FIS and Shyft Join Forces to Improve Compliance with Crypto Regulations
Regulatory frameworks for cryptocurrencies are growing in number and scope as the technology becomes more widely adopted. Cryptocurrencies are continuously evolving, and keeping up with the standards in different countries worldwide isn’t simple. FIS’s Worldpay has teamed up with Shyft Network to make it easier for merchants to meet existing and future regulations.
FIS’s Worldpay Teams up With Shyft Network
Worldpay has teamed up with Shyft Network to make it easier for merchants to comply with the constantly changing regulatory landscape in the crypto industry. Worldpay merchants will be able to use Shyft’s Veriscope technology to meet the multi-jurisdictional requirements of the FATF Travel Rule, which targets crypto transactions’ anonymity and tries to combat money laundering and other financial fraud in the cryptosphere.
“Worldpay from FIS is thrilled to join the Shyft Network as a federation member. Our partnership with Shyft reflects our ongoing work to support growth in the cryptocurrency sector and our commitment to connecting the world to the digital asset economy, all in a safe and secure manner.” Nabil Manji – Senior Vice President, Head of Crypto & Emerging Business – Worldpay from FIS, stated, adding:
“We share Shyft’s view that effective management of, and adherence to, regulation is key to accelerating retail and institutional adoption of digital assets. We’re excited to embark on this journey with Shyft and enable our clients to safely accelerate their pace of innovation in this space.”
Shyft’s smart contract solution, termed ‘Veriscope,’ will also include Worldpay. For financial institutions and virtual asset service providers, the solution is reportedly meant to assure compliance with travel regulations and anti-money laundering (AML) regulations (VASPs).
Joseph Weinberg, Co-Founder of Shyft Network, remarked:
“We are very excited to work alongside Worldpay from FIS to accelerate the adoption of cryptocurrencies. Regulation and compliance are critical to continued institutional growth, and infrastructure that can enable institutions and merchants to mitigate risks while reaping the benefits these technologies have to offer is crucial to accelerating adoption.”
The Shyft Network Federation will have a reliable, industry-leading validated data source using Worldpay’s global crypto client portfolio. The Shyft Network will benefit from Worldpay’s validated data, which will improve the quality and dependability of data.
4 out of the top 5 cryptocurrency exchanges use Worldpay’s Card-to-Crypto processing services. The company has recently launched several cryptocurrency-focused initiatives as part of its objective to improve how people pay and bank, and invest globally.
Regulators Continue to Crackdown Crypto on Fraudulent Schemes
Just recently, The Floki Inu meme token was banned by the Advertising Standards Authority, the UK’s top watchdog for public advertising in the United Kingdom (UK). Floki Inu reportedly launched a campaign in the second half of 2021 to promote FOMO and Floki purchases following the success of Shiba Inu and Doge investors.
Ads featuring the slogan “Missed Doge? Get Floki.” could be commonly visible on London’s buses and railways. Following the ASA’s intervention, which labeled Floki’s move as irresponsible and deceptive, the UK government has now spoken out.
It’s easy to see why cryptocurrencies need to be regulated. Governments can help establish a more secure environment for those in the crypto business by enforcing comprehensive rules.
