Cryptocurrency
Monitor, track and understand the rapidly emerging regulatory landscape for cryptocurrency with CUBE’s cryptocurrency compliance solution.
Proactively determine your control framework, understand cross-border obligations, identify risks and mitigate gaps in your regulatory inventory, ahead of time.
How we solve compliance for cryptocurrency
CUBE’s cryptocurrency compliance solution enables you to manage your entire regulatory suite and scan the horizon for global regulatory change, providing you with a holistic inventory of regulatory data tailored specifically to your business.
Have oversight of every current and emerging rule, from every Issuing Body that impacts your cryptocurrency obligations, from localized regulators such as the SEC or CFTC, through to industry groups like FATF or the OECD. Track the fast-moving landscape for crypto regulation and maintain defensible audit trails across all jurisdictions. Powered by AI, CUBE replaces manual processes by automating regulatory change, freeing up resources to ensure policies and controls are effective.
Visibility
Have complete visibility of the entire world of in-force and emerging crypto regs.
From proposed regulations for stablecoins, to cross-border efforts to implement a harmonized regulatory framework for DeFi, meet regulatory requirements, view potential gaps in your system and automatically generate reports for assurance and audit.
Policies and controls
Ensure cryptocurrency policies and controls meet regulatory expectations
Whether you’re a crypto exchange or a traditional bank adding crypto to your product offering – have peace of mind that all global cryptocurrency regulations are mapped to your specific policies and controls, pinpointing the impact of regulatory change across all lines of business and jurisdictions you operate in.
Audit trail
Evidence decision making and actions in a defensible audit trail for crypto
Demonstrate that relevant information on cryptocurrency has been routed to and actioned by responsible owners across the business. View and configure every step of the process in a holistic dashboard to visualize cryptocurrency regulation across the length and breadth of your team.
Challenges faced by the industry
The emerging pace of regulatory change for cryptocurrency is perhaps the most complex issue for compliance teams in modern times. What started out as a libertarian currency – devoid of borders or tangible form – is being gradually been welcomed into the mainstream of financial services.
At the beginning of 2022, President Biden signed an executive order which called on government agencies to work on a framework for crypto – which was broadly seen to legitimise crypto in the US.
However, despite huge advancements in innovation – with Starbucks, Tesla and even Gucci accepting the coin – the regulatory landscape remains fragmented and is leaving compliance teams struggling to keep up.
Implementing regulation for cryptocurrency poses challenges on a number of levels, not least that it involves applying traditionally centralized regulation to often decentralized cryptocurrencies. For this reason, we see global regulators – from the SEC to Japan’s FSA – addressing cryptocurrency in different ways, leading to a complex patchwork of cross-border obligations.
As crypto gradually enters the mainstream of financial services, regulators are acting swiftly to create a backstop that will protect consumers and global financial stability from volatile cryptocurrency markets. While AML and CFT obligations are already in existence for crypto – we will soon see new areas of focus, including consumer protections and market conduct.
Messaging from the global governments and the Bank for International Settlements suggests that regulators will lay a blueprint for regulation by addressing the regulatory challenges of stablecoins.
Whether it is new regulation or a broadening of the current regulatory perimeters, regulatory change is imminent and compliance teams will need to act quickly to implement a cryptocurrency compliance solution that will keep up with the pace of change.
