Compliance Company Strevus Comments On BitLicense Proposal
When New York's Department of Financial Services (DFS) released the details of its BitLicense proposal, it made it clear that it wanted input from the industry. They even caved to pressure and doubled the original comment period, which now runs until October 19th. If they were expecting a negative reaction from the Bitcoin community, they got it. But the Bitcoin community and related businesses might not be their primary concern. They may be more concerned with what other companies, outside of the current Bitcoin ecosystem, think about the coming regulation. “[DFS Bitcoin Regulations need....
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Digital currency trading platform Atlas ATS has partnered up with Strevus, Inc., a company specializing in compliance lifecycle management solutions for financial service institutions to help out Atlas's institutional clients be in compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance. In April, Strevus expanded their business model to encompass bitcoin and digital currencies. "The single biggest barrier to the institutional adoption of cryptocurrency is the conflict between the pseudonymous nature of the transacting counterparties and the regulatory....
Bitcoin company Xapo recently released its second comment letter on New York’s revised BitLicense. Additionally, the company has teamed up with other bitcoin industry leaders in submitting a combined comment letter to provide further feedback on the BitLicense proposal. After BitLicense was introduced by the New York Department of Financial Services (NYDFS) last year, Xapo released its first letter providing its comments. The NYDFS released its revised BitLicense proposal in February 25, 2015. Shortly afterward, on March 27, 2015 Xapo released its second BitLicense comments.
Ken Hoang is the Chief Executive Officer at Strevus — a provider of compliance lifecycle management solutions for financial services and digital currency firms. As Bitcoin becomes more mainstream, so does the need for global compliance, explains Hoang. CoinTelegraph got in touch with the Strevus CEO to discuss some of the most important and pressing issues for cryptocurrencies amid a spotty and ever-changing regulatory landscape. From New York State ’s proposed BitLicense to Client Due Dilligence 2.0, Hoang explains why regulatory compliance will be crucial for Bitcoin companies going....
Compliance software developer Strevus has added support for bitcoin and other digital currencies to its existing compliance software service. The company says it will offer institutional-level compliance and support to bitcoin as well as other digital currencies. Strevus appears to be aiming to carve out a niche for itself by offering cutting edge know your customer (KYC) and anti-money laundering (AML) features for bitcoin platforms. The company argues that regulators are likely to adopt regulatory mandates similar to those already in place in traditional banking and trading networks.....
Circle is joining the ever-lengthening line of bitcoin companies to issue public comments on the New York Department of Financial Service's (NYDFS) BitLicense proposal, it would seem. The Boston-based company's General Counsel/Chief Compliance Offer, John A. Beccia, submitted a lengthy twelve-page letter addressed to Dana. V. Syracuse at the NYDFS (of which you'll find a copy below in PDF form). The following is a small highlight list of the points demonstrated in the letter: The BitLicense "casts too wide a net" on regulated companies in the digital currency realm. AML requirements....