VIRTUAL ASSET INDUSTRY ANSWERS G20 CALL TO OFFER SOLUTIONS TO REGULATORY AND COMPLIANCE ISSUES

BALI, Indonesia, Nov. 25, 2022 /PRNewswire/ — In response to a series of unfortunate events rocking the crypto world, a number of Virtual Asset Services Providers (VASPs) have announced specific industry proposals addressed to global regulators, aiming to expand cooperation and enhance dialogue between both sides while enabling improvements to the existing regulatory mechanisms and compliance infrastructure.

20 VASPs made their way to the V20 Summit, a supporting event to the G20 Leaders’ Summit, taking place in Bali, Indonesia on November 15-16, 2022. Hosted by the International Digital Exchange Association (IDAXA), in cooperation with Asosiasi Blockchain Indonesia (A-B-I), the summit served as the venue for Industry to interact and exchange with global regulators, led by the Financial Action Task Force (FATF) and the Financial Stability Board (FSB) which were both represented at the highest levels, with FATF President Raja Kumar and FSB Secretary General Dietrich Domanski providing keynote speeches.

Mr. Kumar acknowledged the importance of industry cooperation in addressing financial crimes.            

“In essence, it is crucial for the private sector and public sector to work closely together to establish close partnerships and share information and expertise”, he said, adding that industry serves as “a key entry point into the financial system that makes [Industry] the gatekeepers, the crucial first line of defense.”

For his part, Mr. Domanski pointed out that “Crypto assets and markets provide many of the same economic functions as traditional financial markets. As they do so, they must be subject to effective regulation and oversight commensurate with risk staples”. He continued by saying that “an effective regulatory framework must ensure that crypto asset activities posing similar risks to traditional financial activities are subjected to the same regulatory outcomes.”

This high-level meeting also received input from the likes…

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