The UKCBC is an advocate for the UK's crypto and Web3 ecosystem, engaging with policymakers and regulators to promote collaboration and best practices within the industry. By supporting connections and facilitating knowledge sharing, the council aims to support innovation and growth in the crypto sector through effective policy.
Clear Junction's decision to join the UKCBC coincides with a significant period of acceptance for crypto in mainstream finance. According to the official press release, regulatory frameworks such as the EU's MiCA and the approval of spot Bitcoin ETFs by the US Securities and Exchange Commission reflect growing institutional and consumer interest in crypto. Projections by the Boston Consulting Group suggest a substantial increase in cryptocurrency users by 2027, with institutions exploring the potential of stablecoins for various use cases.
Official representatives from Clear Junction expressed enthusiasm about contributing expertise to the council to advance the UK crypto sector and ensure consumer and business protection through informed regulations. Representatives from UKCBC welcomed Clear Junction's membership, highlighting its commitment to collaboration and advocacy for clear regulations. They emphasised the benefits of Clear Junction's expertise in shaping effective regulations to benefit consumers and businesses.
Established in 2016 and licenced by the Financial Conduct Authority, Clear Junction offers proprietary technology facilitating access to accounts, payment networks, and FX services for regulated institutions. Notable for its compliance strengths, Clear Junction has recently expanded its offerings to include crypto-related initiatives. These include the launch of an anti-fraud escrow solution and the acquisition of Altalix, a UK-regulated cryptoasset firm specialising in crypto trading.
Clear Junction's services enable clients to expedite banking relationships, access new markets, and leverage innovative technologies for lower costs and convenient payment options. In November 2023, Clear Junction launched a Confirmation of Payee (CoP) service to increase the security of transactions amid rising APP fraud.
Earlier in 2023, the UK Payment Systems Regulator (PSR) published a new rule requiring banks and building societies to adopt CoP as a means of reducing the number of individuals and businesses falling victim to authorised push payment (APP) scams. CoP was rolled out in phases across the industry, with the final phase scheduled for October 2024.
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