Industry self-regulation

Virtual Asset Industry Answers G20 Call to Offer Solutions to Regulatory and Compliance Issues

Retrieved on: 
Wednesday, November 16, 2022

NUSA DUA, Bali, Nov. 16, 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.

Key Points: 
  • Mr. Kumar acknowledged the importance of industry cooperation in addressing financial crimes.
  • 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."
  • The G20 Leaders further stated "we welcome the initiative by the FATF to promote implementation of international standards on virtual assets.
  • The V20 Summit is an annual event aligned with the G20 Leaders' Summit and will reconvene in India in 2023 as Indonesia turns over the G20 presidency.