Blockchain
Sumsub Partners with 21 Analytics to Add Self-Hosted Wallet Verification to Its Crypto Travel Rule Solution
According to FATF recommendations for Travel Rule compliance, VASPs in certain jurisdictions such as the UK, Germany, Switzerland, Singapore, and Hong Kong must ask their customers to prove ownership of unhosted wallets. Through its partnership with 21 Analytics, Sumsub now offers a streamlined solution for its global crypto clients to collect these proofs.
Sumsub has enhanced its Travel Rule solution by integrating 21 Analytics, assisting VASPs in maintaining full compliance worldwide. The incorporation of Self-Hosted Wallet Verification into Sumsub’s Travel Rule solution allows VASPs to request users to verify their unhosted/self-hosted wallets and record the results for compliance purposes. This feature can also be seamlessly integrated with other Sumsub offerings, such as VASP Attribution or Risk Scoring.
This partnership ensures that VASPs serving customers across various jurisdictions have comprehensive crypto compliance coverage, eliminating the need to navigate complex compliance requirements independently.
“Sumsub has built its Travel Rule solution on the premise that VASPs should not be constrained by the technology used by their provider,” comments Ilya Brovin, Chief Growth Officer at Sumsub. “We have therefore partnered with key players to integrate best-in-class solutions, such as AOPP from 21 Analytics for unhosted wallet verification, alongside VASP discovery using leading blockchain analytics platforms.”
“It is a pleasure to support Sumsub’s VASP customers with 21 Analytics’ leading solution for Travel Rule compliance when transacting with self-hosted wallets,” said Lucas Betschart, CEO at 21 Analytics. “This partnership enables more crypto users to prove wallet ownership in a frictionless way, allowing VASPs to be compliant without compromising on user experience, a key step for crypto mass adoption.”
Source: prnewswire.com
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Blockchain
Digital Banking Platform Market Is Expected To Reach A Revenue Of USD 31.3 Bn By 2033, At 11.7% CAGR: Dimension Market Research
The U.S. branch of Binance, a leading global cryptocurrency exchange, is bracing for the next stage in its legal battle with the Securities and Exchange Commission (SEC). The clash centers on allegations of securities law violations, which Binance.US staunchly denies.
In June 2023, the SEC initiated legal proceedings against Binance Holdings Ltd., BAM Trading Services, BAM Management U.S., and CEO Changpeng Zhao. The SEC claims that these entities mishandled customer assets, violating U.S. securities laws. In response, Binance.US asserts it has operated within the limited guidance provided by the SEC, maintaining compliance with regulations. The company highlights its commitment to customer safety, maintaining a 1:1 reserve for all customer assets, and implementing stringent compliance and risk management measures.
However, Binance.US criticizes the SEC for “regulation by enforcement,” particularly under the leadership of Chairman Gary Gensler. Despite the allegations, Binance.US remains confident in its defense, challenging the SEC’s evidence and legal basis for the action. The company expects the Court to support its position, dismissing the SEC’s claims as legally and factually unfounded. Binance.US reassures its users of normal operations and the continuation of scheduled feature releases despite the ongoing legal proceedings.
This dispute between Binance.US and the SEC highlights broader regulatory tensions within the U.S. cryptocurrency market. Recent crackdowns by the SEC have intensified these frictions, leading to significant legal confrontations between regulatory bodies and crypto exchanges. As Binance.US prepares for its legal confrontation with the SEC, the outcome of this case could have substantial implications for the cryptocurrency industry in the U.S. The company’s strong defense and commitment to compliance may set a precedent for how crypto exchanges navigate regulatory challenges in the future.
Source: cryptotimes.io
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The Digital Asset Alliance, representing crypto companies in South Korea, announced that it will conduct a comprehensive review of 1,333 altcoins over the next six months. This initiative comes as the South Korean government prepares to implement the Virtual Asset User Protection Law on July 19, aimed at safeguarding investors.
Virtual Asset User Protection Law
- Implementation Date: July 19
- Objective: Protect investors and enhance regulatory oversight in the cryptocurrency market
- Impact on Altcoins: Potential effects on altcoin trading due to increased scrutiny and compliance requirements
South Korea’s Crypto Landscape
- Trading Focus: South Korea’s trading activity emphasizes smaller cryptocurrencies over Bitcoin
- Currency Dominance: The Korean won surpassed the US dollar as the most used currency for trading cryptocurrency in the first quarter of this year
Digital Asset Alliance’s Review Process
- Scope: Reviewing 1,333 altcoins for compliance with the new regulation
- Evaluation Period: Six months
- Compliance Criteria: Tokens will be assessed based on the Virtual Asset User Protection Law, focusing on reliability, security standards, and regulatory compliance
Response to Regulation
- Gradual Implementation: The Alliance indicated that tokens are unlikely to be mass-removed abruptly, opting for a gradual implementation of the regulations
- New Tokens: Any new tokens will be assessed under the new law before being listed
Challenges and Implications
- Balancing Safety and Trading: Exchanges must comply with basic rules for token listing and conduct regular reassessments every six months, including reliability tests on issuing entities
- Penalties: Non-compliance could result in severe penalties, including a minimum of one year in jail or fines
- Historical Context: The regulation is partly a response to the collapse of Luna and TerraUSD tokens, which resulted in significant financial losses
Importance for Crypto Development
- Government Oversight: The new regulation will increase government scrutiny of virtual asset providers
- Investor Vigilance: Crypto investors in South Korea are advised to stay informed and verify changes in token availability before investing
The proactive approach by the Digital Asset Alliance aims to ensure a smooth transition to the new regulatory environment, mitigating the risk of market disruption and fostering a safer investment landscape.
Source: coinspeaker.com
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