Regtech and Cryptocurrency the muse behind it
The financial markets have been the key determinants of pushing the economic growth rapidly in the global financial summits. The growth indicates a move towards a positive and robust earning and spending mechanism deployed worldwide. However, in recent years the tremendous growth from the digital platform has made the economy to look forward to the Cryptocurrency exchanges as a contributor in the advancement of the world digital economy.
What is Regtech?
The use of technology to regulate and streamline the compliance procedure with minimal cost is how regtech companies focus to bring about the know-how of the regulations and help fintech companies to adhere them. This term has caught a lot of attention during recent times as the more efficient the manner in which the regulations followed; it is easier for the collaboration the data. The tremendous growth potential of the cryptocurrency has prompted the regulation to be incorporated as the number of scams have risen and shaken the genuine crypto coins in the trading markets.
Crypto Currency and Regtech
- the SEC has been continuously working to put a radar around the highly unregulated digital currency markets that have had a free fall since it started way back in the year 2008
- the past 2 years have been a phenomenal growth and weeding out the process for the regulators, to keep a check on the frauds and place restrictions on the issue of ICO
- the bid to monitor the moving parts and the high in demand coin currency has made the financial experts, lawyers to frame new policies to cater the crypto exchanges,
- the target ICO that have been on the news trending now have been the most regulated by Regtech firms, check this out to remove the fraudulent ICO companies and let the genuine one’s using the utility security tokens to take the growth pitch of cryptocurrency forward
- the insights of the regtech firms are to complete the know your customer mandate for issuing ICO, to determine who is making the crypto transactions, taking away the anonymity factor that was posing to be of great danger for the security of the digital wallets
The close association between regtech firms and the crypto exchanges provide software to build analyze the identities of the various transaction holders used in the blockchain technology-enabled services in the cloud and AI. The risk prevention and authentication of the transactions are the primary focus of the regtech firms in the crypto space.