Trade in virtual currencies is on the rise amongst global investors.

The recent surge in virtual currencies such as Bitcoin have been accompanied by growing interest from governments, the media and the private sector. As one of the world’s foremost experts on the nature of virtual currency trades – specifically regarding the institutional risks involved – Mayfair Compliance has launched a bespoke project team focussed exclusively on virtual currency as they relate to the banking sector.

Whilst there are hundreds of virtual currencies available, it is an area which is new to many, and for this reason it is not well understood, nor is it well managed by many organizations or companies.

Block-chain or public ledger currency platforms are the technology behind the virtual currencies available. While the future of Bitcoin (arguably the world’s most well-known VC) remains questioned by many among the banking sector, the inherent power of block chain technology ensures that virtual currencies are invariably here to stay.

Even the most basic description of block-chain technology makes it clear that it has the capacity to up-end the traditional banking sector. Block chains are publicly held digital ledgers of all transactions involving a particular virtual currency and are housed and disseminated by thousands of private computers across the web. Every transaction and virtual currency holding is transparent and available to that community. It is, in almost every sense, the opposite of how traditional banking ledgers operate and has the potential to revolutionise the banking sector of the future. The initial risk that traditional bankers therefore need to asses is what market risk block-chain based technology poses today and more keenly, tomorrow.

For a specific analysis of how virtual currencies and the attendant technologies could affect your business, Mayfair Compliance will research and present a proposal tailored to your specific business. By studying your business in relation to your chosen market segment, we will enumerate what market risks exist specifically, what future losses and changes you can anticipate because of virtual currencies, and we will help define the many ways your business could become virtual currency ready. The forward-thinking banker will be able to utilise this type of specific intelligence and data to make pre-emptive changes with a view to greater relevance and profitability in future.

As virtual currencies gain traction, so too does virtual currency crime. Financial services companies already engaged in VCs, will already be aware of the growing risk. Mayfair Compliance employs some of the foremost experts in the world on this topic, all of whom are currently publishing and researching emergent issues in virtual currency crime. Our experts can create a clear picture of your VC risk profile, and will design and implement management strategies to mitigate those risks. Virtual currencies are an unknown and potentially dramatic addition to the global banking sector. The sooner banks understand the impact of VCs, as well as their benefits and risks; the sooner they can adapt their strategies to benefit from the sea change that they herald.

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