Compliance is very important in the financial sector and new regulations around blockchain and crypto assets should be welcomed. This is the view of Wojtek Kaszycki (Founder and Chairman of Mobilum Group) who was speaking on the sidelines of the recent London Blockchain Conference.
Mobilum is a financial technology company providing various payments and banking solutions to bridge the traditional finance and Web3 worlds. Building all-in-one infrastructure to meet global payment needs in both Web2 and Web3, Mobilum aims to develop innovative products for retail and institutional clients enabling them to transfer, manage, spend, and earn money more quickly, securely and affordably. The group’s core mission is to make cryptocurrencies more accessible, spendable and ubiquitous in our daily lives.
Kaszycki noted that one of the group’s core products is a crypto-asset card which allows for the spending of digital assets. ‘Whoever downloads the Mobilum wallet and passes the KYC can exchange digital assets almost in real time for fiat money, which is automatically topped up to the Mobilum card,’ he explained.
“We are now in the process of developing smart contracts and different proprietary software which will allow us to offer credit lines on the credit cards based on their holdings in the digital asset space,” he said.
Regulations and certainty are necessary
Because of the nature of Mobilum and its various products, Kaszycki said that it was vital to have KYC and AML regulations in place to protect users and exchanges. ‘Mobilum as a group of companies has always held that compliance is very important,’ he said.
‘If you deliver products or services for retail customers, whether through direct sales or business partners, you need to make sure that what you do is fully compliant and legal,’ said Kaszycki. He pointed to the Markets in Crypto Assets (MiCA) Regulations which were recently introduced in the European Union as an example of a positive law in the space.
‘It will categorise the whole ecosystem of tokens, digital assets, and stablecoins. MiCa expressly divides tokens between stablecoins and other security tokens. It also provides a path for European institutions to make it clear which institutions are responsible for each asset class.
‘This is very important for stabilisation, security and safety in the market and will help build mass adoption in the future,’ he said.
More regulations are needed to grow adoption.
While these regulations are welcome and necessary, they are only just the start and more can be done, he said. ‘The majority of bottlenecks in the digital asset space in the European market is a lack of regulation. And the biggest issue for companies in the digital asset space is banking.
‘Banks are unsure of which field the digital asset space is in. So from the perspective of their compliance, AML obligations, and the safety of their business, they decide not to continue or start working in the space.
‘We firmly believe that MiCA and other regulations that will follow will make it more transparent and much easier for traditional financial institutions to serve the digital asset space,’ he said.
BSV Blockchain taking steps to improve compliance
BSV Blockchain and Global Ledger recently announced a new partnership to bring full support and anti-money laundering (AML) solutions to the BSV blockchain and community.
As a new service provider, Global Ledger will provide the tools and on-chain analytics to ensure the security and compliant growth of BSV blockchain projects and ventures. The collaboration will also focus on enhancing blockchain security, compliance, and project growth for the BSV ecosystem.
This partnership is a significant step toward enhancing not only compliance and security but also the growth of projects within the BSV blockchain ecosystem. The collaboration aims to deliver full support and AML solutions fully tailored to the needs of the BSV blockchain, providing BSV projects with the tools they need to meet regulatory standards, mitigate risks, and promote development.
Global Ledger will also introduce the first-ever AML solution that fully covers the BSV blockchain. You can find out more here.
