- V20 Summit ends with a new MoU signed between different crypto and regulatory companies
- The intention is to provide a globally unified voice for the crypto space
The V20 Summit that was held in Osaka, Japan, close to where G20 leaders were meeting, has ended with different promises and topics discussed cryptocurrencies. The main topic was related to the global crypto standards that have been set by the Financial Action Task Force (FATF).
V20 Summit Concludes
There is a group of different national cryptocurrency associations that aim to engage with government regulatory agencies and policymakers to ensure the industry’s best interests are understood and valued at an international level.
The summit gathered different representatives from companies around the world and in the crypto industry. The main goal is to develop a clear roadmap for firms to be compliant with all the regulations related to virtual currencies and to apply the recommendations from the FATF.
At the same time, at the end of the summit, the V20 informed that a group of national trade associations that represent virtual service providers (VASPs) signed a Memorandum of Understanding (MoU) in order to create an association that would provide a globally unified voice for the crypto industry.
Ronald M. Tucker, convenor of the V20 and the 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.”
He went on saying that this shows that there is a commitment to creating a new regime to have a close dialogue with government and regulators around the world to promote VASP. Moreover, it promotes and facilitates compliance among actors around the world.
Some of the associations that signed the MoU include the ADCA, the Singapore Cryptocurrency and Blockchain Industry Association (ACCESS), Japan Blockchain Association (JBA), the Korean Blockchain Association (KBA), the Hong Kong Blockchain Association (HKBA) and many others.
Some companies that participated at the event include Coinbase, Kraken, Huobi, Bitcoin.com, Norton Rose Fullbright, and other recognized crypto exchanges and companies in the space.
