Blockchain
FreeBnk Brings IBAN to the Blockchain with E Money Network
Regulatory risks have long posed significant challenges for the crypto industry, with companies facing steep fines and sanctions for non-compliance. Fortunately, the European Union’s comprehensive regulatory framework, the Markets in Crypto-Assets Regulation (MiCA), has provided much-needed clarity. To ensure its services comply with MiCA, FreeBnk has partnered with E Money Network, enabling FreeBnk users to access unique International Bank Account Numbers (IBANs), integrating this important banking standard into the blockchain industry.
Blockchain Meets Banking With FreeBnk’s IBAN
The partnership between FreeBnk, a hybrid banking and DeFi platform, and E Money Network, the first MiCA-compliant blockchain, represents a significant step towards integrating blockchain with traditional finance. This collaboration will allow FreeBnk to comply with MiCA regulations, which took effect on June 30.
Through this partnership, FreeBnk users will receive unique IBANs, facilitating seamless transactions globally, both within and outside decentralized finance. This integration enables the transfer of funds between crypto holdings and traditional bank accounts, ensuring that FreeBnk can interface with traditional banks while adopting the IBAN model widely used in conventional banking.
“This collaboration highlights our desire and commitment to bridging traditional banking with blockchain, allowing our users to easily navigate between fiat and digital assets,” explained Yunus Emre Ozkaya, CEO of FreeBnk.
What MiCA Means for FreeBnk
Since its implementation, the EU’s MiCA regulation has set a high standard for compliance, focusing on consumer and retail investor protection similar to that in traditional financial markets. MiCA mandates that crypto-asset service providers offer clear and comprehensive information on all assets, including associated risks.
MiCA also establishes transparency rules and measures to protect client assets and prevent conflicts of interest. These measures require firms to segregate client assets from their own and undergo regular audits, reporting the results to regulators. Such practices were notably absent during the collapse of the crypto exchange FTX, which drew significant regulatory attention and spurred the push for comprehensive regulation.
By complying with MiCA, FreeBnk demonstrates a high standard of consumer protection, which is crucial in both the banking and crypto sectors.
On the Flipside
The crypto community’s reaction to MiCA has been mixed. While some are concerned that stringent rules could stifle innovation, others welcome the regulatory clarity. MiCA rules are especially important for tokenized real-world assets (RWAs), a focus area for FreeBnk. Industry estimates suggest that RWAs could become a $10 trillion industry by 2030.
Why This Matters
By partnering with E Money Network, FreeBnk ensures regulatory compliance and a high degree of consumer protection, which is vital for users in both the crypto and traditional banking sectors. This partnership exemplifies how integrating traditional banking standards with blockchain technology can enhance trust and transparency in the crypto industry.
Source: dailycoin.com
The post FreeBnk Brings IBAN to the Blockchain with E Money Network appeared first on HIPTHER Alerts.
Blockchain
UNICC and ShelterZoom Developed a Secure Document Tracking and E-Signature Solution for the UN System
The United Nations International Computing Center (UNICC) and ShelterZoom are pleased to announce a new innovative blockchain-based solution for controlling and protecting the digital data of UN entities and other international organizations. As the largest strategic partner for digital solutions and cybersecurity within the UN system, UNICC has partnered with ShelterZoom, a leading data and content protection and ownership SaaS company behind innovations such as Document Token® technology and Document GPS®.
Building upon the 50 years of experienced innovation from the UNICC, the two organizations collaborated on a transformational undertaking offering robust protection and promising increased productivity for document tracking and management. ShelterZoom will contribute its proprietary document tokenization technology, along with its data protection, document tracking and e-signature solutions to deliver a white-labeled platform, giving member organizations a greater level of governance over their content. Using ShelterZoom’s flagship proprietary Single Source Of Truth® technology, the solution provides a means for each file to be protected individually without changing user normal habits instead of having to rely solely on protecting files at the database level. This ‘singularity and control’ is a new era in cybersecurity and document management, which has never been seen before at this level of seamless integration with existing tools.
“The synergy between what we deliver and the goals of the United Nations are a perfect match for Single Source Of Truth,” said Chao Cheng-Shorland, CEO and Cofounder of ShelterZoom. “We have said from the beginning that it is time to think about cybersecurity in a completely new way and in doing so we have created a solution to address other operational pain points while simultaneously solving one of the biggest challenges facing the global population today. The UN is at the frontlines of changing the world for the better and its forward-thinking approach to using technology to address fundamental issues is critical in improving livelihoods for all.”
ShelterZoom solutions have already been in use across dozens of industries and with this new commercial partnership, they can now extend their usefulness to the UN family and other international organizations. The revolutionary method for complete document tracking with built-in productivity tools, such as digital signatures and a market-first method for organizing files inside email, is an all-in-one solution built for a global workforce. The Single Source of Truth model has the added benefit of decreasing the carbon footprint created by excessive digital waste, further supporting the sustainability goals of the United Nations.
“The need for robust cybersecurity and data protection has never been greater,” said Sameer Chauhan, Director of UNICC. “By working together with ShelterZoom, we have developed a cutting-edge tool tailored to the needs of the UN family. Our unwavering commitment to providing best-in-class solutions ensures we continue to support the digital transformation and modernization of the UN system and other international organizations.”
The post UNICC and ShelterZoom Developed a Secure Document Tracking and E-Signature Solution for the UN System appeared first on News, Events, Advertising Options.
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