Blockchain, Cryptocurrency Regulations and Risk Assessment of a Central Bank in South America

At the outset of the engagement, the country at hand lacked a regulatory framework to manage VAs and VASPs. Recognizing this industry’s growing influence on global economies, financial regulators sought a sectoral risk assessment to enhance their understanding and address pertinent concerns.

Through a series of seven sessions with each division of the country’s central bank, Kroll provided invaluable guidance and clarity on VAs and VASPs, covering international policy frameworks, licensing schemes and risk-based supervision processes. Engagements with local financial institutions ensured they were equipped with essential knowledge concerning regulatory frameworks, licensing regimes, crypto-related scams and crime typologies, source of wealth investigations, and due diligence on VA and VASP initiatives. This engagement established a trusted relationship with the central bank, potentially paving the way for future collaborations and continued business.

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