Strevus CEO, Ken Hoang: ‘To Ensure Trust in the System, Regulation is Needed’
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....
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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....
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....
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.....
In mining we trust. On the side of the US $1 bill it says "In God, we trust". Because money is all about trust. Trust that it's real, trust that it will remain at a similar value for the duration of the transaction at least, trust that the products are represented honestly. In the past trust that the paper was redeemable in gold, and more recently trust that our dollar will be backed by the "full faith and credit of the US Government". And when that trust is lacking society shuts down. To some extent, the crisis of 2008, in the same manner as the one in 1929 was about the lack of trust.....
Angela Walch, Associate Professor at St. Mary’s University School of Law, has written a thought provoking editorial where she argues that developers are in a position of trust, therefore, they must be burdened with responsibilities – including, perhaps, outright licensing requirements to ensure a certain standard. Although the professor has many good points, the open source system is designed in such a way as to adequately minimize any negligence or oversight to a point where one can say that users do not need to trust any one developer, but all developers which can include anyone who can....