News

In this month’s update, we’ll be taking a look at a major topic we covered in our Knowledge Base: the FATF’s updated draft guidance – and who and what may be affected by it.

One of fintech companies’ major challenges is keeping up with complex and constantly-evolving regulatory regimes. In this update, we outline some of the most common compliance issues facing fintech companies of all sizes – and how they can be overcome using KYC-Chain.

Global regulatory body the Financial Action Task Force (FATF) has released its updated draft guidance for VASPs. Proposing expanded definitions and methods for the regulation of Virtual Assets (VAs) and VASPs, it has asked stakeholders in the VA/VASP industry to provide feedback on the proposals as part of its mission to create a robust regulatory approach.

KYC-Chain has made some exciting new partnerships over the last few months, demonstrating the versatility of our technology for addressing the new challenges and opportunities of DeFi and NFTs.

As ICOs gain in popularity, financial authorities around the world are starting to pay greater attention to them, and seeking to subject them to the same regulatory scrutiny as securities. Using automated KYC technology such as KYC-Chain can allow companies launching ICOs to remain compliant in a cost and time-efficient way.

2021 is already producing some exciting new initiatives and projects in the RegTech and FinTech industries, and KYC-Chain is proud to continue contributing to innovation in the space with its new Risk Scoring Tool.

As global implementation of the FATF Travel Rule for VASPs continues to unfold, a growing number of innovative technical solutions have emerged to facilitate compliance. SelfKey’s Compliance Hub solution has added to this vibrant ecosystem, which is paving the way for greater regulation and acceptance of the crypto industry.

2020 ended on a high note, with some notable new partnerships, a private token sale to accredited investors, and KYC-Chain being selected for AB-InBev’s Emerging Startups 2021 Showcase.

As global regulators continue to ramp up Travel Rule compliance regulations for VASPs, SelfKey’s Compliance Hub Solution is gaining momentum ahead of its launch.