CLO: Fastex Revolutionizes Crypto Compliance

crypto Exchange Fastex Leading the Way in Crypto Compliance, Says Chief Legal Officer

Crypto exchange Fastex is setting the standard for compliance in the crypto industry with its innovative web3 ecosystem, according to Vardan Khachatryan, the company's Chief Legal Officer. In a recent interview with Rug Radio, a media outlet affiliated with Decrypt, Khachatryan discussed Fastex's current and upcoming products that are reshaping the future of cryptocurrencies.

Fastex's ecosystem includes a centralized crypto exchange, an nft Marketplace, the layer-1 blockchain Bahamut Chain, and a forthcoming "crypto identity product." Khachatryan emphasized the importance of these products not only for their technological advancements but also for their contribution to compliance and Regulation within the industry.

Addressing Regulatory Challenges

Khachatryan highlighted the new regulatory requirements emerging in the crypto landscape, such as travel rules, and how Fastex's products are designed to help companies navigate these challenges. He acknowledged the regulatory uncertainty, particularly in the U.S., where multiple regulatory bodies have different approaches to crypto.

• Regulatory uncertainty poses challenges for compliance
• Fastex products support companies in meeting regulatory requirements
• Focusing on compliance crucial for business decisions

Khachatryan emphasized that many businesses in the crypto space strive to be compliant but face obstacles due to the lack of clear regulations. He expressed the need for more certainty among major jurisdictions to enable crypto firms to expand into new markets and products without the constant concern of crossing compliance boundaries.

Challenges of Regulating Web3 Technology

Another hurdle for crypto firms is the regulators' limited understanding of Web3 technology, especially Decentralized aspects like DeFi protocols and on-chain transactions. Khachatryan emphasized the need for a tailored approach to regulating this new technology that differs from traditional finance.

• Regulators struggle to grasp the complexities of Web3 technology
• Crypto firms require customized regulatory frameworks
• Fastex invests in compliance standards for on-chain transactions and KYC

Future Plans and Regulatory Compliance

Khachatryan discussed Fastex's efforts to comply with the Markets in Crypto Assets (MiCA) regulation in Europe, highlighting the importance of obtaining a license to enable passporting between the European Union and the European Economic Area. He also outlined plans to acquire licenses in more regulated jurisdictions and expressed the company's goal to serve U.S. users in the near future.

• Fastex aims to obtain licenses in regulated jurisdictions
• Plans to enter the U.S. Market once regulations are clearer
• Focus on expanding into more regulated markets

Khachatryan expressed hope for more certain regulations in the U.S. by the following year, enabling Fastex to operate in the market without delays. He emphasized the importance of regulatory clarity for businesses to thrive and innovate in the rapidly evolving crypto landscape.