RegTech in FinTech, the Future of Compliance
The cryptocurrency world has been experiencing many changes in the current economic scenario, there is a lot of regulatory aspects that has been trying to encompass the digital space, the battle of why and why not remains in one side of discussion forums. While the implementation of GDPR by the EU to sensitize customer data to be editable by the user who created the data in blocks has been given a mixed response, there are falling in the line as non-compliance attracts heavy penalty.
RegTech may be the next big thing to happen in the crypto world, after the Bitcoins, Tokens and startups bumping up to adhere to the new regulations coming live. The increased demand for the legal compliance information will help companies to follow all the requirements and put in place risk controls within the organizational framework. Banks and other financial institutions have also started adopting the regulatory norms and are looking for a cost-effective solution to modify any deviated practices and with a reduced cost.
Building a flexible and customizable Risk Solution
- the compliance cost will drop to a great extent with blockchain data base at the product level to a great extent as there are lot modification that products lifecycle are experiencing
- companies can save more than 50% of the cost by adopting the source in the segment solution networks in challenging industry without any specific set of borders
- regulating the trading platform to weed out the scams and use the QProfit System software to get a good winning payout, while following certain changed regulatory norms than the existing one
- the goal is to create a global regulation when it comes to dealing in the crypto space, without limiting certain aspects of the trade, to exists organically without forcefully implementing
- the codify in the UK was created to support promising and startup business to develop ideal solutions to address the growing regulatory requirements in the world
The automation of the regulatory framework has increased the percentage of money laundering form a mere 2 % to 90 % with the integral use of Blockchain technology. Major Banks and other financial institutions have started implementing the compliance-based tool that has increased the cost over the time, due to advanced level of risk detection and reporting internally within the management like the whistleblower in app form to maintain the high integrity. Integrating the data from various legacy systems and interpreting the data is the roadmap of the Regtech in fintech companies.