Cryptocurrency market under regulatory pressure for timely and comprehensive reporting.
NEW YORK, July 27, 2022 /PRNewswire/ — KOR Financial, a CFTC registered Swap Data Repository (“SDR”) and trade reporting service provider announces its partnership with CoinRegTech, a leading provider of regulatory technology to the digital asset and cryptocurrency marketplace. Their common goal is to deliver an industry-defining regulatory reporting solution to the cryptocurrency community.
KOR is a 100% cloud based and licensed SDR with a fully integrated reporting platform that enables cryptocurrency participants and platforms to benefit from its specialized support. KOR’s innovative Reporting-as-a-Service (RaaS) technology includes sub-second processing, 24/7 availability, API enabled features, and pattern machine learning, which all work to improve compliance processes.
Innovations by KOR and CoinRegTech come at a crucial time as digital asset and cryptocurrency markets face the unique challenges of meeting rapidly expanding regulations. KOR and CoinRegTech have a firm understanding of where regulations are heading, and provides the technology needed to support current and new CFTC reporting duties.
“As a modern SDR with the flexibility to support emerging assets, we are a natural fit for market participants in cryptocurrencies,” said Jonathan Thursby, KOR founder and CEO. “Few have developed a better understanding of where regulations over digital assets are going and have the solutions to meet them than the partnership of CoinRegTech and KOR.”
The CoinRegTech Platform facilitates CFTC and SEC/FINRA trade reporting, position limit monitoring, and other compliance services enabling digital asset participants to meet their regulatory obligations. CoinRegTech has a comprehensive understanding of digital assets, securities and commodities markets. CoinRegTech is a leader in compliance services for cryptocurrencies, and now will support reporting to KOR SDR.
“Unprecedented regulatory changes are happening in digital asset markets that will usher in a new era of compliance duties,” said Bruce Tupper, CoinRegTech President and Founder. “CoinRegTech was early to this space with vital support that enables central providers of digital assets to seamlessly navigate regulated markets. We are pleased to partner with KOR and their noval and fit for purpose trade reporting capabilities to these fast-growing markets.”
U.S. and international regulators continue to expand their oversight and enforcement of smart contracts, cryptocurrencies and stablecoins. The SEC and CFTC have stepped up enforcement actions and efforts to define their supervisory frameworks. During the next few years, the landscape will continue changing and central providers who have a well-developed regulatory strategy, including strong trade reporting infrastructure and compliance controls, will be market leaders.
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SOURCE KOR Financial