Moorwand, an international payments company offering issuing and acquiring solutions, has produced a whitepaper examining the key reasons why the financial services industry has been challenged by the issues brought into the regulatory space by new digital asset players.
The whitepaper entitled ‘Why have traditional issuers and banks taken so long to innovate in Crypto and Blockchain?’ also demonstrates how, with the right regulatory framework and international adoption, traditional institutions could innovate with crypto and blockchain alongside traditional money solutions.
The paper addresses the current challenges surrounding crypto and blockchain from concerns regarding fraud and scams to risk and regulatory fragmentation. It concludes with key insights and takeaways on what the future holds for crypto and blockchain.
Robert Courtneidge, CEO of Moorwand, said, “Our whitepaper clearly lays out the current issues and potential solutions surrounding crypto and blockchain. These insights can help traditional banks and their methods move forward to create a better financial ecosystem for today’s society.”
Moorwand has developed and continues to update its policy on blockchain and cryptocurrencies. Its policy requires programme managers to adopt a robust approach to their AML on users of their exchanges as a result of the fifth Money Laundering DIRECTIVE (2015/849/EU) which is effective from 10 January 2020. “Our policy gives confidence to banks and card schemes that funds are clean and acceptable,” added Robert.