Corlytics launches specialist Digital Asset regulatory intelligence solution

• In the last three years there have been close to 10,000 regulatory events relating exclusively to Digital Assets and crypto

• The velocity of new regulations aimed at the crypto and digital asset space are impacting both large and small players as they struggle to handle the onslaught of regulations. 

• The geographic spread of both regulators and regulations leaves market participants struggling to assess their regulatory risk and manage their obligations. 
• Corlytics Regulatory change management – regulatory monitoring, with horizon scanning, will help those within the Digital Asset space who are facing increasing regulatory pressure and compliance with new regulatory frameworks. 

A new ‘world first’ in Digital Asset regulation tracking; Corlytics’ Digital Asset Regulatory Change Management Solution paves the way for participants within the Digital Assets and Crypto sector to proactively ensure no emerging regulation is missed, as well as understand their current obligations. 

Corlytics,  global Regtech leader and pioneer in the regulatory risk and analytics space, have today announced the rollout of their newest regulation solution specifically focused on digital assets and crypto regulatory change management. Firms needing to identify and assess the impact of emerging regulation can now see, in a single automated and visual interactive dashboard, just the regulatory updates relating to digital assets. In addition, the solution also provides a comprehensive set of existing securities, conduct and AML/CTF regulation, that is causing much pain for firms in this space. This single view of all digital assets regulation has many interactive elements including sliding time windows, workflow for assessment, extensive reporting capabilities as well as a robust API to push regulatory chance impact data and regulatory risk data to other systems if required.

NEW SOLUTION GIVES REGULATORY COMPLIANCE TEAMS A NEW TOOL TO HELP REDUCE REGULATORY RISK

Today, there two types of firms within the digital assets space, those more established financial institutions that have branched into digital assets and those relatively new firms who are singularly focused on digital assets as their core business.  What they both have in common is ever increasing volume of regulation around digital assets from across the globe. To remain regulation aware and compliant, firms currently use an assortment of desktop applications and manual tracking resources. With the launch of the new Corlytics’ solution, firms will now be able to monitor and manage their regulatory landscape in a completely new way. With the launch of the new Corlytics’ solution, firms will now be able to monitor and manage their regulatory landscape in a completely new way.

The solution is configured to categorise digital assets into specific themes including VASP, CASP, blockchain, CBDCs, tokenisation and crypto currencies.  The solution enables teams to rapidly understand the trajectory of digital asset regulation across their regions of interest.

CONTINUOUSLY UPDATED WITH PUBLISHED REGULATORY DATA FIRMS CAN USE THE CORLYTICS’ SOLUTION TO ANSWERS QUESTIONS LIKE:

The Corlytics’ Digital Assets solution provides an instant impact to firms, helping to reduce risk and elevate opportunities driven by new and updated digital asset regulations. With workflow and collaboration tools built in, the solution can assist in enabling enhanced digital transformation with full integration with proprietary and third-party solutions. In conjunction with Corlytics’ Risk Impact Workflow, firms can carry out a full impact assessment collaboratively across multiple departments using impact templates, alerts, notifications, and an approval and implementation process. 

“In this high-stakes regulatory environment surrounding digital asset firms, we are seeing an increase in firms implementing new operational frameworks as well as technology to protect the business and key individuals within the business. This is crucial to avoid enforcement action by regulators and to protect the reputation of the firm,” said John Byrne, CEO of Corlytics.

“There is also a desire to automate and enrich various processes across the firm to enhance overall efficiency whether the firm is new to the market or an established financial firm that has now added digital assets to its portfolio of services.”

Find out more about our digital assets regulatory monitoring product.