Provenance

🌐 Navigating the Evolving Digital Asset Landscape 🌐   The Wolfsberg Group has released its 2024 FAQs on Defining Digital Assets, offering essential guidance for financial institutions, policymakers, and regulators seeking to understand and address the complexities of digital assets in an ever-changing environment.   💡 Key Highlights: 🔹 Comprehensive Definitions: Detailed explanations of digital assets, including virtual assets, stablecoins, non-fungible tokens (NFTs), and central bank digital currencies (CBDCs). These definitions provide clarity in a landscape with varying global interpretations. 🔹 Risk Mitigation: Insights into money laundering and terrorist financing (ML/TF) risks linked to digital assets, anonymity-enhanced cryptocurrencies (AECs), mixers, and privacy-enhancing technologies. 🔹 Stakeholder Roles: Clear distinctions between Digital Asset Service Providers (DASPs) and Digital Asset Supply Chain Operators (DASCOs), helping organizations understand their responsibilities in risk management. 🔹 Blockchain Architecture: Exploration of Layer 1 and Layer 2 blockchain protocols, tokenization, native and non-native tokens, and the role of distributed ledger technology in value creation and exchange. 🔹 Evolving Product Offerings: Coverage of digital asset products and services such as tokenized deposits, staking-as-a-service, and peer-to-peer exchanges, with a focus on innovation and regulatory oversight. 🔹 Guidance for Action: Practical resources for financial institutions to develop policies, strengthen compliance controls, and align with FATF and other global standards.   💼 Why Guidelines Matter: Clear, consistent guidelines are critical as digital assets continue to reshape the financial ecosystem. They help bridge gaps in understanding, align global standards, and empower institutions to innovate while managing emerging risks effectively. As the industry evolves, comprehensive frameworks ensure that growth is sustainable and secure.   📄 To read more, please visit the following link: https://lnkd.in/dvnPZmX7   #DigitalAssets #Compliance #Blockchain #RiskManagement #Innovation

Happy Thanksgiving from Provenance to all our Friends and peers celebrating today. 🍾🍁🥮

🍂🦃 Happy Thanksgiving! 🦃🍂 We’re so grateful for our incredible community, clients, and partners. Whether you’re spending the day with family, friends, or a four-legged companion, we hope it’s filled with love, laughter, and a plate piled high with your favourite dishes.    May this holiday remind us all to cherish the little moments, embrace the big blessings, and spread kindness wherever we go. 🧡✨   Happy Thanksgiving from the Provenance Team   #Thanksgiving #Celebrate #Crypto #Compliance

🔎 MiCA and the Future of Crypto Regulation in the EU: A Quick Refresher 🔎 As the crypto industry evolves, regulatory clarity is essential for building trust and fostering sustainable growth. The EU's Markets in Crypto-Assets (MiCA) regulation stands out as a landmark initiative, providing a comprehensive framework that could reshape how crypto businesses operate. MiCA refresher: 🌍 Harmonised Rules Across the EU: MiCA introduces licensing requirements for Crypto-Asset Service Providers (CASPs), allowing them to operate across all EU member states after securing approval in one. 🗓️ Phased Rollout: Provisions for stablecoins took effect in June 2024, while full implementation starts on 30 December 2024. 🛡️ Enhanced Compliance: Updates to the travel rule bring stricter AML/CFT standards for crypto transfers, improving transparency and security across the ecosystem. While these steps mark progress, challenges remain. Critics warn of increased compliance costs and barriers for startups, potentially driving industry consolidation. Larger players may gain a competitive edge, while some firms may opt for jurisdictions with less stringent regulations. 📌 At Provenance, we specialise in AML/CFT compliance for the digital assets industry. As regulatory expectations like MiCA evolve, we are here to help businesses navigate these changes confidently and stay compliant. For a deeper dive into MiCA and its potential impact, check out this article: https://lnkd.in/gHtYz6uk 💬 What is your take? Is MiCA paving the way for a more mature crypto industry, or does it risk stifling innovation? #MiCA #CryptoRegulation #DigitalAssets #AML #Compliance #CryptoNews #Blockchain

Provenance is hiring. We are looking to add crypto compliance enthusiasts to our dynamic Team. We can promise a work environment like no other as well as our support, trust and commitment. We ask for the same in return, as well as technical crypto academic and/or practical experience and exposure. Please contact Anemi Sage if you have an interest in joining a progressive eco system, and supporting the risk management of crypto transacting. #Crypto #onchcainanalytics #compliance #amazingteam.

🌟 Enhancing Transparency in the Digital Asset Space 🌟 The digital asset market is evolving rapidly, and with this growth comes a critical need for transparency, informed decision-making, and alignment with global standards. Recognizing this, the Global Digital Asset & Cryptocurrency Association (Global DCA), alongside notable organizations such as the Global Blockchain Business Council and the Proof of Stake Alliance, has introduced Proposed Information Guidelines for Certain Tokens Made Available in the United States.   📜 Key Highlights: ➡️ The Guidelines, designed by a Senior Steering Committee of leading legal, academic, and financial experts, aim to identify material information for token buyers, sellers, and users. ➡️ This comprehensive framework aligns with regulatory standards like the EU's MiCA, offering a voluntary model adaptable to diverse jurisdictions. ➡️ It emphasizes flexibility, materiality, and a commitment to fostering market trust and integrity.   🔍 Why It Matters: As the industry navigates evolving regulations and increasing scrutiny, frameworks like these pave the way for a more transparent ecosystem. They also ensure stakeholders can make well-informed decisions while fostering innovation within regulatory boundaries.   📅 The Guidelines are open for public comments from October 21, 2024, to January 31, 2025. This is an opportunity for stakeholders to shape the future of digital asset governance.   📧 Interested in contributing? Submit your feedback to comments@globaldca.org. For further details, visit the Global DCA website or read the guidelines here: https://lnkd.in/dSEYhYCe   Together, let’s build a more transparent, trustworthy, and innovative digital asset ecosystem! 🌐💡   #DigitalAssets #Blockchain #Transparency #CryptoRegulation #MiCA #GlobalDCA #Innovation #Compliance

📢 Reminder: Do not Miss Out! 📢 We are just a few days away from the CryptoMondays Caribbean & Africa webinar, where our very own Cara Hennessy, co-Founder and co-COO of Provenance, will take the stage! ✨ Topic: The Ground Truth: Policy, Forensics, and the Web 3 Revolution 🗓️ Date: Monday, 25 November 🕒 Time: 14:00-15:00 EST 🌍 With Cara’s extensive experience in AML/CFT compliance and her leadership across jurisdictions like Cayman, BVI, Bahamas, and Bermuda, this is a must-attend for anyone navigating the evolving Web3 landscape. 💡 Do not miss your chance to gain actionable insights on policy, forensics, and the future of digital assets. 🔗 Secure your spot now: https://lnkd.in/ergEtQaj Let us know in the comments if you will be joining! 👇

📜 Cayman Islands Virtual Asset (Service Providers) (Amendment) Bill, 2024 📜 The recently published Virtual Asset (Service Providers) (Amendment) Bill, 2024, introduces changes aimed at refining the supervision and regulation of virtual asset activities. Here are some key changes: 🔑 Updated Definitions: New terms such as “convertible virtual asset” and “financial services business” have been introduced, ensuring alignment with evolving industry standards. 👥 Board Requirements: Virtual Asset Service Providers (VASPs) must have no fewer than three directors at all times, including at least one independent director with no vested interest in the VASP. 📝 Application Adjustments: Changes to the application process, fee schedules, and renewal procedures aim to streamline compliance and enhance transparency. ✅ Business Plan Approvals: VASPs must seek written approval from the Authority before making changes to their approved business plans that would alter the licensed or registered services they provide. 🌐 These amendments signify a maturing regulatory landscape in the Cayman Islands, offering greater protection for stakeholders while fostering innovation in the virtual assets sector. At Provenance, we specialise in navigating the complexities of 🌟 AML/CFT compliance 🌟 for VASPs. If you are considering a VASP application, let our experts guide you through the process with confidence. 📄 Access the full Bill here: https://lnkd.in/dtzBewCd) 💬 We would love to hear your thoughts! What impact do you think these changes will have on the virtual assets sector in the Cayman Islands? Share your insights below!

🌍 Enhancing Transparency in Crypto Transactions: South Africa Implements the Travel Rule 🚀   The Financial Intelligence Centre (FIC) has issued Directive 9, which requires Crypto Asset Service Providers (CASPs) in South Africa to comply with the Travel Rule. Effective 30 April 2025, this directive aligns the country’s crypto regulatory framework with international standards set by the Financial Action Task Force (FATF).   🔑 Key highlights of Directive 9: 📌 CASPs must securely transmit information about the originators and beneficiaries of crypto asset transfers. 📌 This measure enhances oversight and aims to combat money laundering, terrorist financing, and proliferation financing. 📌 The directive applies to CASPs operating within South Africa and handling transactions for clients both locally and internationally.   ⚠️ Failure to comply with the directive may lead to administrative sanctions, underscoring the need for CASPs to establish strong compliance measures.   At Provenance, we understand the vital role that AML compliance plays in helping CASPs build trust 🤝 and ensure the integrity of the financial ecosystem 🌐. By fostering transparency and accountability, CASPs not only meet regulatory requirements but also contribute to a safer, more secure crypto industry.   📄 Read the full media release here: https://lnkd.in/dSjYUDqD   Let’s work together to navigate this evolving regulatory landscape and strengthen your compliance framework. 🌟   #CryptoCompliance #TravelRule #CASP #AML #Regulations #FICAct #Transparency  

📢 Upcoming Event Alert 📢 We are proud to announce that our very own Cara Hennessy, co-Founder and co-COO of Provenance, will be speaking at the joint CryptoMondays Caribbean and CryptoMondays Africa webinar on 25 November 2024! 🎙️ Topic: "The Ground Truth: Policy, Forensics, and the Web 3 Revolution" 🗓️ Date: Monday, 25 November 🕒 Time: 14:00-15:00 EST As many of our clients know, Cara Hennessy has a distinguished background in financial services, specializing in AML/CFT compliance, governance, and risk management. With her roles as an approved Compliance Officer, AMLCO, and MLRO in key jurisdictions – Cayman, BVI, Bahamas, and Bermuda – she has become a trusted guide for VASPs and financial firms navigating regulatory complexities. 💡 Join us to hear Cara’s unique perspective on the evolving Web3 landscape, especially valuable for crypto-native businesses and those working to meet global standards. Do not miss this opportunity to engage with leading insights on policy, forensics, and the future of digital assets! 🔗Register here today: https://lnkd.in/ergEtQaj