To say that cryptocurrency has been a hot topic in financial services of late is a massive understatement. Coinbase announced (via Twitter, natch) that it submitted an application for registration as a Futures Commission Merchant under NFA and CFTC rules. However, the enthusiasm around Coinbase’s FCM announcement was likely offset by the withdrawal of its proposed interest-bearing Lend product after concerns about its security-like features prompted preliminary interest from the SEC. In other regulatory developments, the emergence of technologies for vetting and tracking digital assets for anti-money laundering and know your customer purposes are advancing rapidly. Look no further than MasterCard’s acquisition of CipherTrace as evidence of an increasing focus on transactional activity tracking and the lightning fact evolution of more mature AML/KYC processes for blockchain-based and other digital currencies.
Topics: compliance, video conferencing, cryptocurrency, detections