How RegTech tools enable regulatory compliance for cryptoassets: A case study for cryptoasset transaction monitoring

Magdalena Boškić
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Magdalena Boškić: Sygnum Bank, Switzerland

Journal of Digital Banking, 2023, vol. 8, issue 2, 176-189

Abstract: BBVA, BNP Paribas, Citigroup, DBS, JPMorgan, Société Générale — these are the names of just a few well-known traditional banks that have already established or are in the process of establishing a cryptoasset offering to their clients. While various challenges need to be overcome in introducing a cryptoasset offering, some might see the true challenge starting once customers can not only ‘buy and hold’ cryptoassets but also transfer these assets to a wallet outside the banking environment or bring their already existing cryptoassets into the banking environment. Compliant yet efficient cryptoasset transaction monitoring as part of an effective cryptoasset compliance framework is an important component of a successful cryptoasset offering by a traditional bank. This paper discusses some of the challenges related to cryptoasset transaction monitoring, provides insights on regulatory technology (RegTech) tools that address those challenges and illustrates in a case study the approach of Sygnum Bank, the world’s first digital asset bank, to overcome these challenges.

Keywords: Blockchain; cryptoassets; banks; compliance; RegTech; transaction monitoring; Travel Rule (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2023
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