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Enjoy commission-free order execution in real-time. Trade a whole company share or a slice of it. Receive potential dividend income on long positions. More exposure with increased potential returns. Start or stop earning interest anytime with zero cost. No hassle of withdrawing money back to your bank account. In this way, KYT could enable banks to meet their anti-money-laundering and financial-crime compliance obligations while increasing customer trust.
Strong KYT programs might also make banks more willing to process transactions that would otherwise be prohibited by their internal policies. That would encourage customers to keep their business with the bank, rather than taking it to competitors. In addition, banks often need to conduct further rigorous analysis of the sources of transaction records, a process called know your data KYD.
For the KYT approach to work, banks need to raise their internal capabilities. On the purely technological side, the required functions include connectivity and analytics; it is essential to gather and analyze a vast amount of transaction data on an ongoing basis.
Then, in real time, several managerial skills are needed. These include the ability to identify illicit transactions, recognize and counter attempts to disguise transaction origins, link accounts to their sectors and countries, manage and update lists of questionable actors, build and maintain relationships with regulators in this new context, and fit the technology into an established compliance system without compromising it.
Cryptocurrencies and related blockchain technologies are regulated by a wide variety of government organizations around the world, each of which has introduced its own laws and guidelines. Countries hold a broad spectrum of views. Some are highly restrictive, banning or severely regulating both cryptocurrency exchanges and ICOs. Others are mostly hands-off. Still other regulators have yet to indicate that they will take any action at all. Currently, the most prominent cryptocurrency regulators in Europe and the US have taken opposite positions on rules and standards.
In Europe, where oversight falls to individual nations, the German Federal Financial Supervisory Authority argues that cryptocurrencies need to comply with existing rules and standards. In the US, interagency regulators are committed to evaluating digital currencies further while regulations continue to evolve. For reference, we provide an overview of US legal, tax, and regulatory considerations in Appendix A.
Since neither Europe nor the US has a comprehensive regulatory regime, other sovereign regulators will tend to follow the guidelines set by one of these two influential boards—which means that the approaches will likely be different on each side of the Atlantic.
New policy frameworks continue to emerge. The European Commission has proposed, for instance, a draft legal framework that would regulate crypto assets and their market infrastructure, although it is unclear if and when such a framework would be enacted. Other countries also have digital currency policies under review. China has announced plans to launch a digital yuan, with the aim of becoming the first country in the world to offer a digital sovereign currency. This regulatory inconsistency is one of the greatest impediments to the growth of cryptocurrencies.
Business leaders are keenly aware that their investments could fall in value if regulations change. One particularly important unresolved question concerns the legal definition of these offerings. Will they be treated as assets or as vehicles of monetary exchange? As securities or commodities? As a single category of financial instruments or as two or more categories, each with different rules?
These decisions will have a major impact on how businesses and investors approach crypto asset investments in the future. Because no clear universal regulatory structure exists, banks must develop their own consistent guidelines.
First, they should create a regulation heat map and conduct a gap analysis. This combined exercise should cover the most relevant regulations, anticipate future changes, and outline regulatory gaps in other words, the difference between existing requirements and potential changes in each region. Second, banks should develop a risk management diagnostic for their own activity. In this exercise, they should identify and prioritize cryptocurrency initiatives. Then they should inventory the key sources of expertise and technology needed for these priorities.
An implementation plan needs to be created, laying out the required steps to comply with current and anticipated regulations. Another rigorous program should be designed to archive key milestones so that the work can be retrieved. All these steps can help institutions prepare for their cryptocurrency endeavors while managing the most material risks and taking current and future regulations into account.
Cryptocurrencies are often targets of fraud or cyber intrusion. Banks thus have an increasing need for custodian services: the storage, maintenance, and protection of cryptocurrency assets. Entering the crypto custody market can be a lucrative business for suppliers that offer value-added services. Banks are ideally placed to provide this solution: a digital equivalent to the old-fashioned safe-deposit box, taking advantage of the high levels of cyber protection that are already used to safeguard financial holdings and records.
There are still debates over what type of technology to use. The most secure option is cold storage keeping cryptocurrency data in devices not connected to the internet , but that means physically hooking up the device for each new transaction. Hot storage always connected to the internet is more accessible though also vulnerable to attack.
Some fintech companies are beginning to offer custodian services. As Mike Belshe, CEO of the cybercurrency security services provider BitGo, pointed out in a recent report, fintechs are seeking to fill the gap and thus attract institutional investors.
For example, the US fintech Gemini provides custodian services, such as insurance against fraud and thievery, to customers. But most institutional investors do not accept fintech-based wallet services at this point because of the relatively high risk and regulatory compliance issues.
A few traditional finance players, like Bank of America and Nomura, have announced plans to enter this space, but no bank has yet established a dominant presence. Banks that offer cryptocurrency services can develop a profitable business model around this type of service.
More regulatory consensus is needed here to make custodian services viable. The next few years will more than likely bring cryptocurrencies and DLTs into the mainstream. Innovation in financial services is just beginning. The result will be new ways of handling payments, investments, and savings.
And for risks, the three solutions of KYT, SRC, and custodian services are adequate for the foreseeable future, unless circumstances change. The real uncertainty is not about risk but about missing opportunities. Will banks be able to offer the innovations in investment vehicles and transaction services that their customers expect?
Will they be able to integrate these new technologies into their existing operations? There is no universal playbook for this, but the financial enterprises that are first to design and implement a viable approach will lead the industry. Cryptocurrencies are a vehicle with great prospects. The Right Mix of Crypto Offerings Time may be running out for banks to avoid being disrupted by cryptocurrency-oriented competitors.
During the past few years, they have gained popularity and press attention, along with some skepticism. As of January , over 5, cryptocurrencies were listed on online exchanges. Because the underlying technology—involving encryption and blockchain-based digital ledgers—is still evolving, cryptocurrencies are just beginning to demonstrate their impact on financial trans-actions and capital markets.
The second-largest cryptocurrency is Ethereum, which went live in on an open-source platform. It was initially funded through a crowdsourcing initiative and distinguished by its innovations in distributed computing, native tokens, smart contracts, and other decentralized applications. The underlying technical structure of a cryptocurrency is a system for recording transactions automatically in a distributed digital ledger, called distributed-ledger technology DLT , the token associated therewith.
This makes it a tamperproof, continually growing database that does not need oversight by a bank, regulatory agency, or other central authority. The more owners there are, the more nodes hold parts of the database—and thus the safer and more stable the system is. These nodes, often called wallets, use public and private keys that are linked mathematically. The public key acts as an anonymous but unique ID, similar to a bank account number.
The private key is typically kept secret, like a bank account PIN. The database tracks each exchange of bitcoins among wallets, using private-key validation to ensure their integrity. As demand for a currency increases, computers in its network create new blocks through calculation processes called mining.
These tend to require intensive computer power, a limitation on mining that allows the cryptocurrency to grow while sustaining its value. The system is trusted because counterfeiting or tampering would require creating new blocks at a higher rate than the entire mining network could manage. Most cryptocurrencies are dedicated to specialized financial applications, such as clearing and settlement, securities issuances, payment, trade finance, and digital identity.
Cryptocurrencies can also be differentiated by the way they deploy the underlying blockchain technology. For example, rather than employing a proof-of-work model that relies on solving mathematical problems, some cryptocurrencies grow through a consensus model, adding blocks when participants agree it is time. These features and prospects led a rising number of banks and financial institutions to adopt use cases for cryptocurrency; every banker needs to be aware of the opportunities associated with them.
KYT: Beyond Customer Verification Verification has long been an issue for cryptocurrencies because of the standard way that banks establish trustworthiness. Together, KYT, KYC, and KYD can be used in several ways: To verify transactions on exchanges or broker platforms, which do not write every transaction directly to the blockchain network To trace transactions from services with non-blockchain-based origins for example, with fiat currencies To track transactions where part of the sale occurs offline, as in a face-to-face handoff To validate data from experimental cryptocurrencies where, by design, some transactions are not automatically traced For the KYT approach to work, banks need to raise their internal capabilities.
Structured Regulatory Compliance Cryptocurrencies and related blockchain technologies are regulated by a wide variety of government organizations around the world, each of which has introduced its own laws and guidelines. The most prominent cryptocurrency regulators in Europe and the US have taken opposite positions on rules and standards. Bernhard Kronfellner Associate Director Vienna.
Michael Buser Project Leader Frankfurt. Anna Golebiowska Associate Berlin. About Boston Consulting Group Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in Today, we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholders—empowering organizations to grow, build sustainable competitive advantage, and drive positive societal impact.
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