalf of FATF on day three. “Now, we must come together again and proactively address a range of new issues highlighted by FATF, if the industry is to enjoy continued growth,” said Habuchi.
The V20 Summit is presented by the International Digital Asset Exchange Association (IDAXA) in partnership with Global Digital Finance (GDF) and supported by the Chamber of Digital Commerce.
“We have established an open communication channel with the FATF, as well as the regulators, which means we have their ear,” said Anson Zeall, Chairman of IDAXA and convenor of the V20 Summit. “IDAXA was created as a unified voice for industry to interact confidently and purposefully with the authorities at a global level, because avoiding the regulators will do nothing to advance our industry,” said Zeall.
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