Will crypto firms seek greener pastures? PayBito CEO Raj Chowdhury discusses the US’s continued role in the global crypto industry, despite the recent SEC crackdown.
The global crypto community is viewing recent US policies as an overreaction to the FTX aftermath. The consensus feels strict crypto regulations can stifle innovations and limit market growth. PayBito CEO Raj Chowdhury however stays bullish on the US remaining a global crypto hub in upcoming years, adding the nation’s talent pool will prevent the scales from tipping.
Latest Fintech Interview Global Fintech Interview with Brian Halpin, SVP, SS&C Blue Prism Internal Automation
The US Labyrinth of Regulations:
A notable section of the world’s crypto think tank sees the SEC’s action towards leading crypto exchanges as predatory. Recent bills and legislation had mixed reactions. However, some of them are the right steps in building a transparent regulatory framework.
- FIT 21st Century Act
The US House Financial Services Committee approved the Financial Innovation and Technology for the 21st Century Act by a vote of 35 to 15. The timing of CFTC or SEC registration for cryptocurrency enterprises is outlined in this measure.
- Bipartisan Blockchain Regulatory Certainty Act
It establishes rules to reduce restrictions and barriers for blockchain service providers and developers. It consists of miners, multi-signature service providers, and decentralized financial systems.
- Denied Digital Asset Market Structure Bill
This bill got denied by the lawmakers. According to them, this bill heeds the summons of the crypto industry. Also, they consider that it ignores SEC regulatory guidance.
- National Defense Authorization Act
An amendment for establishing examination standards for crypto. It also included US Treasury involvement in cracking down on anonymous transactions.
Read More About Fintech Interview: Global Fintech Interview with Ralph Dangelmaier, CEO & Board Member at BlueSnap
The Verdict: Positive or Negative?
Strict crypto regulations can stifle innovations and limit market growth. Strict regulations can limit crypto adoption and mass-market penetration. Growing markets like Singapore and China have crypto-friendly jurisdictions. These regions will have an unfair competitive advantage. Firms might consider relocating or restructuring operations to remain competitive.
PayBito CEO and blockchain pioneer Raj Chowdhury states, “Brokers have solutions that can empower their capabilities and expand their portfolios. Choosing the right platform and tools is the key. With such opportunities, the USA remains a key player despite the regulatory challenges.”
PayBito: Marching Forward with Innovation and Compliance:
PayBito is a global frontrunner in crypto innovation. It debuted as the world’s first white-label crypto brokerage platform. With a strong commitment to compliance, the firm seeks to empower a generation with an affordable subscription-based crypto brokerage. The company ensures regulatory compliance with the following features:
- Regulatory Team: It has a separate team for regulatory compliance. This legal and regulatory team monitors the changes in the regulatory landscape. Thus, the platform can promptly adapt to the new requirements.
- Automated KYC/AML Compliance: Crypto brokers need not actively adhere to any regulations. Every process takes place in the back end. The platform has quick KYC compliance and AML procedures.
- Transaction Monitoring: PayBito uses advanced transaction monitoring systems. They detect suspicious activities. It also instantly reports any violations to respective authorities.
- Compliance Reporting: PayBito submits regular compliance reports to the respective authorities. These reports are automatic ones that do not need direct interventions from brokers.
Standardizing Brokerage with Cloud BaaS:
Beyond compliances and regulations, the PayBito platform is scalable and customizable. The Brokerage-as-a-Service(BaaS) solution for crypto brokerage removes gatekeeping entry barriers like eligibility, cost, and technical proficiency. Anyone can start their entrepreneurial journey with PayBito with its affordable pricing model. It offers:
- White-label Solutions: Brokers can create their unique brands. They can choose features and alter the design, as preferred.
- Diverse Trade Options: PayBito offers several trading options. The platform has high liquidity. It offers several leading crypto coins and altcoins for trading.
- Security: The platform has multi-layer security features. It offers 2FA, advanced encryption, SegWit, cold wallet storage, and more.
- Quick Sign Up: The cloud-enabled architecture helps it easier to launch a business. It takes less than three days to get a unique exchange up and running.
- UI: PayBito has a user-friendly UI with a simple design. It is easier to navigate for both seasoned traders and newbies.
- AI Tools: The platform offers access to top charting and AI tools. It offers tools for market analysis, predictive analysis, risk management, and portfolio management.
- Customer Support: The platform has 24/7 customer support in several languages. Beyond that, there are guides, tutorials, and other resources.
Brokering World Hunger Away:
PayBito aims at a holistic financial inclusion environment. The platform helps brokers become financially independent. At the same time, it uses this growth to empower a better tomorrow. The platform donates a dollar for every dollar earned by its brokers. It donates it to any cause helping to end world hunger. Brokering World Hunger Away is PayBito’s sole contribution and not from the broker’s cut.
Browse The Complete Interview About Fintech : Global Fintech Interview with Marc Kuzak, Vice President of Legal at Yapily
[To share your insights with us, please write to sghosh@martechseries.com]
