Elliptic, a global leader in crypto-asset risk management solutions and blockchain analytics, has announced that the Singapore-dollar backed stablecoin, XSGD, has been added to its crypto risk monitoring solutions to assure compliance with anti-money laundering (AML) and countering the financing of terrorism (CFT) regulation.
Following the announcement of its partnership with Xfers earlier this year, the issuer of the XSGD stablecoin under the project name of StraitsX, Elliptic is extending its on-chain transaction monitoring as demand for crypto-based payments grows.
“Asia is a hotbed for crypto-asset innovation with a digital-savvy market driving demand for digital payment options. Now consumers and businesses can be confident that their XSGD holdings are being protected from potential exposure to financial crime, which is a must-have for broader market adoption of stablecoin usage for utility payments”, said Simone Maini, CEO of Elliptic. “Elliptic has invested in a strong team in Asia to support the safe adoption of crypto-assets in the region, and to support innovators like Xfers who are bringing crypto-asset settlements into the mainstream.”
Singapore has embraced financial innovation and has implemented the Payment Services Act on 28 January 2020 to enable payment service providers (including crypto-asset firms) to apply for a licence to operate in the jurisdiction. Xfers, one of only five licensed E-money Issuance Service providers in Singapore, has pushed for XSGD to be fully compliant with AML/CFT regulations.
Aymeric Salley, Head of StraitsX at Xfers, said, “Xfers works closely with regulators to ensure that its products and services are compliant with the highest regulatory standards. XSGD provides an entryway for local consumers looking to explore the benefits of digital assets with much-needed regulatory-standard assurances that Elliptic’s transaction and risk monitoring solutions can support”.
XSGD is a stablecoin pegged to the Singapore Dollar, convertible at a 1:1 rate. It is issued on both the Ethereum and Zilliqa blockchains, the latter is also using Elliptic’s powerful crypto AML risk insights as part of its best-in-class compliance program.