AFI is organizing Global Standards Proportionality Working Group (GSPWG) webinar on Virtual Assets Regulation: Aligning Inclusion and Integrity Goals on Thursday 13 August, from 13:00-14:30 UTC/GMT.

This webinar will explore the Financial Action Task Force (FATF) standards and guidance pertaining to AML-CFT risks in the virtual assets sector, steps being taken within the sector to mitigate risks and enhance compliance, and regulatory approaches by AFI members to meet FATF expectations and safeguard financial integrity without undue hindrance to innovation or inclusion.

There has been increasing interest in the application of virtual assets (also referred to as cryptocurrencies) to address challenges in financial inclusion, for example faster and cheaper cross-border remittances or reduced friction in digital social transfers. Regulatory approaches towards virtual assets across AFI’s membership vary significantly. On a Global Policy Forum session in September 2019, the majority of AFI members foresaw potential benefits for financial inclusion which could arise in future from virtual assets and expressed support for a globally coordinated regulatory framework. It is clear that, moving forwards, the majority of jurisdictions globally will need to develop regulatory approaches which combine the need for inclusion, integrity, stability, and consumer protection.

Virtual assets or cryptocurrencies, have grown rapidly in recent years reaching a combined market capitalization of more than $270bn as of June 2020. The growth of virtual assets has received significant attention from global standard setting bodies (SSBs) and national regulators and supervisors alike. Recognizing the money laundering and terrorist financing (ML-TF) risks associated with virtual assets, in October 2018 the Financial Action Task Force (FATF) adopted changes to its Recommendations to explicitly clarify that they apply to virtual assets, followed by the release of ‘Guidance for a risk based approach to virtual assets and virtual assets service providers (VASPs)’ in June 2019 with a 12-month review of implementation progress published in June 2020.

Please confirm your participation by Wednesday, 12 August 2020.

Should you have any questions regarding this webinar or how to participate, please contact gspwg@afi-global.org

 We look forward to welcoming you virtually.