Huobi Says: The Crypto Industry Should Embrace Industry Standards & Compliance At V20

At the eve of the Financial Action Task Force’s (FATF) first ever V20 conference on digital assets this weekend, cryptocurrency exchanges and other virtual assets service providers (VASPs) stand on the edge of a challenge and opportunity.

The challenge: bringing digital asset communities in-line with the rest of the financial trading world when it comes to preventing money laundering and other sorts of abuse. The opportunity: further opening the doors to mainstream adoption of cryptocurrencies and digital assets.

A delegation from Huobi Group, including Huobi’s Head of Compliance Elaine Sun Ye Lin, has been invited and will take part in the discussions.

“It is our great pleasure to attend the V20 Summit,” said Sun. “We see this as the starting point in an ongoing conversation between the cryptocurrency industry and G20 regulators.  As a leading cryptocurrency and blockchain services provider, we believe direct dialog with FATF will help clarify the unique nature of the crypto industry and allow us to find industry-wide solutions to the problems we face.”

Huobi Global CEO Livio Weng made the following statement:

“We greatly respect FATF’s role as a public protector and their reasons for issuing these guidelines,” said Weng. “As we see it, these measures simply extend the same rules to VASPs that the rest of the global financial community already abides by. While it’s true these changes do present a challenge to the industry in terms of immediate implementation, they present real opportunities as well. This is a chance for us to develop industry standards to promote growth and protect user rights, develop technology to identify and weed out the bad while preserving the access for legitimate users, and to develop our ability to respond as a community to the issues that the cryptocurrency and blockchain industries face.  As an industry leader, Huobi plans to take an active role in guiding and facilitating this process.”