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Removing the complexity
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Removing the complexity
In recent years, the cryptocurrency landscape expanded rapidly and the regulations to govern this environment have also evolved exponentially. Advances in technology has paved the way for payments and other financial services to become very cost effective, accessible, and to simplify cross-border transactions.
A popular topic of discussion
This has resulted in crypto assets and their capabilities becoming a very popular topic of discussion in boardrooms. Many of these discussions also include the regulatory requirements for crypto asset firms wanting to operate in different countries and how these regulations vary.
The Lysis Group has been, and continues to be, successful in assisting clients with complex and contentious regulatory aspects regarding crypto registration. We have significant expertise in the crypto asset space and can provide substantial insight into this very dynamic market.
Specifically, we provide guidance and practical assistance to ensure that your firm’s preparations for the crypto application meets the regulator’s standards to ensure a successful registration. This includes:
A detailed review of the requirements and expectations.
To review and, if necessary, redraft documents to ensure that all the regulator’s requirements and expectations are met.
The management of the application process from requirements to submission; and
Help to manage the responses and inquiries from the regulator during their review of the registration application.
A robust financial crime framework
Following a successful registration, Lysis can offer additional support in a regulated market. This includes the design, development, implementation, and enhancement of an effective and robust Financial Crime framework which meets the regulator’s requirements and expectations.
Once a crypto asset firm has obtained full registration to operate in a country, is when it faces the real challenges i.e., to develop, maintain and operate a robust financial crime framework and demonstrate that effective controls are in place. This can be a very costly and challenging process that is often overlooked and underestimated. Additionally, it is likely that the regulators will intensify scrutiny to ensure that all the newly registered crypto asset firms are aligned with AML regulations and operate with appropriate controls to fully protect their bottom line and their clients.
To navigate through the various regulatory requirements from different countries, to register a crypto asset firm, seems to be an impossible task, especially when a firm has global reach. Having vast experience, the Lysis Group believes that a successful registration requires careful planning and preparation so that the documentation submitted for review is fit for purpose and responds correctly to the test questions. In addition, the application must be prepared to provide the regulator with clarity on the business purpose and activities and demonstrate a good understanding of the risks and effectiveness of controls.
To date, we have assisted several crypto asset firms with the required registration processes in various countries including assisting one of the first crypto asset firms to be registered in the UK. As crypto registration experts, we can assist your firm in achieving full registration in a cost-effective manner within various jurisdictions, if needed, and give you the peace of mind in knowing that your firm can safely operate in a regulated market.