Coinbase, Kraken, Huobi and Others Meeting G20 for Crucial Debate
Executives from major crypto companies such as Circle, Coinbase, bitFlyer, Kraken and Huobi are among those going to meet representatives of the Group of 20 (G20) major economies in order to defend their trading business from a new data gathering rule.
The event, billed as the V20 summit, has been thrown together with just six weeks’ notice in order to coincide with the G20 summit in Osaka on June 28 and 29, Financial News reported, citing some of the attendees.
Invitations to the V20 summit have been issued to G20 attendees, which include a ‘large number’ of finance ministers and central bankers, the report said. Also, representatives of the crypto industry should meet with Japan’s Financial Services Agency, congressmen from Taiwan, Japan and Australia, and the regional economic counselor from the embassy of France in Japan, it said, adding that that a number of country representatives from the Financial Action Task Force (FATFT), a multi-government body, will also attend.
As reported, FATF wants all business that are working with cryptocurrencies, including hedge funds, exchanges, custodian services, etc., would collect data about their customers starting transactions of over USD 1,000 or EUR 1,000 euros, as well as data about the recipients of the assets, and then send all the information to the recipient’s service provider with each transaction.
As FATF previously informed Cryptonews.com, these new recommendations are still going to be discussed at the forthcoming June 2019 Plenary Meeting the outcomes of which will be published on their website on Friday, June 21.
Recently, finance ministers and central bank chiefs from the G20 showed support to the ‘draconian’ measures, suggested by the FATF.
Meanwhile, the cryptoverse is embracing for the possible consequences.