Tag: fintech

This April, Anson Zeall, our Chief Strategy Officer (CSO) & Head of Compliance, was invited to represent Singapore at the annual FATF Private Consultative Forum, alongside industry key players, DBS, Nium, and Crypto.com.

This year’s forum marks a significant turning point in the dialogue surrounding Recommendation 16 and Virtual Asset Service Provider (VASP) regulation. The forum also featured a panel on Central Bank Digital Currencies (CBDCs), marking the first time the private sector was invited to discuss associated risks.

In this blog, we explore the key outcomes and their impact on regulated payment providers like dtcpay.

Since its introduction, Recommendation 16, also known as the “Travel Rule,” has posed significant challenges for VASPs. Mandating the exchange of customer information among VASPs, it has fundamentally altered the trustless nature of blockchain technology.

However, the 2024 forum reflected a notable evolution in the dialogue surrounding Recommendation 16. FATF’s receptiveness to reevaluate its impacts on VASPs and non-bank payment service providers signifies a progressive approach towards regulatory adaptation.

This acknowledgment underscores the importance of compliance without compromising financial inclusion, resonating across diverse regulatory landscapes.

Backing his assertions with data-driven insights, Zeall navigated through the burgeoning landscape of cryptocurrency payment apps. He highlighted the exponential growth trajectory, fueled by the widespread adoption of Bitcoin and its integration into commercial operations. Projections painted a vivid picture of a market poised for a remarkable compound annual growth rate (CAGR) of 17.23% by 2030. Notably, Zeall spotlighted the substantial progress, with 312 major brands already embracing crypto payments, signaling a palpable momentum towards mainstream acceptance.

A highlight of the forum was the panel discussion on Central Bank Digital Currencies (CBDCs), where, for the first time, the private sector was invited to explore associated risks. This inclusion underscores FATF’s commitment to inclusive dialogue and proactive risk assessment.

President T Raja Kumar’s closing remarks, emphasizing collaborative adaptation and vigilance, served as a rallying call for industry-wide cooperation in combating financial crimes.

Reflecting on the forum and recognizing the significance of feedback in shaping regulatory frameworks, International Digital Asset Exchange Association (IDAXA), led by Anson, announced plans to host a consultation session for VASPs and member associations.

This initiative aims to solicit valuable insights directly from stakeholders, contributing to a more effective, inclusive, and adaptive regulatory environment.

As a regulated payments provider, dtcpay is committed to actively participating in this crucial session, ensuring our perspectives are heard and considered in shaping the future of VASP regulation.

dtcpay is a regulated payment service provider that offers reliable solutions for merchants to grow their revenues with higher acceptance rates for Fiat and cryptocurrency transactions. Our clients’ customers benefit from frictionless payment experiences whether they are using our award-winning POS+ terminal in-store or using our online checkout.

The intersection of cryptocurrency and traditional finance is a realm brimming with opportunities and challenges. Anson Zeall, the Chief Strategy Officer and Head of Compliance at dtcpay, recently shared invaluable insights into this dynamic landscape during the ‘Web3 Payment Re-imagined’ session at the Hong Kong Web3 Festival.

Commencing his discourse, Zeall shed light on the growing demand for cryptocurrency payments and the ecosystem fostering their expansion. He outlined the benefits for businesses embracing cryptocurrency and stablecoin transactions, signaling a transformative shift in financial paradigms.

Backing his assertions with data-driven insights, Zeall navigated through the burgeoning landscape of cryptocurrency payment apps. He highlighted the exponential growth trajectory, fueled by the widespread adoption of Bitcoin and its integration into commercial operations. Projections painted a vivid picture of a market poised for a remarkable compound annual growth rate (CAGR) of 17.23% by 2030. Notably, Zeall spotlighted the substantial progress, with 312 major brands already embracing crypto payments, signaling a palpable momentum towards mainstream acceptance.

Yet, amid this optimism, Zeall underscored the imperative of proactive regulatory frameworks. He emphasized the critical need for effective payment regulations, advocating for a nuanced comprehension of the Commonwealth Model Law. Acknowledging the inherent challenges of pioneering technology adoption, Zeall called for collaborative efforts to navigate the regulatory landscape, thus facilitating sustainable growth and broader adoption of crypto payments.

In a bid to foster synergy and innovation, Zeall extended an invitation to cultivate global partnerships between private and public sectors. Recognizing the relationship between regulatory clarity and technological advancement, he underscored the importance of a harmonious convergence between innovation and compliance. Through nurturing partnerships across diverse stakeholders, Zeall envisioned a future where crypto payments flourish within a conducive regulatory environment.

Wrapping up his address, Zeall summarized the essence of the Web3 Festival—a hub of innovation, collaboration, and the pursuit of decentralized technologies. Encouraging attendees to engage fully, he highlighted the significance of collective action in shaping the future of crypto payments.

In conclusion, Anson Zeall’s presentation at the Web3 Festival provided a profound insight into the evolving landscape of crypto payments. With a blend of optimism, pragmatism, and a call to action, Zeall navigated through the complexities of innovation and regulation, illuminating a path forward for stakeholders.

As the world embraces the transformative potential of blockchain technology, we invite you to join us on this journey toward mainstream adoption of crypto payments, propelled by collaboration, innovation, and a commitment to regulatory clarity.

dtcpay is a regulated payment service provider that offers reliable solutions for merchants to grow their revenues with higher acceptance rates for Fiat and cryptocurrency transactions. Our clients’ customers benefit from frictionless payment experiences whether they are using our award-winning POS+ terminal in-store or using our online checkout.