The V20 Summit provided a chance for the industry to respond to a new set of recommendations handed down by the FATF. FATF's review due in June 2020 means there is a pressing need to demonstrate progress in the crypto industry and a number of groups around the world are working tirelessly to ensure we have the necessary languages, protocols and products to make sense of this new chapter.
“It would have been nice for these FATF recommendations to be more accommodating to the sector but time constraints effectively ruled that out,” said Siân Jones, co-founder of xReg Consulting. “The major nations of the world got together to set that timetable and the FATF policy group had very little time to develop something more tailored to virtual assets.”
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