Blockchain monitoring and intelligence solutions platform Merkle Science has partnered with Notabene, a regulatory solutions firm for the crypto industry. In the official tweet, Merkle said that the partnership aims to help the VASP community comply with the FATF rule, making regulatory compliance seamless for them.
Based out of Singapore, Merkle Science provides transaction monitoring services for various crypto networks, working towards preventing and investigating criminal use of cryptocurrencies. Notabene, on the other hand, provides travel rule compliance for crypto companies. It also aims to bridge the gap between the crypto industry and traditional finance, helping virtual asset service providers (VASPs) to comply with the travel rules of the Financial Action Task Force (FATF).
In the official joint statement on Medium, Co-Founder and CEO of Merkle Science, Mriganka Pattnaik, said that they have partnered with Notabene only to make regulatory compliance much simpler for VASPs and other financial institutions. He added that this would help business organizations manage high-risk transactions more effectively and seamlessly modify transaction rules to comply with the local laws.
Notabene CEO and Co-Founder Pelle Braendgaard said that complying with the regulations will allow VASPs to explore new markets, acquiring a huge competitive advantage, which also opens the door for retail and individual investors. He also added that there would be a possible increase in the transaction volume of business when crypto transactions based risks are managed holistically. Further, Notabene looks forward to working with Merkle Science to help customers manage transaction risk and regulatory requirements.
Using the Merkle-Notabene integrated services will allow crypto companies to assess risks to their counterparties and crypto wallets more efficiently. Deriving the risk scores on the integrated platform, users will manage their transactions by setting up custom rules as per the regulatory requirements.