Corlytics Launches Specialist Digital Asset Regulatory Intelligence Solution

  • Asset Management
  • 27.06.2023 06:35 am

A new ‘world first’ in Digital Asset regulation tracking; Corlytics’ Digital Asset Regulatory Change Management Solution paves the way for participants within the Digital Assets and Crypto sector to proactively ensure no emerging regulation is missed, as well as understand their current obligations.

Corlytics, a global Regtech leader and pioneer in the regulatory risk and analytics space, have today announced the rollout of their newest regulation solution specifically focused on digital assets and crypto regulatory change management. Firms needing to identify and assess the impact of emerging regulation can now see, in a single automated and visual interactive dashboard, just the regulatory updates relating to digital assets. In addition, the solution also provides a comprehensive set of existing securities, conduct and AML/CTF regulation, that is causing much pain for firms in this space. This single view of all digital assets regulation has many interactive elements including sliding time windows, workflow for assessment, extensive reporting capabilities as well as a robust API to push regulatory chance impact data and regulatory risk data to other systems if required.

New solution gives regulatory compliance teams a new tool to help reduce regulatory risk.

Today, there two types of firms within the digital assets space, those more established financial institutions that have branched into digital assets and those relatively new firms that are singularly focused on digital assets as their core business. What they both have in common is ever-increasing volume of regulation around digital assets from across the globe. To remain regulation-aware and compliant, firms currently use an assortment of desktop applications and manual tracking resources. With the launch of the new Corlytics’ solution, firms will now be able to monitor and manage their regulatory landscape in a completely new way.

The solution is configured to categorise digital assets into specific themes including VASP, CASP, blockchain, CBDCs, tokenisation and cryptocurrencies. The solution enables teams to rapidly understand the trajectory of digital asset regulation across their regions of interest.

Continuously updated with published regulatory data firms can use the Corlytics’ solution to answers questions like:

  • What other regulators do I need to consider?
  • What are my obligations across my key markets?
  • Is our regulatory framework fit for purpose in meeting any attestation issued by regulators in our space?
  • Now that I have a single view of the regulation affecting my business, do I allocate more or less of my budget to regulatory affairs?

The Corlytics’ Digital Assets solution provides an instant impact to firms, helping to reduce risk and elevate opportunities driven by new and updated digital asset regulations. With workflow and collaboration tools built in, the solution can assist in enabling enhanced digital transformation with full integration with proprietary and third-party solutions. In conjunction with Corlytics’ Risk Impact Workflow, firms can carry out a full impact assessment collaboratively across multiple departments using impact templates, alerts, notifications, and an approval and implementation process.

“In this high-stakes regulatory environment surrounding digital asset firms, we are seeing an increase in firms implementing new operational frameworks as well as technology to protect the business and key individuals within the business. This is crucial to avoid enforcement action by regulators and to protect the reputation of the firm,” said John Byrne, CEO of Corlytics. “There is also a desire to automate and enrich various processes across the firm to enhance overall efficiency whether the firm is new to the market or an established financial firm that has now added digital assets to its portfolio of services.”

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