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GDF Annual Report 2020

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GDF Annual Report 2020 2020 Annual Report A WORLD RAPIDLY GOING DIGITAL Digital Assets Coming of Age Global Digital Finance Annual Report 2020 INTRODUCTION 16 The Roaring Twenties, Digital Assets, & Escaping the Dominant Logic of the 20th Century 4 A World Rapidly Going Digital Tim Grant, CEO, SIX Digital Exchange Foreword by Co-Chairs Lawrence Wintermeyer and Simon Taylor 17 The R3 CBDC Forum Todd McDonald, Co-Founder & CPO, R3 PATRON INSIGHTS 8 The Importance of Regulatory Collaboration Vivien Khoo, COO, 100x Group REGULATION & POLICY 9 Driving DeFi with Stablecoins 19 The Regulatory Landscape: Towards Regulatory Certainty Amy Luo, Senior Counsel & Paul Grewal, Chief Legal Officer, Coinbase Jeff Bandman, Board Member, GDF 10 Collaboration Models Form the Basis for Future Success 21 Moving Towards Comprehensive Approaches for Cryptoassets Martin Bartlam, Partner & Bryony Widdup, Partner, DLA Piper Lavan Thasarathakumar, Head of Regulatory Affairs – EMEA, GDF 11 Diginex: The First Digital Asset Ecosystem to be Listed on Nasdaq 22 Public-Private Partnerships and Global Standards for Virtual Assets Richard Byworth, CEO, Diginex David Lewis, Executive Secretary, FATF 12 The Global Digital Communion 23 The V20 Summit Jeffrey Saviano, Global Tax Innovation Leader, EY Anson Zeall, Chair, IDAXA & Lawrence Wintermeyer, Executive Co-Chair, GDF 13 Hogan Lovells Blockchain Hub 24 The FSB Landscape for Crypto & Digital Assets John Salmon, Partner & Global Head of Blockchain, Hogan Lovells Dietrich Domanski, Secretary General, FSB 14 China and Digital Currency Electronic Payments 26 The Digital Asset Tipping Point Elaine Sun, Head of Compliance, Huobi Heath Tarbert, Chairman & Chief Executive, CFTC 15 Beyond Skepticism and Towards Solutions 27 Creating a Global Hub for Digital Assets Michael Coletta, Head of Blockchain & Emerging Tech Innovation & Strategy, Richard Teng, CEO, ADGM Financial Services LSEG 28 Sustainable Finance Greg Medcraft, Director – Financial Enterprise Affairs, OECD 2 GLOBAL DIGITAL FINANCE ANNUAL REPORT 2020 46 Global Leaders Townhall of Fame VOICE OF THE COMMUNITY 47 GDF Code Members & Partners Ecosystem 31 Money 2.0 Keith Bear, Associate Partner, Elixirr Consulting Limited, Michel Rauchs, Managing Director, Paradigma & Tania Ziegler, FinTech Benchmarking Specialist ADVISORY COUNCIL & WORKING GROUPS 33 Establishing Best Practices Kim Winding Larsen, President, ACI Financial Markets Association 50 Beyond the Codes Malcolm Wright, Chair, & Bryony Widdup, Secretariat of the GDF Advisory Council 34 Advancing Engagement with Industry at Domestic and International Levels 51 Working Groups: Custody Caroline Malcolm, Head of Global Blockchain Policy Centre, OECD Alexandre Kech, CEO Onchain Custodian, & Hervé François, Blockchain Initiative Lead, ING 35 Self-Hosted Wallets 52 Working Groups: KYC / AML Kristen Smith, Executive Director, Blockchain Association Malcolm Wright, CCO, 100x, Jack Gavigan, Product & Regulatory Affairs, Electric Coin Co., Dominic Gee, Advisor & Consultant 36 Digital Identities: The Cost of Waiting David Birch, Author and Advisor on Digital Financial Services 53 Working Groups: Market Integrity Chen Arad, Chief Operating Officer, Solidus Labs 37 The Defi Wave Jake Stott, Founding Board, dGen 54 Working Groups: Public Digital Currencies John Collins, Partner, FS Vector, & Lavan Thasarathakumar, Head of Regulatory Affairs – 38 The Year Digital Assets Became Essential EMEA, GDF Julien le Goc, Director of Policy, Diem Association 55 Working Groups: Private Markets Digitization Steering Group 39 The Global Standards Mapping Initiative Anthony Woolley, Head of Business Development, Ownera, & Lavan Thasarathakumar, Sandra Ro, CEO, Global Blockchain Business Council Head of Regulatory Affairs – EMEA, GDF 40 The Alchemy of Talent and Technology 56 Working Groups: Tax Christopher Holmes, Lord Holmes of Richmond Lisa Zarlenga, Partner & Co-Chair of Tax Group, & Krystle Gan, Seconded Counsel, Wells & Fargo GDF EXECUTIVE REPORT TALENT & GOVERNANCE 42 GDF in Review Emma Joyce, Head of Community & Membership 58 Human & Financial Capital Abdul Haseeb Basit, Treasurer & Board Member, GDF 45 2020 in Numbers 59 Meet the Team 60 Our Code Members 3 GLOBAL DIGITAL FINANCE ANNUAL REPORT 2020 Foreword A World Rapidly Going Digital including lockdowns, social distancing, and the important, but a survival tool. It has allowed wearing of face masks. Home working, and for communities to collaborate even when they are Lawrence Wintermeyer some home schooling, became the norm. separated. Executive Co-Chair & Guarantor GDF When GDF held a COVID-19 mini summit in Responding to Requirements March to convene members to share their We have seen the community respond to experience of working through the pandemic, the needs of the sector, demonstrated in the Simon Taylor there was already early evidence of Zoomitis delivery of the InterVASP Messaging Standards. Co-Chair & Guarantor as team members lost track of a fixed workday GDF Conversation on the status of implementation working from home. We continue to be vigilant of the Travel Rule kicked off in February at the and keep an eye out for community members FATF plenary at the OECD in Paris. The Joint who show signs of mental fatigue and stress Working Group (JWG) steering committee, as a result of these circumstances. We pay our comprised of leaders from GDF, the Chamber of The outbreak of the global pandemic created a respects to members of the community who Digital Commerce, IDAXA, Xreg Consulting, and humanitarian health crisis, which quickly led to have been severely affected and experienced technical service providers, led the discussion. an economic crisis of untold proportions, with loss. They presented the status of IVMS101 Standard, government bailouts and stimulus, and the race which they then approved in May. to deliver a vaccine. Thankfully, there is a light at the end of the tunnel for the pandemic with several The industry collaboration in developing March saw one of the most dramatic stock vaccines approved and the monumental job of IVMS101, along with the industry engagement market crashes in history with a 26 percent vaccinating the public in 2021. model supported by FATF, is groundbreaking. pull back over four trading days, taking with it IVMS101 was developed by the global industry safe harbor assets like gold and new assets like The change in our ways of working for us in an open source forum. It was produced in a crypto. Unemployment quickly hit record highs “digitalists” was much less difficult than for record 17 weeks and adopted by the industry and governments rushed legislation to print those working in more traditional sectors, many participants all within a 9-month period. This money to help citizens and businesses though of whom must report to a workplace to earn a demonstrates how effectively the crypto and the crisis, pumping liquidity into the system. living, if their sector is still functioning and they digital assets sector can come together to COVID-19 had arrived and brought with it are still employed. Digitalization was not just respond to regulatory requirements. profound changes to our global community 4 GLOBAL DIGITAL FINANCE ANNUAL REPORT 2020 INTRODUCTION market cap of just under $1 Trillion. The crypto future infrastructure for the industry – across all 2020 saw Central Bank Digital Currencies derivates market exploded offering a range other industry sectors. (CBDCs) projects take prominence. The Bank of hedging instruments for crypto funds and of International Settlements (BIS) published sophisticated investors and is estimated to be 2020 showed us the importance of enterprise- research in August and identified 32 different double the size of the spot market. grade infrastructure in enabling the adoption CBDCs projects around the world, all intended of digital assets to unlock value in private to compliment cash. Regulatory focus on The DeFi market was quietly building markets. GDF members launched the Private stablecoins increased, with the Financial momentum in Spring and by August had a Markets Digitization Steering Group, focused on Stability Board (FSB) call for regulation, market cap of $7 billion, more than doubling developing a reference architecture and proof supervision, and oversight of “global to $16 billion by December 31st. In H2, GDF of concept for digital securities trading and stablecoins”. conducted a DeFi roundtable followed by a custody. The group consists of over 25 financial virtual conference to focus on the emerging top tier financial institutions, and highlights In July, GDF held its first ever conference DeFi solutions landscape, it’s architecture, GDF members’ ambitions to move the (virtually) with a stellar line up of members investor opportunities, and safeguards. The community to develop open source member- and community friends, central bankers, and GDF membership has launched a DeFi working led solutions beyond codes and interoperable regulators, to discuss the emerging state of group to further develop the “DeFi standards standards. digital coins and currencies. GDF published landscape” and extended the invite to the The Age of Public Digital Currencies: A Guide global DeFi community. Engaging with Regulators & to Issuance—a digestible account of everything Policy Makers you need to know to launch a public digital Keith Bear and Michel Rauchs’ Enterprise GDF convenes a quarterly Regulator Forum currency. Blockchain report for GDF identifies the for code, policy and framework purview. from important consolidation of the prominence
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