Why are a large number of crypto bosses converging on the G-20 summit and what's the key topic of discussion?

[Leon Mathias]

[Ignatius Bose]

Executives from some of the largest cryptocurrency exchanges are expected to meet finance ministers and heads of states at the G-20 summit on 28th-29th June to discuss the details of the anti-money laundering proposal by the Financial Action Task Force (FATF).

Although the proposal is expected to be published by the FATF on 21st June, the industry widely supports most of its recommendations. However, the key area of concern is the anti-money laundering agency’s proposal to exchanges, custodian banks and the other stakeholders; collectively called “virtual asset service providers,” to collect and maintain records of participants using their services and present them to regulators, in line with the traditional banking laws adopted by most countries.

Called the V-20 Summit, the get together will allow firms in the digital currency space to highlight their concerns of the controversial proposal, which they fear will lead to off-exchange crypto transactions, compliance costs, and the eventual shutting down of several digital exchanges.

As of now, participants from the crypto industry include executives from Coinbase, bitFlyer, Huobi, Circle, and Kraken while several country representatives from the FATF are also likely to be a part of this exchange.

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