Leah Callon-Butler, director of Emfarsis, discussed how the cryptocurrency first became serious about the recommendations from the Financial Action Task Force (FATF) in the V20 Conference in 2019 in Osaka, Japan. You can read the full article here: Inside the Osaka Conference Where Crypto Got Serious About FATF’s ‘Travel Rule’
More than 100 of the world’s most important figures in the crypto compliance industry assembled to unpack one of the most pivotal regulatory developments in the history of our fledgling industry.
Held from June 28 to 29, 2019 in parallel to the G20 Leaders Summit in Osaka, Japan, the V20 Summit was a chance for the industry to respond to a highly controversial new set of recommendations handed down by the FATF. It would have been nice for these FATF recommendations to be more accommodating to the sector but time constraints effectively ruled that out, said Siân Jones, co-founder of XReg Consulting.
The major nations of the world got together to set that timetable and the FATF policy group had very little time to develop something more tailored to virtual assets.
During her technical overview on the implications of the FATF guidance, Jones congratulated VASPs at the V20 on being included in the global financial system.
“We spent a lot of time rallying the community to stop petitioning against the Travel Rule and start collaborating toward a compliance solution of the industry own design,” said Teana Baker-Taylor, executive director of Global Digital Finance, an industry membership body that sets out standards and best practices for blockchain and digital assets.
According to Leah, despite the hurdles, the cryptocurrency industry’s strong tech focus can actually help achieve the FATF’s goals. By the time of the next G20 Leaders’ Summit in Riyadh, crypto could be another step closer in going mainstream.
You can read the full article here: Inside the Osaka Conference Where Crypto Got Serious About FATF’s ‘Travel Rule’
Published: CoinDesk By: Leah Callon-Butler (December 31, 2020)