RegTank, a one-stop compliance solution provider was invited to the Paris Blockchain Week Summit (PBWS). The leading European blockchain conference was recently held from 9th to 10th December 2020 and has gathered more than 1700 entrepreneurs, investors and media personnel from all over the world. Notable speakers include Binance founder, Changpeng Zhao; PwC Global Crypto Leader, Henri Arslanian; and many renowned blockchain leaders. With a focus on blockchain technology and cryptocurrency, this summit is part of an effort by the French government to make France the first blockchain-friendly G20 country.
RegTank’s online booth garnered much interest during the conference. RegTank took this opportunity to present its research findings, sharing about the industry trends as well as the importance of regulatory technology to industry professionals. Many customer leads were generated at the summit, starting Regtank’s expansion into the European market.
With the continuous development of digital applications and blockchain technology, new regulations have gradually been introduced to regulate the industry. Examples include the Payment Service Act (Payment Service Act); launched by the Monetary Authority of Singapore (MAS) back in 2019, the “Guidance on Cryptoassets” issued by the British Financial Conduct Authority (FCA). This increased attention poses to be both an opportunity as well as a challenge. With additional and more stringent regulations, compliance work is made more challenging. However, it serves to enhance security for cryptocurrency exchanges which presents an excellent opportunity for the development of future legal compliance.
Reports showed that global compliance costs are expected to reach US$280 billion in the next 5 years in response to increased regulatory requirements. Regulatory technology, which provides solutions by integrating data sets and unifying operations procedures can reduce cost and also produce high-quality compliance work in a shorter amount of time. Striving to provide customers with an integrated solution that best meets their regulatory needs; RegTank has incorporated compliance review, identity verification, transaction monitoring, risk management, and compliance reporting. Regtank’s Protego platform is designed to reduce compliance costs and simplify processes to efficiently combat challenges arising from compliance, safety, and risk management. RegTank is confident that its extensive experience in risk management, professional technology and product team, along with its pioneering Protego compliance suite; the compliance process can be better automated for our clients and achieve our vision for compliance transformation in the cryptocurrency industry.