Blockchain, the Ideal Tech to Ensure Legal & Regulatory Compliance among Companies
The use of blockchain technology in registration and compliance of companies will help the regulatory authorities will help the regulatory authorities prevent fraud and misappropriation in/by the companies. The implementation of digital currency technology across the banking and financial sector is in full swing. Blockchain, the underlying technology of Bitcoin and other cryptocurrency protocol act as a distributed ledger recording all the transactions happening across the network. The same technology is now being implemented in other sectors to facilitate movement of financial assets and....
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Coinfirm estimates that RegTech can reduce compliance costs for financial services companies by as much as 50 percent. RegTech may be “the next big thing” in fintech as digital currency and blockchain startups bump up against new government regulations, resulting in an increase in the demand for legal compliance information that will help companies navigate regulatory requirements and conduct risk assessments. Banks and other financial institutions are also looking for cost-effective ways to assess the risks of using new blockchain technologies in different jurisdictions and to modify....
The two seek to improve their blockchains with each other's tech from cross-chain bridges to decentralized exchanges to oracle networks. AllianceBlock, a blockchain tech firm that seeks to bridge the gap between decentralized finance, or DeFi, and traditional finance, announced a partnership with fellow blockchain tech entity Flare.Flare claims its layer-one, or blockchain protocol improvement, technology can bring smart contracts to cryptocurrencies such as XRP (XRP), Dogecoin (DOGE), Bitcoin (BTC), Algorand, and Stellar Lumens (XLM). In addition, Flare is also a decentralized oracle....
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....
Coinbase CEO Brian Armstrong argues that privacy advocates could gain the most from compliance since it will make them rich. But could non-compliance be even more lucrative for Bitcoin? Compliance Will Make Who Rich? Armstrong defines compliance as “working with regulators, law enforcement, banks, etc.” and touts the fact that as much as 20% of Coinbase....
This is a guest post by Eugene Illovsky, a partner at Morrison & Foerster in Palo Alto. He advises on corporate compliance and represents companies in their interactions with government investigatory, enforcement, and prosecutorial authorities. What compliance expectations does the Department of Justice have for businesses entering the virtual currency space? How can a company meet those expectations to stay out of trouble with DOJ, or at least mitigate the effects of any criminal inquiry on it as well as its executives, employees and investors? A recent speech by the Criminal Division....