According to the official press release, the joint venture seeks to address the difficulties associated with managing compliance following the introduction of the Markets in Crypto-Assets (MiCA) framework and crypto regulations.
More precisely, as part of the collaboration, Braithwate will purportedly provide policy and procedure content to help crypto-asset companies get authorised and comply with MiCA’s requirements, while the Clausematch platform will extend the needed technology.
The agreement is anticipated to offer support to crypto native and TradFi businesses that have to comply with the new regulation.
Officials from Braithwate stated that MiCA marks a decisive moment when it comes to the regulation of crypto assets, and they further added that the partnership with Clausematch comes to offer a solution aimed at accelerating their clients’ authorisation as crypto-asset service providers.
The Markets in Crypto-Assets Regulation, which took effect in June 2023, sets out EU market rules for crypto-assets. In particular, it reportedly covers the crypto assets that have yet to be regulated by any existing financial services legislation.
Even more to this point, MiCA features provisions for companies issuing and trading crypto-assets – encompassing asset-reference tokens and e-money tokens. The new regulation covers aspects such as transparency, disclosure, authorisation, and the supervision of transactions.
According to officials, the new framework also supports market integrity and financial stability. To achieve this, MiCA will reportedly regulate public offers of crypto-assets and ensure consumers are familiar with their associated risks.
Corlytics is a company that provides assistance to compliance, risk, legal, and audit teams. Following Corlytics’ acquisition of Clausematch, the UK-based regulatory risk intelligence firm set out to develop a platform that manages the entire regulatory risk value chain – on a global scale.
This is not the sole acquisition by Corlytics in 2023. In January, the company revealed that it acquired ING SparQ. The reasoning behind this decision also had to do with the company’s goal to create a regtech platform, focused on `monitoring to policy` services.
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