Irish company regulation “Wild West” of crypto-currencies

  • Irish company regulation “Wild West” of crypto-currencies
    Independent.t. E.
    In Louth, the company uses its experience of regulation in the traditional financial sector to domesticate the ‘Wild West’ of crypto-currencies.
    https://www.independent.ie/business/technology/the-irish-company-regulating-the-wild-west-of-cryptocurrency-37210939.html
    https://www.independent.ie/incoming/article37219320.ece/45972/AUTOCROP/h342/crypto%201.png

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In Louth, the company uses its experience of regulation in the traditional financial sector to domesticate the ‘Wild West’ of crypto-currencies.

GEKKO management launched a new compliance solution to control the initial coin complex (IOC) Department of Management and compliance after approval, the man of the authority of financial services.

CEO and co-founder of control GECKO, Shane Brett, said that he spotted a gap in the market about four years ago for this type of solution.

“I’ve had 20 years of experience in the hedge Fund industry around the world and saw tendencies, and new classes of assets and compliance of the procedure also implemented”, – he told the independent.t. E.

“In the past few decades, derivatives in real time, securities in hedgefunds, they are all ultimately subject to financial regulation and proper controls, rules and processes should be put in place allowed them to trade and expand in the industry.”

Ikos used by startups as a means to raise funds for a new venture cryptocurrency, bypassing the usually strict requirements venture capitalists (VCS) or banks.

Using Crypto GEKKO 1, which is implemented on the Ethereum blockchain, the company will have the ability to manage projects of MBO before, during and after a period of raising capital.

Brett said that the original solution platform, built on the grounds of Dundalk Institute of technology, was created to provide easy Bank and compliance of the Fund.

As they were rolling out the product, team GEKKO realized that an effective way of implementing it will use the blockchain for “the time stamp of compliance”.

“We just thought it was a good way for companies to show that they did what they should do. But, in fact, no one in the compliance space have time,” said Brett.

In the beginning of this year, the company received $1 million in funding from technology investment company Cosimo Ventures, which has offices in Dublin and Boston. Part of the funds was used to increase staff in offices in Dundalk, new York and Sydney.

“It gave me financial fire, to sustain our technological development. Our VC was very interested in the new world cyptocurrency, where there are very few rules and very little best practices.

“Hedge funds were once considered “the Wild West”, and many believed that they were going to destroy the industry. It’s only a matter of time before cryptocurrency becomes mainstream, but it needs regulation.

“Cryptocurrency is so volatile mainly because there’s not much liquidity, not much money, slurp. There are not enough buyers and sellers in the market, but the reason why the big players are not permitted because there is no corresponding compliance rules in place.”

Brett said he expects there will be strong absorption of the solution GECKO Crypto1 as new guidance and rules issued by the Central Bank.

The program provides independent audits for regulatory bodies, because it deals with issues of accountability and transparency of the market, ensuring ongoing compliance with rules.

“Ireland has always been the main technological innovation and there are already a number of well established Irish blockchain companies that expand the use of blockchain technology” – he said.

“With the launch of the Crypto1, we want to strengthen authority of Ireland as the blockchain friendly nation in the world,” he said.

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