BACKGROUND

In the context of its 75th year anniversary, the Commonwealth of Nations passed a set of model laws focused on technology, innovation, digital assets and AI, in March 2024.  A notable achievement of the summit was the development of a model law on virtual assets, spearheaded by the expert working group, including founding member Loretta Joseph.

The Commonwealth Model Law on Virtual Assets is a significant regulatory framework designed to address the challenges posed by blockchain and distributed ledger technologies. The model law sets global standards for regulating virtual assets, aligning with international frameworks such as those outlined by the Financial Action Task Force (FATF). It focuses on identifying and mitigating risks associated with covered virtual asset activities, implementing preventive measures, licensing requirements, effective supervision, and enforcement. It provides much-needed legislative clarity to financial markets and vital protection to customers.

Advancements in blockchain and distributed ledger technology have had a revolutionary impact across many sectors, particularly finance. With these technologies likely to play ever more prominent roles in our economies, this Model Law for Virtual Assets provides Commonwealth member countries with a regulatory framework that will give much-needed legislative clarity to financial markets and vital protection to customers.

AGENDA

Date: Wednesday 24 July 2024.

Registration Link: https://www.surveymonkey.com/r/webinarjuly2024

ABOUT THE SPEAKERS:

Loretta Joseph is a highly skilled banking and financial professional with over 25 years of experience in financial markets and related sectors. She has made significant contributions to the blockchain and digital finance space. Here are some key points about her:

• Co-Chair of IDAXA: Loretta serves as the Co-Chair of the International Digital Asset Exchange Association (IDAXA), which is a resource to the Financial Action Task Force (FATF) and the Financial Stability Board (FSB).
• Chair of Australian Digital Finance Standards Council (ADFSC): She also holds the position of Chair at the Australian Digital Finance Standards Council (ADFSC), where she contributes to shaping standards and regulations in the digital finance industry.
• Blockchain Consultant: Loretta is a blockchain consultant at the Organization for Security and Co-operation in Europe (OSCE). She advises global organizations on responsible adoption of blockchain technology, working closely with policy makers, governments, and industry stakeholders.
• Advocate for Financial Inclusion: Loretta sees crypto as a tool for global good and advocates for financial inclusion. Her expertise extends to legal and regulatory frameworks for virtual and crypto assets, including prudential, security, and anti-money laundering (AML) aspects.
• Speaker at Industry Events: She has been a speaker at various conferences, including CoinDesk’s Consensus festival.

Loretta Joseph’s work reflects her commitment to advancing the digital finance ecosystem and ensuring responsible adoption of emerging technologies.

Wei Zhou is the new Chief Executive Officer (CEO) of Coins.ph, the leading locally-licensed crypto exchange in the Philippines. Here are some key points about him:

• Wei Zhou was previously the Chief Financial Officer (CFO) at global crypto exchange Binance.
• He has extensive experience in finance and technology, having also served as CFO at Zhaopin.com and Charm Communications.
• Notably, he led the landmark acquisition of Grindr, where he served as Vice Chairman.

Wei Zhou’s leadership aims to strengthen Coins.ph’s position in the crypto market, making it a prominent player in the Philippines.