U.S. Financial Institutions Implement Blockchain Tracking Technology for Compliance Purposes, Encouraging the Surge in Demand for Top Digital Wallets
In a significant move towards integrating digital assets into traditional finance, the Department of Financial Services (NYDFS) in New York has mandated that all state-chartered banks and foreign branches in the state must incorporate blockchain analytics tools into their compliance programs. This development could potentially set a national precedent for the incorporation of crypto oversight into traditional banking compliance.
Tools such as Chainalysis or Elliptic, which were previously used primarily by crypto exchanges, are now part of traditional banking oversight. These tools help banks screen wallets for illicit exposure, verify fund origins from virtual asset service providers (VASPs), monitor transactions for sanctions violations and laundering, and evaluate risks tied to counterparties or new digital asset products.
One retail-friendly, security-first crypto solution that is currently conducting a token sale to raise about $16M is Best Wallet. The ongoing presale is nearing $16M, indicating growing investor interest in such solutions. Best Wallet offers a crypto debit card with cashback coming soon, in addition to security, compliance, and real perks like reduced fees and staking rewards.
The Best Wallet app has a 62.5K+ following on X, consistent 50% monthly user growth, and over $15.9M raised in the presale so far. Holding the Best Wallet Token ($BEST) offers benefits like reduced fees, governance rights, and exclusive early entry into presales. As of now, $BEST tokens are priced at $0.025655 with staking offering 83% APY for HODLers.
Best Wallet runs on Fireblocks' MPC technology, providing banking-level protection for users without sacrificing ease of use. This focus on security and regulatory friendliness sets Best Wallet apart from other cryptowallet apps.
The risks of falling short on compliance could result in regulatory scrutiny, fines, or damage to customer trust. The NYDFS's actions suggest that compliance with crypto regulations is driving the adoption of digital assets in traditional finance. The guidance from NYDFS could potentially serve as a template for regulators nationwide, normalizing blockchain analytics tools in mainstream finance.
The 'Upcoming Tokens' feature of Best Wallet has already raised millions, helping buyers avoid scam mirror sites and giving early access to new projects. This feature underscores the importance of compliance and transparency in the crypto space.
The shift towards incorporating crypto oversight into traditional banking compliance indicates a growing view among regulators that crypto oversight is a core function, not a niche add-on. This development is a positive step towards mainstream adoption of digital assets and could pave the way for a more secure and compliant crypto ecosystem.
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