Killing VASPS: G8 Swatting the VASPS (Exchanges, Custody, Tokens)

G8’s AML Body Seeks Killing Crackdown on Crypto Exchanges and Tokens of All Types

The recent G8/FATF meeting in Vienna revealed its intent to impose, by cut-and-paste, ill-fitting, inappropriate, inappropriate, regulation that is ‘unworkable’ so could effectively ban exchanges as we know them across the world including all major financial centres.

This poses an existential threat not just to exchanges and related ‘VASPS’ but the entire ecosystem and to hopes of mass adoption as this strategy would most likely see any remaining ‘VASPS’ mopped up by the international banks who work closely with FATF.

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The industry is moving quickly to organise an international response to the G20, with meetings internationally in June and July, and to provide a workable solution able to meet the objectives without the carnage.

Full details on how to participate in upcoming meetings, invites and consultations plus ongoing updates will be sent to professional (PRO) members shortly.