Crypto is Growing Fast… And Compliance is Key to Accelerating that Growth

Regulation first. That has always been the sentiment throughout Paxos. It’s even more relevant as we build new products and scale our programs. Paxos set the stage for regulatory oversight in this market as we secured the first Limited Purpose Trust Company under the New York Department of Financial Services for digital assets, have conditional approval of a de novo national Trust Bank under the OCC, and will soon apply for full clearing agency registration from the Securities and Exchange Commission. Our work and dedication demonstrates  that we’re not just offering the best products, but we’re also building trust with our regulators and our customers. 

I’ve been at Paxos for almost 9 months since leaving the world of Payments – it’s been exciting to dive into crypto and tackle the challenges of scaling a Compliance program. It’s been even more exciting and humbling to apply and evolve my Compliance subject matter expertise in the crypto space. Paxos’ “regulation first” ethos has made this journey a dynamic exercise in collaboration with internal stakeholders. Together we must determine how best to build out our underlying products, programs, and controls safely. In the Compliance industry, we often hear “compliance is a cost center,” but at Paxos, Compliance is our primary tool and anchor so we can offer safe, trusted blockchain infrastructure to our clients. In order to build a scalable and robust compliance program at Paxos, we’re focused on a few key facets. I’ll talk about a couple of them: 

Claim A Seat at the Table

Blockchain technology will only become ubiquitous if it is safe – for both the largest global enterprises and the everyday consumer. Compliance is crucial to building new products and launching client partnerships, which means our team always has a seat at the table. Our input is needed at every step –  from discovery to post-implementation phases of new product launches and partnership integrations. We participate in new product scoping sessions with Product Managers, but also work closely with Business Development and some of the largest financial institutions to advise on what a robust Compliance program should entail. Paxos is an expert in digital assets and our input is crucial to the future success of our products and our clients’ launches. 

Make it a Best-in-Class Program

Core Compliance industry frameworks and best practices are ever-evolving in the digital asset regulatory environment. At Paxos, it’s an exciting time to be a Compliance professional as we get to work hand-in-hand with our Product, Engineering, and Business Development teams to understand the needs of our clients. We collaborate closely to implement internal Compliance systems and controls that not only allow us meet our regulatory requirements, but also positions us to shape how others think about Compliance in crypto. The ability to lend our subject matter expertise both in Compliance and general technical aspects of crypto is paramount to ensuring that our clients feel safe in adding crypto services to their own product and services stack. 

As best outlined by Paxos’ Chief Compliance Officer Dan Burstein: Paxos is on a mission to modernize financial market infrastructure and enable the movement of any asset, any time, in a trustworthy way. With this, we’re showing the market how we will remain the most trusted operator in this space. And we will relentlessly pursue initiatives that ensure we maintain this advantage. 

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