Blockchain
Closing the Regulatory Gap in Crypto with TradFi Experience
The cryptocurrency industry has experienced rapid growth and increased public recognition, but it still faces substantial regulatory challenges. The industry’s fast-paced development has outpaced the capacity of many regulatory bodies to establish consistent standards, creating a significant regulatory gap. This disconnect has led to a fragmented regulatory landscape, causing uncertainty and risks for crypto platforms. The lack of a uniform framework complicates compliance and stifles growth, as platforms must navigate different rules in various jurisdictions.
One of the primary issues is that many crypto platforms lack regulatory experience, often being founded by tech entrepreneurs without a background in financial regulations. Conversely, regulators, accustomed to traditional financial institutions, may struggle to understand digital assets and blockchain technology, further widening the regulatory gap. This situation makes it challenging for the crypto industry to achieve necessary oversight and stability.
To address these challenges, traditional financial institutions, often referred to as TradFi, have begun entering the cryptocurrency space. These institutions bring extensive experience in navigating regulatory landscapes, offering a potential bridge between crypto platforms and regulators. An illustrative example is the MultiBank Group, a financial derivatives organization established in 2005, which has leveraged its regulatory knowledge to enter the crypto market through its platform, MultiBank.io. This platform offers secure trading of digital assets like Bitcoin and Ethereum, aiming to apply the same regulatory rigor found in traditional finance to the crypto sector.
The involvement of TradFi platforms like MultiBank brings several benefits to the crypto industry:
- Regulatory Expertise: TradFi institutions are well-versed in regulatory compliance, and their entry into the crypto space can help set standards and practices that ensure safer and more reliable operations. MultiBank’s extensive regulatory licenses and global presence highlight its capacity to handle complex financial regulations, which it can translate into actionable strategies for the crypto sector.
- Improved Communication with Regulators: TradFi institutions can act as intermediaries between crypto platforms and regulatory bodies. They can facilitate better communication, helping to craft regulations that are both practical and specific to the unique aspects of digital assets. This role is crucial for aligning the industry’s growth with regulatory requirements, thus fostering a more stable market environment.
- Enhanced Security and Compliance: The rigorous security and compliance standards that TradFi institutions adhere to can enhance the credibility and stability of the crypto platforms they enter. MultiBank, for example, uses its established infrastructure and regulatory knowledge to improve the safety and reliability of its crypto offerings, setting a precedent for others in the industry.
- Legitimacy and Stability: The endorsement of digital assets by major financial institutions lends credibility and legitimacy to the crypto market. This, in turn, attracts more investors and encourages broader acceptance. The presence of regulated entities in the crypto space also contributes to a more stable and healthier market.
In conclusion, the regulatory gap in the cryptocurrency industry presents significant challenges, but the entry of TradFi institutions like MultiBank Group offers a promising path forward. These institutions can leverage their regulatory expertise to help shape sensible regulations and improve engagement with regulators. As more TradFi companies enter the cryptocurrency market, there is potential for a future where innovation in digital assets is supported by robust compliance and regulatory frameworks, fostering a safer and more stable financial ecosystem.
Source: newsbtc.com
The post Closing the Regulatory Gap in Crypto with TradFi Experience appeared first on HIPTHER Alerts.
With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.
The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.
- Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few. - Cardinal Health announces two strategic additions to its portfolio
Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash. - BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems. - Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
“I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands. - Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately. - PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
- Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
- Finaya Unveils Nationwide Homeownership Platform
From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient. - GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too. - GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics. - Most US shoppers are encountering generative AI while shopping without realizing it
A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.
For more news like this, check out all of the latest finance-related releases from PR Newswire.
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