Report highlights urgent need for regulators and the crypto industry to collaborate in order to achieve industry-wide harmonization
NEW YORK, Jan. 27, 2022 /PRNewswire/ -- On a mission to help companies adjust to the new crypto regulatory landscape, Notabene has completed the first ever comprehensive global Travel Rule compliance survey, releasing results in The State of Crypto Travel Rule Compliance Report.
"Our experience with the regulators and Travel Rule implementation have taught us that there are many unique challenges with roll out. The pace is different across companies, countries and many businesses are still unaware of which protocol they intend to use. Now with looming regulatory deadlines, it is essential for the industry to come together to solve some of the implementation and roll-out challenges," said Pelle Braendgaard, CEO of Notabene. "We started this report aiming to provide first-hand insights from a broad range of crypto businesses on the challenges they're facing, how they plan to overcome them, and their projected timelines."
The State of Travel Rule report includes results from financial institutions and crypto companies worldwide on how prepared they are for upcoming regulatory deadlines. Fifty-six companies completed the survey, representing broad global coverage. Overall, 45% of respondents have primary operating jurisdiction in APAC, 30% in EMEA, and 25% in the Americas. 13% of respondents have a banking license or are a banking institution, and 86% of respondents are crypto-native businesses.
The report demonstrates a transparent understanding of compliance readiness levels and pain points by delving into the critical components of Travel Rule compliance. It highlights the differences in Travel Rule adoption across jurisdictions, approaches to Travel Rule implementation, and summarizes adoption pitfalls.
"The report highlighted legal uncertainty and the sunrise period as hindrances to most companies' roll-out of the travel rule. This is consistent with what we have heard from the industry, where many exchanges have committed the resources to fully prepare for the travel rule but are looking for regulatory clarity around enforcement dates," said Alice Nawfal, Co-Founder and COO of Notabene."Companies would like travel rule roll-out to be fair across the industry, which calls for closer collaboration between regulators and the industry to ensure expectations are clear around roll-out."
Along with the release of The State of Crypto Travel Rule Compliance Report, Notabene will host a webinar series to create a dialogue between regulators, crypto companies and financial institutions on Travel Rule implementation, starting in February. For more info and early access, sign up here.
Notabene is a reg-tech compliance SaaS solution that connects the traditional financial industry and crypto industry. We are working to make crypto transactions a part of the everyday economy by providing software, tools, and comprehensive data to manage regulatory and counterparty risks in crypto transactions. Using privacy-preserving technology, our first-to-market Crypto Travel Rule solution helps financial institutions, crypto exchanges, and businesses turn compliance into a competitive advantage. Key investors include Jump Capital, F-Prime Capital, Castle Island, Green Visor Capital, Illuminate Financial, CMT Digital, and a cadre of top-tier angel investors. Trusted by leading exchanges and companies like Tether, Luno, Bitso, Crypto.com, Bitfinex and more.
View original content to download multimedia:https://www.prnewswire.com/news-releases/notabene-publishes-the-state-of-crypto-travel-rule-compliance-report-301469367.html