Regulatory issues are one of biggest concerns in the world of virtual currencies. Coinfirm, as the global leader of AML/KYC solutions for blockchain and cryptocurrency, will take a part in the joint EAG/FATF FinTech and RegTech Forum held in Hangzhou, China.
Blockchain technology offers new possibilities, but at the same time, it is also associated with fears. According to the latest PwC research, regulatory uncertainty and lack of trust among users are the biggest barriers to blockchain adoption. In the same report, Financial Services is mentioned as a leader in the implementation of this technology. The Coinfirm platform serves to lift these barriers and boost the digital revolution in the world of finance.
We can do so by mitigating the risk associated with the adoption of cryptocurrencies in the broader economy. Our platform makes it possible to apply AML/CTF standard that is much higher than what can be achieved in the traditional economy. Participation in events such as FATF/EAG forum is an opportunity for us to show the regulators and private sector how technology could help them to monitor and manage risks connected with the exposure to crypto and virtual currencies. We strongly believe that the right way for this space to grow is through transparent and safe regulations supported by technology.
Pawel Kuskowski, CEO and co-founder of Coinfirm.
Both EAG (Eurasian Group) and FATF (The Financial Action Task Force) are inter-governmental bodies. Their common aim is to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. The EAG is associate member of FATF since 2010.
Coinfirm serves as a foundation for the safe adoption and use of blockchain. The Coinfirm AML/CTF Platform uses proprietary algorithms and big data analysis to provide structured, actionable data that increases efficiency, reduces costs and streamlines compliance to near automation. The company is currently analyzing over 500,000,000 addresses and close to 10,000,000,000 transactions on digital currencies markets.
A recognized leader in their field and among the most influential blockchain and regtech companies, the blockchain agnostic platform benefits not only companies operating around blockchain but also major financial institutions, asset management, and BI companies.
In addition, Coinfirm develops dedicated blockchain solutions such as their data provenance platform Trudatum, currently being piloted for adoption by multiple financial institutions. Trudatum is an easy to use blockchain solution to register and verify the ownership and authenticity of any type of document, file, or data.