ADCA AT THE G20: President's Message

All,

As you know, ADCA has a proud history of being a proactive voice for the responsible adoption of best practices and appropriate regulation for the Virtual Asset industry since our very beginnings more than five years ago in Australia. 

Beyond our own backyard, international initiatives such as the 'Global Digital Currency Conversation' held alongside the G20 Leaders Summit in Brisbane 2014, and the launch of the Global Blockchain Forum in 2016, have earned Australia's spot on the global crypto map.

Today the work continues.

V20: THE INAUGURAL MEETING

This week, ADCA is taking a lead role in hosting the V20 Virtual Asset Service Provider Summit, an officially endorsed event at the G20 Leaders Summit in Osaka, Japan, on 28 & 29 June 2019. 

Joined by our partners at the Singapore Cryptocurrency and Blockchain Industry Association (ACCESS), and with the support of the British Blockchain and Frontier Technologies Association (BBFTA), the Korean Blockchain Association (KBCA), the Hong Kong Blockchain Association (HKBA), the FinTech Association of Hong Kong (FTAHK), the Japan Virtual Currency Exchange Association (JVCEA), and in cooperation with Global Digital Finance (GDF), the V20 Summit will bring together regulatory representatives, legislative leaders and C-level executives from the world's most influential Virtual Asset Service Providers (VASPs). 

In total, over 20 countries will have their interests represented as the inaugural "V20".

WHY THE V20?

You may have already heard that a new set of recommendations from the Financial Action Task Force (FATF) will soon become global regulation for cryptocurrency transactions. 

The V20 Summit will explore the technical requirements for a solution capable of achieving the FATF's desired outcomes. FATF Secretariat, Tom Neylan, and Roger Wilkins AO, former-FATF President and former secretary Australian Department of the Attorney General, as well as Austrac will be in attendance at the summit to address the V20 and participate in the roundtable discussions.

A PIVOTAL MOMENT 

The drafting and implementation of any proposed updated standards on transfers of virtual assets represents a significant step forward for our industry. However, the proposed standards must be credible and technically workable if they are to provide adequate clarification of global regulatory frameworks and greater certainty going forward.

The V20 Summit is the time for industry to meet 一 and speak 一 as a unified voice to ensure we are positioned to meet these new requirements, and ultimately, continue forward on a path of growth and innovation.

Faithfully,

Ronald M. Tucker

Founder + President, Australian Digital Commerce Association

 Convener  |  V20 Summit Osaka 2019

"Will Osaka Be Crypto's Bretton Wood Moment?" 

"Now that Facebook's Libra is out, it could be stellar news -- a badly-needed reassurance that cryptocurrencies like Bitcoin are gaining currency in mainstream finance. But history may show that the Facebook founder's approval was less impactful than the "like" the crypto world scored in Osaka on June 28 and 29."

-William Pesek, Forkast News

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More detail on the FATF Recommendations can be found here. Take note regarding the technical language around 7(b) and its technical implications on all Virtual Asset Service Providers.

News of the V20 Summit has been widely reported. Please see more here:

• Will Osaka be Crypto's Bretton Woods Moment? - Forkast News
• Regulators Debate Cryptocurrency Legislation Ahead of G20 Summit - CoinDesk
• Regulators Endorse Virtual Asset Summit Convened in Response to Coming FATF Rules -CoinTelegraph
• Legislators Support V20 Summit in Response to New FATF Rules - news.bitcoin.com
• Coinbase, Kraken, Huobi and Others Meeting G20 for Crucial Debate - CryptoNews
• Crypto Asks for More Effective AML Regulation - Financial Crime News