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The importance of transparency in crypto operations was a recurring theme during the Crypto Finance Forum 2024 in New York. With industry experts like Ron Loban, Chief Accounting Officer of Gemini, and Jeremy Fox-Geen, CFO of Circle, the event highlighted the challenges and opportunities fintech companies face when adopting cryptocurrencies within a clear and reliable regulatory framework.
For Futswap, as a global fintech operating in markets like Latin America, attending this event was crucial in understanding the current state of crypto regulation and the transparency standards being set. Our CEO stressed the importance of these forums in staying informed on best practices for transparency and regulatory compliance. “It is crucial for us to ensure that Futswap users know exactly how their funds are being managed and that we operate according to the highest standards, both in highly regulated markets and in developing regions,” said Juan Osorio.
Transparency challenges in Latin America
One of the key takeaways from the forum was the divergence between regulatory frameworks in different regions. In Latin America, despite the rapid growth in cryptocurrency adoption, fintech companies face significant risks due to a lack of clear regulations. Experts pointed out that this regulatory gap increases the risk of fraud and illicit activities, which in turn creates a negative perception of crypto assets in the region.
During Salman Khan’s (CFO of Mara) panel, he discussed how fintech companies in emerging markets can implement their own internal policies for transparency and financial reporting, even when there is no clear regulatory obligation. This aligns with Futswap’s approach, as we aim to adopt the highest global transparency standards, regardless of local regulatory gaps.
The U.S. as a model for best practices
In contrast, the U.S. has made significant progress in terms of crypto regulation and transparency. Jeremy Fox-Geen of Circle highlighted during his talk how U.S. regulators are creating a clear framework for stablecoins and crypto assets, making it easier for fintech companies to operate confidently in this market.
For Futswap, the benefits of operating in a regulatory environment like the U.S. are clear. By applying these same principles to our global operations, we not only protect our users but also ensure that we are prepared for a future where regulation will be inevitable in all markets. This proactive approach not only builds trust among our users but also positions us as leaders in the fintech space.
Conclusion
The Crypto Finance Forum 2024 reinforced the idea that transparency is not just a competitive advantage but a necessity for any fintech operating in the crypto space. As Futswap continues to expand into both emerging and developed markets, we remain committed to adopting global best practices, learning from events like the Crypto Finance Forum, and applying those insights to ensure the trust and security of our users.
