INTERNATIONAL CRYPTO EXCHANGE ASSOCIATION INCLUDES EX REGULATORS AND GOVERNANCE EXPERTS POST-FTX COLLAPSE
FOR IMMEDIATE RELEASE
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Global Advisory Council created to provide guidance to industry stakeholders
[Singapore, November 24 2022] In the aftermath of failed crypto exchange FTX’ filing for bankruptcy, public and regulatory confidence in cryptocurrency have experienced a significant blow.
Last week, some of the top crypto exchanges gathered at the Virtual Asset Service Providers Summit 2022, also known as the V20 Summit, which took place in Bali (Indonesia) as a supporting event of the G20 Leaders’ Summit.
There, a dialogue occurred between Industry stakeholders and the leadership of the Financial Action Task Force (FATF) and the Financial Stability Board (FSB) to tackle the serious issues plaguing the industry following the series of scandals rocking the crypto world.
Hosted by the International Digital Exchange Association (IDAXA), in cooperation with Asosiasi Blockchain Indonesia (ABI), the summit served as a precursor to the call to action made through the G20 Bali Leaders’ Declaration which acknowledged “the need for the international community to step up its efforts to effectively combat money laundering, terrorism financing and proliferation financing”.
In response, IDAXA is creating The Global Advisory Council (GAC), which consists of prominent individuals, including business leaders, academics and former government officials from both developed and emerging-market countries.
This prestigious group will provide IDAXA with insight and guidance about their regions and areas of expertise, with an initial focus on governance and compliance issues. This also offers a mechanism for members of the GAC to join discussions on international relations, regulatory issues and the role of Virtual Assets in the world. The GAC has no role in IDAXA governance.
The GAC will include, among its first appointees, Rick McDonell, former FATF Executive Secretary and current Executive Director of the Association of Certified Anti-Money Laundering Specialists (ACAMS), Josée Nadeau, former head of the Canadian delegation to FATF and AML/CFT/PF Consultant for the governments and the private sector, and Loretta Joseph, who specialises in advising governments on Virtual and Digital Asset regulative and legislative frameworks for AML/CTF, Prudential and Securities sectors.
“I’m delighted to be a part of the IDAXA Global Advisory Council. It will provide support to build better governance and financial integrity processes in the crypto industry”, shared McDonell.
For his part, IDAXA co-founder Anson Zeall expressed excitement about the formation of the Global Advisory Council.
“IDAXA is thrilled and honored to receive guidance from such an experienced group of individuals who have played such a significant role in shaping the global financial regulatory landscape. We are committed as an industry to promote transparency, compliance and good governance in the service of the public. We will continue to grow our Global Advisory Council with the most dynamic and experienced minds in the area of Financial Regulation, Governance and Compliance”, Zeall said.
On the heels of the GAC announcement, and as a follow through to the V20 Summit, IDAXA has created 2 working groups. The first group, led by Rick McDonell, will begin by submitting proposals to FATF on the alignment of global standards, while a second group led by Loretta Joseph, will focus on the industry response to the FSB’s 9 recommendations. Both reports will be submitted to FATF and FSB by December 15, 2022 and the working groups will be made available to interface with both regulatory bodies throughout 2023.
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