Gate.io participates in the V20 encryption event at the Indonesian G20 summit

The official event of the G20 Leaders’ Summit, the V20 Summit, is a pinnacle gathering of the crypto industry and global government affairs, which was successfully held last week in Bali, Indonesia. The V20 Summit aims to unite global crypto industry groups and engage in in-depth dialogue with global regulatory agencies to establish a clear regulatory framework for the crypto industry and provide solutions for regulatory and compliance issues.

As one of the world’s largest and longest-standing cryptocurrency exchanges, Gate.io Invited to participate in the V20 crypto event, Lyudmyla Kortelyova, Gate.io’s Compliance Director, participated in the summit seminar as a team representative to explore the construction of the digital asset eco with industry leaders. The topics included how to build a bridge to the Financial Stability Board, what the Financial Stability Board’s main recommendations mean for VASPs, and learning from SWIFT: how to establish and expand services for the virtual asset sector.

At the seminar, the Financial Action Task Force (FATF) of the G20 emphasized 8 key issues that the cryptocurrency industry needs to discuss, including:

1. Update the interoperability of cryptocurrency transfer rules (travel rule);
2. Information transmission protocol for the transfer rule.
3. Standard data model for the IVMS 101 transfer rule (travel rule) information transmission protocol;
4. The compliance and reality gap in the transmission of transfer rule (travel rule) information;
5. Identify and verify the VASP(s) of the beneficiary;
6. Fee standards for the transmission of travel rule information protocol;
7. Comprehensive trading coverage of open network protocols;
8. Interoperability between protocols.

In the fourth quarter of 2022, Gate.io Continuing to accelerate global expansion, actively participating in cryptocurrency industry practice activities, and deepening global localization strategic deployment. At the recently concluded global summit, Gate.io announced several major moves: launching the Gate.TR platform for Turkish users at the 2022 Istanbul Blockchain Week, and launching the Gate.EU platform for European users at the SiGMA2022 Europe Summit in Malta. In addition, Gate.io signed a Memorandum of Understanding (MoU) with Busan, South Korea during the Busan Blockchain Week in 2022 to further develop Busan as a blockchain hub city.