Bitso, a cryptocurrency-based financial services company, shares the regulatory principles that guide its operation and strategic decisionsfollowing the market standards and the experience accumulated in its years of experience.
In the middle of one of the moments when The crypto industry has been highly questioned, not only because of the so-called crypto winter, but also because of the fall of the main cryptocurrency platforms.Bitso makes public what, since its foundation, has been its flag to promote and operate its financial services based on cryptocurrencies: the non-negotiable protection of security through ethics and transparency.
Regardless of whether there is a regulatory framework or the process it is in, Bitso enumerates, in eight principles, its commitment to operate transparently, securely and for the benefit of its community. The objective is to make the adoption of cryptocurrencies a solution to the shortcomings that traditional financial systems present, such as the high costs of moving money from one country to another, the rapid devaluation of the currency, and transactional deficiencies..
“Our experience as one of the few end-to-end regulated platforms in Latin America has helped us identify best practices that respond to the financial reality of the region. This guide reflects the essence of Bitso in revolutionizing financial services with cryptotechnology, always recognizing that, in order to achieve its proliferation and wide adoption, it is necessary to guarantee security, responsibility and risk mitigation.”, affirmed Felipe Vallejo, Global Director of Bitso Regulatory and Corporate Affairs. “These principles govern and are the basis of our operation. It is our duty to share them so that more companies follow this path of self-regulation and adopt measures that help build the future of finance in a safe and transparent way for the entire community.”, he added.
Bitso has played a key role in cryptocurrency regulatory processes in countries such as Brazil, Colombia and Mexico, and is the only crypto platform in Latin America with a Distributed Ledger Technology (DLT) license granted by the GFSC.
Bitso’s eight crypto-regulatory principles are:
Defend the interests of clients above all else: consumer protection and rights as the guiding principle of the business, putting the interests of customers first.
Safe custody of funds: support and promotion of public policies that ensure the best custody practices, such as the segregation of funds, portfolios with multiple signatures and constant audits, as well as the irrefutable commitment to never use client funds without their express authorization.
A truly inclusive financial system: promoting regulations, policies and practices that prioritize the interests of those who have been neglected by the traditional financial system.
technological neutrality: defend the right of users to use any technology to satisfy their needs, without categorizing it as good or bad.
Anti-money laundering policies (AML) that prevent crime: By nature, the transparency and traceability of the blockchain allow it to mitigate and prevent risks related to illegal activities. The logical application of AML and Know Your Customer (KYC) policies, which identify risk areas and are not restrictive or reduce the provision of services to marginalized groups, allows a correct evaluation of activities, while guaranteeing a financial system inclusive for all.
Education as a way of assuming risks based on information: financial education and public policies that allow clear, fair and equitable communication, as well as adequate disclosure of risks that support better financial decision-making.
Borderless access to financial services: encourage regulations that protect and promote a financial system without borders through cryptocurrencies. Transferring money between two countries costs on average more than 6% of the total value of the transaction. On the other hand, with cryptographic technology, these costs could be reduced by up to 80%.
Corporate governance agreements that promote ethical practices in companies: We defend the implementation of controls and internal processes that guarantee the integrity of operations and the responsibility of the executive boards of companies to ensure the best interest of clients.
Based on these principles, the company that has operations in Brazil, Argentina, Colombia and Mexico, and more than 6 million clients, seeks, based on its experience, to identify and promote the best practices that apply to the financial reality of America. Latina.
Disclaimer: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
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