Recently Concluded V20 Bears Promises For Crypto Industry

The two-day Virtual Asset Services Provider Summit or V20 in Osaka, Japan has recently concluded bearing a much needed promise of regulatory clarity and a clear road map towards full compliance following a new set of recommendations coming from the Financial Action Task Force (FATF).

At the end of the Summit V20 participants announced that a group of national trade associations will represent virtual asset service providers (VASPs) and establish an association to provide a global unified voice for the Virtual asset industry.

Ronald M. Tucker convenor of the V20 and founder of the Australian Digital Commerce Association (ADCA) states that they have brought everyone on the journey to create a new body that will establish means to engage with agencies and the FATF.

Tucker adds that aside from supporting industry-wide information exchange and best practice and increase awareness, it promotes and facilitates compliance with global industry standards.

While there has been significant progress in terms of crypto regulations in the past few years there is more work to be done to create a regulatory framework that will be amendable to all stakeholders involved.

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