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Some estimate that nearly a third of all adults globally lack access to financial systems for basic functions such as buying and selling assets, saving and establishing credit.
The digital asset industry has seen its share of failure and uncertainty over the last 18 months, sowing doubt in public perceptions around crypto, forcing the hand of regulators and muting the ecosystem’s overall growth.
From day one, Paxos’ approach to transparency has been to lead the industry and then evolve from there. We work with regulators to define what transparency means and how it looks. Most importantly, we continue to enhance transparency at every turn.
The European Union (EU) recently enacted the Markets in Crypto-Assets Regulation (MiCA) to demonstrate its commitment to fostering financial stability and safeguarding consumer interests. This legislation establishes a comprehensive and robust legal framework for regulating cryptocurrencies and other digital assets within the EU.
Paxos CEO Charles Cascarilla took part in a fireside chat with host Anish Shivdasani titled “The Potential for Tokenisation to Revolutionize Financial Services,” in which he summarizes his vision for the digital asset economy of the future.
Whether you’re working in traditional finance or blockchain, the fundamentals of a strong compliance program are the same. As you look to join (or continue to build in) the digital asset ecosystem, understanding the role of compliance in managing digital assets is key to protecting consumers and building safe, transparent products.
The potential and proliferation of superapps has heralded a significant transformation in how end users can engage with financial services. Superapp use is not a futuristic reality, in fact, in some parts of the world, it’s the norm.
Trade finance is an integral part of global commerce, providing the necessary funding, insurance and risk management services to facilitate international trade. However, traditional trade finance is plagued by issues such as high costs and opacity.
While still early in the adoption phases within a historically conservative industry like banking, blockchain technology is already used in enterprise functions – from storing data across registries to tracking consumer goods shipped from around the globe.
The technology that supports our financial system needs an overhaul. Basic transactions have high intermediary costs and long clearance times, while billions remain unbanked, and consumer trust is likely to be impacted by recent bank failures.
Cyclical market downturns are a part of basic economic theory. Though we may not like their immediate impacts, we also know that bull markets have historically followed. Understanding this begs the question – what can we glean from the current crypto winter that will help us all build for the next bull cycle?
The power of blockchain technology has become increasingly popular among businesses, especially in financial services. The instantaneous, transparent and decentralized nature of blockchain makes it an attractive technology for many applications, and many businesses are considering partnerships with blockchain infrastructure platforms.
Before enterprises can realize the potential benefits of industry-wide tokenization at scale they must consider the token issuer’s technical and regulatory specifics as carefully as they do opportunities for growth and innovation.
In the economy of the not-too-distant future, tokenization will transform how we conduct asset valuations, transactions and ownership verifications. The revolutionary technology behind it encapsulates physical or digital assets as distinct cryptographic tokens on a blockchain.
Cross-border payments, or currency transactions between people and businesses from different countries, are ripe for innovation.