Earlier this month in October, Financial powerhouse MasterCard introduced new standards that will categorize cryptocurrency brokers, CFDs, binary options, forex and initial coin offering (ICO) issuers as “High-Risk Securities Merchants”. They will be subject to additional monitoring, with possible chargebacks of up to 540 days.
The need for the traditional financial and crypto worlds to align
Our CEO Alexis Roussel penned his thoughts for CryptoNews on why this move indicates a pressing need for the traditional financial and cryptocurrency worlds to align.
Alexis said, “without this synchronization, current financial providers are just delaying inevitable transformation, and may be left behind as the new digital economy is built around them.”
We are helping to build this new economy. As a cryptocurrency company, we believe we must work together with those in traditional finance so that our technologies are compatible, enabling the secure and seamless conversion of fiat currency to cryptocurrency and back.
These partnerships will also help the blockchain industry to develop in an ethical and compliant way.
Collaboration is key to progress
Collaboration is vital for both traditional and crypto finance to progress - it’s the only way for us “to build a new financial system that is inclusive, progressive and technologically robust.”
You can read Alexis’ full opinion piece here.