Cabital Eyes Regulatory Approval To Provide Cryptocurrency Payment Services In Singapore
One of the things that validate a cryptocurrency payment service is regulations. Many exchanges, brokers, and institutions that operate outside the law’s provisions receive a lot of backlash and scrutiny from crypto users and financial regulators.
So, it is prudent to gain the necessary approvals before offering services in any territory, especially in a country such as the US.
In recent times, financial regulators across the globe have been focused on the cryptocurrency industry. They have been scrutinizing the markets and operations of the players to ensure compliance to regulatory dictates protecting users’ interests.
With such pressures, every company in the industry focuses on meeting the regulatory requirements as well as they can.
Cabital Seeks Regulatory Approval From MAS
Given the recent trend in crypto regulations, it’s not surprising that Cabital moves to gain the legal approvals that will support its operations in the Singapore crypto market.
The institutions that offer exposure to digital assets aim at providing payment solutions to Singaporeans. Such a service will enable the citizens to trade in these tokens without regulatory issues.
According to the co-founder and CEO of Cabital, this move to secure approval from MAS (Monetary Authority of Singapore) will boost their services.
He also disclosed that the institution has always depended on Chainalysis Reactor and Chainalysis’ KYT (Know Your Transaction) to ensure compliance to AML requirements of their bases of operations.
To further support the Cabital moves, Chainalysis MD, Ulisse DellÓrto, disclosed that the platform would offer the tools that the payment institution requires to succeed in this new development.
Accordingly, the tools will boost user confidence and help them meet the crypto industry’s requirements. Cabital has depended on Chainalysis’ tools to comply with the provision of the financial regulators.
A Brief On Cabital And Chainalysis
Cabital is an institution that deals with digital assets globally. It provides secure and safe access for people to earn passively using cryptocurrency. Its popular product “Cabital Earn” is a crypto platform for wealth management. Customers can buy crypto using euros and earn higher returns up to 12% APY on their investment.
The company doesn’t play with fraud detection and employs a biometric solution from Sunsub to verify users’ identities. Also, it holds the crypto people buy on the platform with Fireblocks – a widespread and trusted digital asset custody platform.
The company is registered and spreads across China, Malaysia, and Singapore. Cabital has been operating since 2020 by Raymond Hsu-an, an experienced player in Fintech companies.
On the other hand, Chainalysis is a blockchain-based platform that provides data, research, software, and services to different companies and government institutions. They span across various industries, including crypto, cybersecurity, and insurance.
Also, their services cover more than 60 countries of the world. Moreover, the data from Chainalysis serves in different capacities such as growing access to crypto and solving criminal cases. So, it’s not surprising that Cabital relies on them for the tools that can facilitate its operations.Source