Crystal Intelligence, a leading blockchain intelligence firm, has announced a strategic partnership with Banxa, a trusted payments infrastructure provider enabling embedded crypto solutions.
This collaboration will leverage Crystal Intelligence's cutting-edge compliance and monitoring technology to bolster Banxa’s security operations as Australia’s crypto industry adapts to heightened regulatory requirements.
The partnership comes as the Australian Securities and Investments Commission (ASIC) issues a consultation paper. Under the proposed framework, companies offering certain digital assets must secure an Australian Financial Services Licence (AFSL) if the digital assets are financial products. Meanwhile they may also need to comply with the AML/CTF regime, which requires robust compliance technology, such as the solutions Crystal offers.
"This partnership will strengthen Crystal's presence in the Australian market and provide essential benefits for Banxa in terms of regulatory and compliance frameworks. In the rapidly evolving landscape of digital assets, companies should enhance their capabilities with investigative tools like Crystal to navigate these fast-changing environments effectively," says Navin Gupta, CEO of Crystal Intelligence.
“At Banxa, our mission is to empower businesses by providing the payments infrastructure that facilitates seamless movement of money across the globe. We help businesses navigate the complexities of the crypto ecosystem, making it easier to move funds quickly and efficiently. With robust compliance measures in place, we offer a trusted, best-in-class solution to our global clients. Our collaboration with Crystal strengthens this capability, ensuring we meet the highest standards of crypto compliance while supporting rapid adoption and growth in an ever-evolving financial landscape,” says Holger Arians, Co-CEO of Banxa.