Corlytics has announced the launch of its themed Crypto tracker, providing regulations and regulatory updates specific to crypto regulatory themes. The number of regulatory notifications published relating to crypto themes rose in excess of 350% between September 2020 and September 2021. This latest Corlytics solution is designed to provide the financial markets with a single view of regulatory content specific to crypto.
The news comes as Corlytics continues to grow and build out regulatory risk intelligence solutions providing risk-based views of regulatory concerns through regulatory risk analytics. These solutions are designed to support firms in the financial services sector with their regulatory affairs, regulatory change management and regulatory compliance, determining their exposure to regulatory risk, including newer-crypto themed risk.
“Corlytics’ Crypto Tracker is a foundational tool that compiles the information professionals must know in order to improve their workflow and successfully collaborate with regulatory agencies.”
Regulators and policymakers are continuously evaluating how best to address the specific issues, risks and opportunities arising from the crypto sector. This new Crypto Tracker data shows a rapid climb in the publication rate of crypto-related regulation with particularly high numbers or regulatory notices published regarding: Cryptocurrency, Blockchain/DLT, Central Bank Digital Currency (CBDC), Fraud and the trio of Anti-Money Laundering (AML), Anti-Bribery and Corruption (ABC) and Combating Terrorism Financing (CTF).
The regulation of crypto is continuing to evolve, touching every aspect of financial activity as it expands outside the fiat economy.
Chainalysis, the blockchain data platform, comments, “The constantly evolving cryptocurrency regulatory landscape forces policy and compliance teams to devote vast amounts of time to keep up with these changes. This reduced capacity can impact a company’s growth and impede relationships with digital asset-related businesses,” said Clark Flynt-Barr, Senior Policy Advisor for Chainalysis. “Corlytics’ Crypto Tracker is a foundational tool that compiles the information professionals must know in order to improve their workflow and successfully collaborate with regulatory agencies.”
Crypto Regulations Tracker
Corlytics latest tracker solves a problem that market actors currently face when trying to gather hourly updates of live crypto regulation information. Up to now, firms must locate crypto regulatory content from multiple disparate data sources with no coordinated, scheduled updates, risk rating, harmonised categorisation or taxonomy of content. This issue leads to time-consuming online searches and manual entry of data and an increased risk through manual handling and the possibility of missing important regulatory updates.
This constantly updating tracker is available as a cloud-based solution and can be used as a stand-alone solution or integrated with other Corlytics solutions providing workflow and auto-routing as an enterprise deployment. The Crypto Tracker is a fully digitised, searchable universe of current, pending and emerging Crypto regulation data with slice and dice data and drill-down capability with API functionality.
“Cryptocurrencies and crypto assets are becoming a key part of the global financial system, and firms need to monitor and understand the rapidly emerging regulations in this very fast-moving sector,” says John Byrne, CEO Corlytics.
Our data shows:
- The US State and Federal regulatory authorities published twice the volume of Crypto regulatory updates in the past 12 months of any other jurisdiction, including central EU agencies, with an average of 100 updates per month. This illustrates how closely US authorities are monitoring the emergence of crypto activities.
- Central Bank Digital Currencies is the third most popular theme in the Crypto space, coming in behind cryptocurrencies and Blockchain/DLT, and just ahead of Fraud and AML concerns. It is surprising to see how central to the entire crypto space CBDCs are becoming.
- There was an average of 300 regulatory updates per month globally in relation to Crypto in 2021, with a maximum number in September 2021 of 415. The volume of updates per month are very large and are predicted to increase significantly in the following year also.
- Non Fungible Tokens (NFTs) are the least referenced theme in the Crypto regulatory space in the past 12 months, which is interesting considering the anecdotal instance of fraud in this space.
In Conclusion
With this new solution, Corlytics continues to build on its reputation for rigour, accuracy and consistency in design and analysis, working with globally regulated firms and regulators. The design empowers teams to prioritise regulatory action plans, with risk-rated curated data making it easy for users to adopt common industry language and their supporting ecosystems and their development tools of choice due to the specialised taxonomy, classifying regulation to allow interoperability with other solutions. We translate regulatory change directly into business impact.Manag,