Regtech leader Coinfirm, blockchain platform NEO and blockchain venture platform QRC have teamed up to create a compliant blockchain economy ecosystem in Asia and address an industry-wide regulatory roadblock, according to a press release.
The partnership came into existence this week, when Coinfirm CEO and Co-Founder Pawel Kuskowski and QRC CEO Adam Vaziri joined the NEO team at NEO’s blockchain competition kick off event in Tokyo. The three entities will join forces in a program that will help spur development on the NEO blockchain.
Earlier this year, China issued a ban on initial coin offerings (ICOs). The measure had a big impact on the regional blockchain industry and threw the spotlight onto regulation. NEO, Coinfirm and QRC plan to address “the enduring insufficiency in blockchain regulation”. According to their joint press release, “tackling this long-standing roadblock could open up the entire blockchain economy ecosystem to the mass market, and support the trend for ICOs”.
“The blockchain community is all about collaboration and it is a delight to join forces with two entities who share with us the vision and capacity to embed compliance in the industry,” Kuskowski said. “Launching this initiative in Asia has been particularly gratifying because of the vibrant engagement in a region that is crucial for the success of blockchain.”
Since news of the partnership hit the wire, NEO’s native currency has edged up against the dollar by 14.10%, changing hands at $50.47.
Coinfirm is a recognized leader in their field, ranked among the most influential blockchain and regtech companies and serves as a foundation for the safe adoption and use of blockchain. The Coinfirm AML/CTF Platform uses proprietary algorithms and big data analysis to provide structured actionable data that increases efficiency, reduces costs and streamlines compliance to near automation.
QRC is a regtech specialist venture platform with a presence in the UK, Hong Kong, Japan, China, Vietnam, and Malaysia. QRC has three areas to their business: the QRC Hub, the QRC Institute and QRC Ventures. The QRC Hub is a ‘one-stop-shop’ for blockchain projects with the capability to handle design, build and deploy regtech tokens, as well as oversee the legal aspects. The QRC Institute works with universities to conduct blockchain research. QRC Ventures is the investment arm of the QRC Group that specializes in regtech projects and tools for the blockchain.
Dubbed “the Chinese ethereum”, NEO is a non-profit, community-based blockchain project. Formerly known as Antshares, NEO provides an advanced smart contract code which supports decentralized commerce, digital identities and the digitization of many different assets.