CryptoCurrencyWire
Editorial Coverage: While there remains some uncertainty about
how forthcoming cryptocurrency and virtual currency regulations
will shake out, “cryptocurrency is here to stay,” said Jason Huang,
CEO of graphics card giant NVIDIA during a recent CNBC Mad
Money interview (http://nnw.fm/7MAsT). Factors sustaining this looming
permanency include the need more than 2 billion people worldwide
who are unbanked have for financial services — 15.6 million of
those individuals in the United States, according to MoneyGram.
ATMs offering cryptocurrencies such as bitcoin (Crypto: BTC) are
rapidly emerging as an alternative banking paradigm, but only
around half of the bitcoin ATMs support altcoins such as litecoin
(Crypto: LTC) or ethereum (Crypto: ETH) (http://nnw.fm/Z7l9S). There is substantial opportunity
here for developers such as Virtual Crypto Technologies
Inc. (VRCP) (VRCP
Profile), with its cryptocurrency transaction
validation and ATM/POS (point of sale) offerings. Naturally,
opportunity also encompasses risk for payment-processing tech
developers such as PayPal Holdings, Inc. (PYPL),
Square, Inc. (SQ)and Green Dot Corp.
(GDOT), or blockchain developers such as financial
services industry heavy-hitter Broadridge Financial
Solutions, Inc. (BR).
Regulatory Outlook Apparently Bullish to
Many
Many players regard crypto-friendly and mutually beneficial
regulation to be the best bet for promoting the industry’s ability
to flourish and ensuring that bad actors cannot exploit crypto for
illicit activities such as money laundering, evading sanctions or
financing terrorism. The recent Commodity Futures Trading
Commission (CFTC) advisory statement on listing virtual currency
derivative products noted that close outreach to market
participants and coordination with regulators was key to striking
the correct balance (http://nnw.fm/1XnW4). Most countries are headed toward
open regulatory frameworks based on educating market participants
and establishing guidelines. Even in countries such as India, where
banks are banned from processing crypto exchange activity (http://nnw.fm/D5Lh4) and where 10 percent or more of
all bitcoin transactions occur, regulations appear to be paving the
way toward eventual adoption (http://nnw.fm/s4Dt6). China seems to be on a similar
trajectory.
In the estimation of many sector analysts, banning or simply
failing to regulate cryptocurrencies has resulted in black markets
and fostered the proliferation of scams (http://nnw.fm/B3Mlm). To many, the virtual/crypto
currency genie is already out of the bottle. Exchanges are
currently handling a roughly $300 billion market cap, and the
crypto ATM market is on track to clock a 45.8 percent CAGR through
2025, at which point this niche crypto industry market alone should
be worth over $285 million (http://nnw.fm/KGa1A).
Adapt and Overcome
Regardless of the future of the regulatory landscape,
adaptability will most likely be paramount for ATMs and exchanges
when it comes to defining KYC (Know Your Customer- customer
identification) rules as. This is where Virtual Crypto
Technologies (VRCP) shines, having shrewdly
anticipated how crucial adaptability is as the industry learns to
embrace regulations such as Europe’s sweeping new General Data
Protection Regulation (GDPR), designed to protect consumer’s
privacy and prevent fraud. VRCP boasts such vital technologies as
NetoBit, a cryptographically secure and proprietary transaction
validation algorithm engineered to provide real-time values for any
cryptocurrency at the time of purchase and sale. NetoBit can
predict, with a high degree of accuracy, if a cryptocurrency
transaction will be approved immediately by a blockchain at the
moment of the transaction, before the block is digitally signed.
This can slash the typical transaction time, which can take
anywhere from 10 minutes up to 24 hours, down to mere seconds.
NetoBit software and hardware has wide-ranging implications for
the industry, spanning multiple applications and device types
ranging from ATMs to PCs and mobiles/tablets. The company recently
launched its innovative bi-directional NetoBit ATM at the
TechCrunch event in Tel Aviv. This debut marks a significant
watershed moment for the industry and stands in stark contrast to
most other ATMs in existence today because the VRCP machine allows
users to instantly buy and sell bitcoins in exchange for their fiat
currencies. As the world's first and only ATM that permits such
real-time conversion, the NetoBit ATM is also living proof of
VRCP’s underlying AI and machine-learning enhanced technology,
which can also perform sophisticated Big Data, multiplatform and
predictive analytics tasks.
Regulator Confidence and Consumer
Confidence
NetoBit ATM is a strong showing for a second product by VRCP.
The company’s first product was a retail point-of-sale device
called NetoBit Pay, which enables businesses worldwide to receive
secure, real-time payments in bitcoin. NetoBit Pay also
demonstrates the platform’s ability to protect
operators/business/merchants against factors such as exchange rate
volatility. Furthermore, because all NetoBit Pay trades and
exchanges are insured up to $3,000 each, the kind of user
friendliness that has driven the virtual/crypto boom thus far is
taken to a whole new level, where ease of use meets consumer
confidence.
The explosive growth of bitcoin ATMs in recent years has
impressed many in the sector and is currently running at just over
eight new installations per day, with most installations (over 75
percent) being in the United States. However, only half of the
devices support altcoins, and the space is currently dominated by
only three major companies — Genesis Coin, General Bytes and
Lamassu. Virtual Crypto’s highly adaptive NetoBit platform appears
superbly positioned to capture increasing market share in this
environment. Whether it is hardware or software, NetoBit can help
businesses adapt to the prevailing regulatory environment,
regardless of the country or currency. That same adaptability
brings powerful awareness horizons to the table as well, which
could easily satisfy the conditionalities likely to be brought in
via regulations. Even if legislation changes throughout time,
already installed NetoBits can adapt to the new terms.
This kind of future-proofed advantage is a selling point for
VRCP, and big payment processors currently making substantial
inroads into crypto are starting to take notice as the word
spreads.
Key Industry Players
In an effort seen by many as a move designed to head future
regulations off at the pass, PayPal Holdings
(PYPL) recently announced the implementation of new rules
to crack down on unverified accounts. Those rules include
restricted account usage based on amount of identification
provided, as well as higher transaction fees and even new debit
charges. This move could pave the way for crypto payment services,
with international payments becoming more expensive than BTC,
funneling many new users into crypto (http://nnw.fm/o93eY), a trend that could ignite a
firestorm of activity and bring down the regulatory hammer more
quickly. This is especially true considering recent comments from
the International Monetary Fund indicating
that cryptocurrencies are becoming increasingly competitive with
central bank fiat currencies, particularly in the case of
cross-border transactions where they handily outperform fiats.
Square (SQ) recently highlighted the lack of
certainty when it comes to accounting rules for publicly traded
companies that deal in cryptocurrencies. In the company’s annual
SEC filing, Square argues that standard Generally Accepted
Accounting Principles (GAAP) rules offer no specific guidance for
cryptos. Square has joined big names such as Bank of America (BAC),
JPMorgan Chase (JPM) and Goldman Sachs (GS) in adding such
discussions to their “risk factors” section of annual filings. Such
uncertainty about regulations is an understandably daunting issue
for the company. Such regulatory eventualities are perhaps
increasingly significant if investors further consider the low
profits that Square recently reported from BTC trading via the Cash
App (http://nnw.fm/lXHs8).
Green Dot (GDOT), the company behind prepaid
credit cards purchased at gas stations and pharmacies, has been
doing solid business in recent years with its GreenDot Prepaid
Debit Card, which many users are finding a convenient method for
purchasing bitcoins instantly. Long a staple of people with poor
credit or teenagers who cannot quality for credit cards, prepaid
debit cards are emerging as a preferred means of accessing crypto.
However, regulatory changes could force a player such as $3.7
billion-plus market cap Green Dot into the arms of developers that
can help the company satisfy more stringent requirements without
having to miss a beat.
Broadridge Financial Solutions (BR) recently
made headlines when the company leveraged its end-to-end proxy
solution suite ProxyVote to execute a pilot program focused on
blockchain-based bilateral repo agreements. Using this private
permissioned blockchain system for repo agreements is a clear
example of the potential for blockchain tech to resolve the
frustration in an area like typically opaque and intermediary-laden
corporate governance. Such a demonstration also proves-up the value
of blockchain tech when it comes to meeting the kinds of
comprehensive demands that prevailing regulations could impose.
Cryptographically secured distributed data management, in what
Broadridge describes as an “Ethereum-like environment,” is an
exciting example of how blockchain tech can streamline such a
complex and nebulous process, while also providing rigorous
oversight and minimizing costs (http://nnw.fm/Bqz6i).
Regulators have a big opportunity to embrace crypto, provide
meaningful structure that can help cement crypto in the mainstream
as a transaction channel and bring better services to many
consumers, including ones that are often overlooked. Similarly, the
industry has a unique opportunity to get out ahead of regulations
with technologies and solutions that anticipate the kinds of
demands most likely to occur.
For more information on Virtual Crypto Technologies, please
visit Virtual Crypto
Technologies (VRCP).
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