Digital currencies or what are referred to as cryptocurrencies are an alternative medium of financial exchange and has gained momentum in the last few years, promising to reshape the global economic infrastructure by revolutionizing the medium in which goods are exchanged. The possibility of cryptocurrency is enormous, and it is difficult to estimate the impact it could have as the industry is relatively still within its early stages of experimentation and development. That being said, there are a few areas to keep an eye on
All of which will give individuals more autonomy, security and transparency in a highly decentralized and individualized transactional economy.
The increasingly evolving nature of cryptocurrency has a potential to drastically alter the face of the offshore market. As the industry adjusts to the new institutional oversight imposed by the US, OECD and FATF, the emergence of blockchain technology into finance and banking promises to give more freedom and autonomy from the increasingly regulated offshore environment and its high costs associated with compliance.
The current financial obligations imposed by the SWIFT routing system and Know Your Customer (KYC) rules has made transactions burdensome and oversight onerous, tightening financial flows and curbing offshore markets.
Cryptocurrency offers potential to bypass physical jurisdictional boundaries and the traditional banking system altogether, giving a realm of freedom of transaction not ever previously possible.
This is just a beginning of what is possible for the world of crypto, contact us to learn more about cryptocurrency solutions and what might be right for you.
For more information on our Estonia Cryptocurrency Exchange Licences or the Swiss Crypto Licence