Token Relationship Management (TRM) raised $1.7 million from investors, including Blockchain Capital, to develop solutions allowing cryptocurrency projects to better comply with various local regulations.
The multiplicity of jurisdictions poses great difficulties for cryptocurrency startups to adjust their activities to ever-changing regulatory landscapes. TRM decided to address this problem by releasing a new expansion of its platform.
Dubbed RegTech, the new solution offered by TMR is designed to considerably simplify anti-money laundering (AML) compliance for businesses involved with cryptocurrencies and other digital assets. The press release on the matter reads that the platform offers solutions for “on-chain customer due diligence, transaction monitoring, and customer relationship management”.
RegTech is also working on solutions for automated detection of suspicious transactions potentially related to money laundering and market manipulation.
As of now, more than 20 000 users have already passed KYC tests and registered their Ethereum wallets on RegTech. Meanwhile, Trust Token is testing the new platform with its TrueUSD (TUSD) token.
“We believe that cryptocurrency is going to be a democratizing force in the world that lets anyone exchange value and access financial services. But to get there, we need to make it easier for everyone to be compliant. Just as the Internet led to an explosion of new content, crypto is leading to an explosion of new financial products and markets. We need regulatory and compliance infrastructure that scales with this new world,” – Esteban Castaño, TRM CEO and co-founder, specified.
The Italian Senate committee has recently approved an amendment on blockchain industry regulation. The amendment provides basic industry terms such as distributed ledger technology (DLT)-based technologies and smart contract definitions.
Meanwhile, Russia’s Deputy Minister of Finance Alexei Moiseev stated that he “reflects with sadness” upon the development of crypto regulation in the country, as the government is trying to “touch all the hot buttons”, with the time frame for adoption of the law “On Digital Financial Assets” being delayed time after time.