2023 has been a year when the entire cryptosphere has been laser-focused on regulatory battles across the world, with new rules being crafted to govern this fast-growing industry.
The last time we released our quarterly update, we observed the FTX exchange’s fall, followed by even more unfortunate events, including the banking collapse of Silicon Valley Bank, Signature Bank, and Silvergate Bank. These incidents raised concerns about the stability and risks associated with the digital asset industry. The contagion fears resulting from these events highlighted the need for robust regulatory frameworks and risk management practices.
To prevent such debacles in the future, governments and regulators across the globe are working aggressively to introduce a comprehensive regulatory framework that will bring order to the markets and protect consumers. This move has sparked mixed reactions in the industry, with some calling it “Operation Choke Point 2.0” while others see it as positively impacting the industry. It’s important to note that conclusions on either side may change as global crypto regulations become more transparent and consistent.
FV on Compliance and Regulation
In a recent interview with FinanceFeeds, CEO Miles emphasized the importance of compliance and regulation in the industry. He urged market participants to take a proactive approach to meet regulatory requirements, including Know Your Customer (KYC) and Anti-Money Laundering (AML) standards. Paschini highlighted that compliance not only protects the company but also ensures the safety and trust of customers and the overall market.
In addition to this, CRO Nitin shared his thoughts on MiCA (Markets in Crypto Act), Europe’s first comprehensive package of rules aimed at regulating the cryptocurrency industry. Nitin regarded MiCA as a good starting point, pointing out previous regulations in Europe, such as DLT licenses in Gibraltar, Estonia, and Lithuania. However, he emphasized that creating a comprehensive regulatory framework still requires further work and learning from these experiences.
What we’ve been up to in 2023…
Expanding Cross-Border Payments Service
Despite the regulatory challenges, at FV, we remain committed to expanding our banking and payment solutions to meet the evolving needs of our customers. In line with this commitment, FV introduced a new Cross-Border Payments Service. This service enables FV account holders to make foreign currency payments in nine different local currencies, including Euro (EUR), British Pound Sterling (GBP), Canadian Dollar (CAD), Hong Kong Dollar (HKD), Singapore Dollar (SGD), Japanese Yen (JPY), South African Rand (ZAR), Brazilian Real (BRL), and Mexican Peso (MXN).
Read more on our blog.
Welcoming New Executives
FV Bank welcomed two key executives to its leadership team. Frank J. Serra joined as the Chief Financial Officer (CFO), bringing valuable experience to support FV Bank’s expansion and service offerings. Luz Mabel del Valle assumed the role of Chief Risk Officer and Chief Compliance Officer, ensuring that risk management practices are implemented effectively as the bank expands its geographical reach.
Participation in Global Events and Conferences
The FV team continued its active involvement in prominent fintech and Web3 events & conferences worldwide. Our team represented FV at various industry gatherings, including Consensus by Coindesk and Bitcoin 2023 Miami. These events provided opportunities for insightful discussions, interviews, and networking within the digital asset and fintech communities.
Check our events gallery page for some snippets from the events we attended:
Interviews and Webinars
Our leadership team has been actively participating in interviews and webinars to share their expertise and perspectives. These engagements allowed FV to contribute to the knowledge-sharing and collaborative efforts within the fintech and digital asset space.
What’s coming next at FV
In Miami, our CEO Miles took the main stage of Bitcoin 2023 conference to unveil what’s coming next at FV:
- FV Bank VISA Debit Cards for Individuals and Corporates
- Institutionalization of the FVNet platform
- Introduction of Interest-Bearing Custody Accounts
Watch this video from the Bitcoin Conference to listen to the complete announcement 🔽