The current state of services offered by decentralized platforms is mostly unregulated. Lying in a grey area of laws and regulations, there are actions brewing in different governmental organizations all over the world on how to control the unprecedented growth of Blockchain financial services. From token distributions being banned in China to protect backers’ money to Visa service disruption due to noncompliance- crypto services are facing an increased resistance to their operation.
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Disruptive technology that upsets the balance of power is always been pushed down. There are two ways to counter it: one is to be on the offensive, essentially breaking down the whole system; or by adapting to the rules enforced to ensure that maximum benefit reaches the public.
Regulatory Compliance of CoinMetro
CEO of CoinMetro, Kevin Murcko is an established name in the traditional financial services. He has a successful forex firm, the FXPig, that challenged the opacity of the existing business practices while being fully in line with regulations and laws. He brings his disruptive experience to Blockchain by offering CoinMetro, a holistic financial services platform for the masses. He knows that for CoinMetro to be a true service to people all over the world, it has to follow two requirements:
Regulatory Requirements: Working in different locations all over the world, the platform needs multiple compliances with different jurisdictions in order to operate in respected countries and locations.
Consumer Confidence: Users of different services bank heavily on the reputation and industry standards these services adhere to. CoinMetro needs to have strong relationships with different banks, financial institutions, and payment services gateways for it to deliver services that are trusted by users.
Kevin was very right in saying crypto financial services need a regulatory framework that helps us retain the innovative spirit of the space while helping us to protect the consumer and open doors to the traditional financial institutions.
What Services Does CoinMetro Offer?
CoinMetro is unlike any other Blockchain financial service provider. With its multi-service strategy, it is designed to cater for users from every walk of life. Services offered (and requiring regulations) include debit cards (strong relations with payment gateways needed. Protections against ID theft etc.), multi-currency wallets (transactions of fiat included, requiring bank wires and credit cards), lending (banking regulations), Atomic Swaps, asset management (same regulatory rules as mutual investment), crypto exchange and a full token generation event management system.
As is understandable, all of the services have at least one regulation and/or industry standard that is required as a service provider. CoinMetro intends to be the most well compliant platform to ensure that maximum of people can join and achieve its goal of crypto services for the masses.
XCM Token Generation Event
CoinMetro, as an Ethereum based platform, has its own in-house token, XCM, that will be used as monetary value so that transactions within the platform can be paid for.
Currently, the XCM is available (1 XCM = 0.15 USD) in the ongoing token generation event that has raised more than $14,000,000 in little over two weeks. The event will continue till the end of March and value of XCM will rise as more and more tokens are acquired by backers.
More details available at their website: https://coinmetro.com/