Rojin Nair, Advisor
June 1st, 2021
At Incyub8 Inc, Rojin is focusing on nurturing and guiding various national and international start-[...]
SEC wants big data tools for monitoring and enforcing cryptocurrency market compliance
Modern Consensus | ,
Move is latest series of steps by regulator to bring clarity and less confrontational approach to regulations enforcement
The U.S. Securities and Exchange Commission wants to know if the technology to help it monitor major cryptocurrency blockchains for risk and regulatory compliance issues exists.
The SEC is not looking to buy big data analytics tools at this time, but characterizes its interest as “conducting market research to determine the availability and technical capability,” of the tools presently available on the market, it announced in a notice on Jan. 31
What the SEC wants to know about is the “ability to provide the requested data but also an overview of the processes used to extract the data, convert the data into a reviewable format, and the verification steps to ensure there is no loss in data completeness and accuracy due to the data transformation tools and processes applied.”
The software it wants would also make the data easy for SEC staff to read and understand on an ongoing basis, and would provide insights about that data—notably identifying who the data belongs to—as well as a way of ensuring the data is accurate and complete.
See: Designing a data transformation that delivers value right from the start
The request is the latest in a series of recent moves that underline the agency’s commitment to bringing order, clarity, and oversight to the regulation of the cryptocurrency and digital asset market, as well as moving away from the confrontational approach that have characterized its actions in recent years. The SEC’s Office of Compliance Inspections and Examinations (OCIE) identified digital assets as one of its priorities for 2019, including firms’ portfolio management, internal controls, and asset security among its focuses.
The SEC recently promised “plain English” guidance for developers and investors that will make clear if their cryptocurrencies and initial coin offerings (ICO) qualify as securities under the law, according to “The Distributed Ledger: Blockchain, Digital Assets and Smart Contracts,”
a report issued in November 2018 by the white shoe law firm Skadden, Arps, Slate, Meagher, and Flom.
That recent promise by William Hinman, director of corporation finance at the SEC, highlights what Skadden calls the agency’s “recent efforts to encourage engagement and collaboration with developers regarding their blockchain-related projects rather than emphasizing enforcement actions.”
Continue to the full article --> here
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Read More
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UK Law Society Gazette | Jonathan Goldsmith | May 16, 2022 Warren Buffett famously said: ‘Only when the tide goes out do you discover who's been swimming naked.’ The withdrawal of nearly all Western support for Russia and Russian money has been one of history’s tide-turning moments, and among those found to be swimming naked have been solicitors. We have been hammered for our servicing of oligarchs whose money was obtained by theft, violence, corruption and other crimes. It is not good enough for us to say that others were at it, too – and that our very own government was knee-deep in the mire. We are solicitors with important values, and should examine ourselves closely in the aftermath. Having said that, which I believe needs to be said before I turn to others who bear responsibility, I consider that many governments, and intergovernmental organisations like the Organisation for Economic Development and Cooperation (OECD), need to consider their own failings, too. See: Opinion: Rising cost of compliance may lead to consolidation I want to focus here on the elaborate structure which they foisted on us to stop the servicing of corrupt money – the anti-money laundering laws proliferating around the ...
Read More
Read More
FP | Stephanie Hughes | May 17, 2022 Swedish fintech leader Klarna Bank is planning to establish a product development and tech hub in Toronto as it looks to grow its “buy now, pay later” model in the increasingly competitive North American market. BNPL is already starting to take off in Canada and BNPL payments are projected to grow 63.5 per cent and reach $5.9 billion in 2022 (Source: Research and Markets). Now, with more than 400,000 merchants on board and US$1.6 billion in net operating income, founder and chief executive officer Sebastian Siemiatkowski is looking to catch a ride on Toronto’s thriving tech scene and take advantage of the country’s shift into open banking. See: Welcome to the third largest tech-hub in North America Why Canada? Klarna initially set its sights on Canada in February, when it brought its “Pay in 4” (split payment) service to Canada in February and partnered with retailers such as Harry Rosen, Mejuri and Frank And Oak as well as hundreds of others. Building a tech hub with up to 500 people would give the company a startup feel as well as a foothold in the North American market. Being part of an ecosystem ...
Read More
Read More
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Read More
Read More
Afrotech | Josh Rodgers | May 16, 2022 Elon Musk and the acquisition of social media giant, Twitter, have caught the attention of many high-profile individuals. Whether it’s celebrities denouncing their association with the app because they disagree with him or A-listers trying to gain a piece of the pie, there is no shortage of interest around the estimated multi-billion-dollar deal. AfroTech previously reported that Meek Mill tweeted his desire to purchase shares of Twitter after the billionaire bought it. Now, LA rap legend Snoop Dogg has entered the chat, and he doesn’t just want to buy a part of it — he wants the entire thing. In a tweet from May 13, Snoop Dogg wrote, “May have 2 buy Twitter now.” See: Snoop Dogg Reveals He’s An NFT Whale While it’s unclear whether the California rapper was serious or not, he did follow up his original tweet with some detailed plans if he were to go through with purchasing the social media platform. From changing up the board of directors to giving everyone a verified blue checkmark, Snoop’s hypothetical purchase comes with some big shake-ups. He even started the hashtag #WhenSnoopBuysTwitter to chronicle his list of ideas. With all ...
Read More
Read More
eMarketer | Adriana Nunez | May 18, 2022 Mastercard’s new Biometric Checkout Program brings facial and fingerprint recognition technology to the point-of-sale (POS). By linking consumers’ biometrics with their payment cards Mastercard can grow card volume even if a physical card isn’t present during the transaction. The program lets consumers link their facial and fingerprint biometrics to a payment card. Once enrolled in the system, customers can check out with their face or fingerprint, no cards or mobile phones necessary. Mastercard is working with several biometric and tech firms, including Payface and Fujitsu, to roll out the program. It kicked off a pilot in Brazil, where it is trialing the tech with Payface across five St Marche supermarket locations. Mastercard plans to launch similar pilots in the Middle East and Asia. See: How to protect your digital identity? Contactless payments have become more popular during the pandemic, as consumers opt for more touchless checkout experiences. The number of global proximity mobile payment users is expected to hit 1.345 billion in 2022, up from 1.182 billion in 2020, per Insider Intelligence forecasts. QR code-based transactions and tap-and-pay cards are also fueling contactless payment growth. And growing fraud threats have made payment ...
Read More
Read More
The World Bank | Michael Geller and Arpita Sarkar | May 18, 2022 The ongoing digitization of financial services and money creates opportunities to build more inclusive and efficient financial services and promote economic development. This digital transformation presents a paradigm shift that has various policy implications, including: Foster beneficial innovation and competition, while managing the risks. Broaden monitoring horizons and re-assess regulatory perimeters as embedding of financial services blurs the boundaries of the financial sector. Be mindful of evolving policy tradeoffs as fintech adoption deepens. Review regulatory, supervisory, and oversight frameworks to ensure they remain fit for purpose and enable the authorities to foster a safe, efficient, and inclusive financial system. Anticipate market structure tendencies and proactively shape them to foster competition and contestability in the financial sector. Modernize and open up financial infrastructures to enable competition and contestability. Ensure public money remains fit for the digital world amid rapid advances in private money solutions. Pursue strong cross-border coordination and sharing of information and best practices, given the supra-national nature of fintech. Countries should embrace these opportunities and implement policies that enable and encourage safe financial innovation and adoption. Technological advances are blurring the boundaries of both financial firms ...
Read More
Read More
Guest Post | May 18, 2022 If you spend an inordinate amount of time on your phone, you’re bound to know your way around an app or two. While many of us are familiar with the likes of Facebook, Instagram, Snapchat, and others, many apps are a hindrance rather than helpful. For instance, social media may seem like a good way to kill time, but too much time spent scrolling through your newsfeed can be detrimental to your mental health. Today we’ll be looking at some of the best apps you can use to become a more interesting and knowledgeable person. Read on for more information. Nerdish Nerdish should be the first place you look if you are looking for an educational app to broaden your mind and improve your knowledge base. Available from your app store, Nerdish is a collection of informative and enjoyable articles on many different subjects, all of which are well-researched and only take 15 minutes to read. Whatever your preferences, Nerdish has got you covered. If you want to brush up on your general knowledge or learn more about your favorite topics, this app is well worth your time. Duolingo Many people wish they could ...
Read More
Read More
Chainanalysis | May 18, 2022 How Storyline reinvents investigations for web3 When Chainalysis invented blockchain analysis tools in 2014, very few people understood what was happening on Bitcoin blockchain. Transaction records were difficult to interpret and it was hard to distinguish between addresses in a private wallet and an address on a custodial exchange. Reactor solved this problem by providing an easy way to visualize relationships between on-chain transactions and real world identity. Our goal with Chainalysis Storyline is to bring this same simplicity to the more complex multi-chain world of DeFi, and make it easy for our users to comprehend the blockchains of the web3 era. See: Hong Kong’s Web3 ‘Mr. Metaverse’ vs. Mark Zuckerberg How exactly does DeFi make cryptocurrency transactions more complicated for investigators? The core issue is chain hopping. DeFi protocols have made chain hopping easy, allowing users to switch between several different kinds of cryptocurrency in a single transaction. Cross-chain graphing in Chainalysis Reactor can mitigate much of that complexity, but tracking funds across blockchains to separate destinations can still be time-consuming. Another issue is that many seemingly simple DeFi transactions actually involve multiple smart contracts, making them appear more complex on the blockchain than ...
Read More
Read More
The Defiant | Aleksandar Gilbert | May 16, 2022 Stablecoins haven’t looked so stable recently. The United Kingdom doesn’t seem to be too worried Despite the recent collapse of Terra’s UST stablecoin, the U.K. government will move forward with proposed regulations that would facilitate stablecoins’ use “as a recognised form of payment,” according to a report from The Telegraph. A spokesman for Her Majesty’s Treasury told the U.K.-based newspaper said: Legislation to regulate stablecoins, where used as a means of payment, will be part of the Financial Services and Markets Bill which was announced in the Queen’s Speech. Apr 5: UK government: Sets sights on being a global hub for cryptoasset technology with flexible future regulation The UK government said in a report issued last month after more than 12 months of study: [Fiat-backed stablecoins] have the capacity to potentially become a widespread means of payment. An amended e-money framework can deliver a consistent framework to regulate stablecoin issuance and the provision of wallets and custody services. ‘Global Hub For Crypto Assets’ Rishi Sunak, the Chancellor of the Exchequer said: We want to see the businesses of tomorrow – and the jobs they create – here in the UK,” he continued, and ...
Read More
Read More
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