Bitcoin ETF approvals in the US boost demand for Crystal Blockchain tools
Robust compliance solutions have become more and more necessary as more conventional financial businesses join the market.
The US just approved Bitcoin ETFs, creating both opportunities and concerns as dishonest people try to exploit the hoopla for their own illegal benefit. In an interview with Crypto Briefing, Marina Khaustova, COO of blockchain analytics company Crystal, shared her observations on the changing market.
The approval of Bitcoin ETFs increased the demand for Crystal’s products, especially among traditional businesses seeking to maintain compliance as they ventured into the cryptocurrency industry.
While American clients engaged less during the crypto winter, Marina observed consistently high demand from the APAC area.
“And there’s no way for any traditional financial company right now to explain to their board of directors that we should not take digital currencies, because probably it’s a scam. Not anymore,” said Marina in a interview at Paris Blockchain Week.
Crystal has provided analysis software to help companies understand and mitigate risks associated with operating in the digital asset space for the past five years.
With Navin Gupta, former Ripple Director, joining as CEO, Crystal has seen a consistent increase in demand from APAC clients and has improved its position to serve clients in the Middle East and North Africa (MENA) area as well.
“Every builder, every company operating in digital asset space has to be concerned about how protected they are from internal risks, how well the solution is built, how well the security is established, and also, like, who they interact with,” Marina explained.
In response to a question about the ideal regulatory environments for cryptocurrency enterprises, Marina highlighted the challenge of cryptocurrency as a transnational phenomenon. She saw the Markets in Crypto Assets (MiCA) regulation in Europe as a step in the right direction for streamlining cooperation across borders.
“Having Navin Gupta joining us brings incredible experience to us because we are transforming from a startup to scale up and we’re serving now as an enterprise,” Marina noted. “I’m super grateful that we’re having right now such experience, such a senior person as Navin with us.”
Marina believes that while a global standard for crypto regulation will eventually emerge, local variations will still need addressing, similar to the different regulations for online gambling around the world. She stressed the importance of blockchain analytics companies working together to exchange data on bad actors and promote industry transparency.
“Introducing MiCA as a general anti-money laundering effort is very good because it just simplifies all this coordination within a big territory comprising many countries together,” Marina explained
In recent years, romance scams, often known as “pig butchering,” have emerged as a significant problem. These tactics, fueled by human trafficking in countries like Myanmar and Cambodia, often target vulnerable individuals.
To stay informed about the latest developments in blockchain analytics, readers can follow Nick Smart, Director of Blockchain Intelligence at Crystal, on LinkedIn. Nick frequently shares his insights on topics such as romance scams and other hot issues.
“It’s really bad. The worst part of that is that these romance scams are powered by compounds built in Myanmar, in Cambodia, where people are literally living, like, in prisons, and they’re forced to do this job to scam people. So it actually involves a lot of human trafficking at the same time,” Marina revealed.
Crystal provides a free version of their program called Crystal Lite, which is intended especially for Bitcoin analysis, for anyone who are interested in learning more about the field of blockchain analytics. Journalists and young researchers love this tool, and university academics may also use Crystal’s answer for free.
Readers may follow Nick Smart, Director of Blockchain Intelligence at Crystal, on LinkedIn to remain up to date on the newest advancements in the field of blockchain analytics. Nick frequently gives his thoughts on subjects like romance scams and other hot themes.