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The virtual asset is the subject of the Osaka conference in Japan

2019-06-19 12:42 pm | Resource: News Section | No Views : 129

The virtual asset is the subject of the Osaka conference in Japan Global legislators have voiced their support for a forthcoming summit in Osaka, Japan, which will be devoted to virtual asset service providers’ (VASPs) response to a new set of recommendations set forward by the Financial Action Task Force (FATF). Cointelegraph Japan reported the news on June 19.
According to the report, the V20 summit will be held alongside the G20 leaders' summit in Osaka on June 28-29, and a meeting will be held for representatives of the G20, National Blockchain Technologies and VASPs and legislators from several jurisdictions.
The attendees will use the Summit to explore the evolution of possible technical solutions and the potential impact of the next FATF proposal on how participating countries will exercise oversight over the digital asset sector.
As previously reported, FATF is an intergovernmental organization established at the G-7 initiative to promote the implementation of legal, regulatory and operational measures to combat money laundering.
The organization has developed a series of recognized recommendations as an international standard for combating money laundering and financing illicit activities, which - though not legally binding - are used by some 200 countries around the world.
The responses are divided into the following proposed criteria. The report cites a statement from former FATF President Roger Wilkins AO and former Secretary of the Australian Department of Justice, who acknowledged that:
"What we hear from the industry is that the new rules may have an adverse effect on their intent, effectively forcing virtual asset transactions to shut down controlled platforms, which is currently one of the best ways to acquire a vision of financial crime "He said.
The host country of V20, Japan, recognizes the movement of self-regulatory industry in digital currencies.
Japanese politician Naokazu Takemoto expressed his view that VASPs recognize "the importance of a clear regulation in the prevention of financial crime," adding that he welcomes the country's opportunity to exchange experiences with the international community, especially in the field of new virtual asset.
As reported, Jesse Spiro, head of policy at major blockchain intelligence firm , has recently said he expects the FATF rules to broadly reflect the draft guidance already issued in March of this year.

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