iComply offers patent-pending, automated, multi-jurisdictional compliance and record-keeping software for the issuance and secondary trading of security tokens. The company is actively partnering with cryptocurrency exchanges, token launch platforms, leading ICO advisors and law firms to bridge the existing regulatory gap.
Here’s the press release in full..
VANCOUVER, British Columbia, Aug. 16, 2018 /PRNewswire/ — iComply Investor Services (“iComply”), a leading global regtech platform for digital finance and cryptocurrencies is announcing the launch of its public beta following the closure of a seven-figure seed round that was covered by Coindesk earlier this week.
The announcement included exclusive interview questions with one of iComply’s investors, Deven Sharma. Sharma formerly served as President of Standard and Poor’s, and he currently invests in data and technology-enabled businesses while serving as a research fellow with Connection Science at the MIT Media Lab.
“Tokenization of securities and other financial instruments holds incredible potential; however, security token platforms and initial coin offerings being used in practice are still riddled with issues. With no mechanism to ensure compliance, tokens on the secondary market become prime vehicles for sanctioned individuals, criminals, and known terrorists to launder millions,” said Matthew Unger, CEO of iComply. “The recent Mueller indictments demonstrate how Bitcoin was used to fund the attack on the U.S. Election, and that blockchain forensics are able to screen for stolen funds, proceeds of crime, and ensure that sanctioned individuals and companies are not participating illegally and putting the ICO or security token platform at risk.”
A recent KPMG report stated that: “regulators must develop more up-to-date, focused standards that deal with the challenges of this rapidly evolving area. And financial institutions must take responsibility for ensuring their systems and processes are capable of mitigating the risks insofar as possible.”
iComply’s patent-pending software is unique in that it combines robust KYC, AML, blockchain forensics, source of funds reporting, secondary trade management (currently only deployed for Ethereum) and even registrar functions for equity tokens.
“We developed this software so that security and utility tokens can monitor and document compliance, governance, and risk procedures while trading in real time. This can solve one of the last major barriers between cryptocurrencies and institutional investors – in particular, the ability for a token to prevent itself from going into the wallet of an unverified or illegal actor, such as sanctioned individuals or terrorists,” added Unger.
Since iComply announced its first product in private beta in Bloomberg Law this February, the company has surpassed six-figure annual recurring revenue and attracted talent such as former Thomson-Reuters Risk Intelligence Executive and former Head of World-Check, Greg Pinn.
The company has also made several strategic additions to its advisory and team including:
- Jeff Bandman former senior official of the CFTC
- MIT Fellow Praveen Mandal
- Former NASDAQ and FINRA executive Manny Alicandro
- Leading Swiss crypto lawyer behind the historic Ethereum token sale in 2014 and author of the Blockchain Crypto Property Framework Thomas Linder
“Since launching in private beta, we have been working with select security token platforms, cryptocurrency exchanges, as well as security and utility token issuers to establish the minimum viable product (MVP) requirements for today’s release,” Unger stated. “iComply has been built to the standard of the traditional financial markets from day one. Compliance must be addressed not only so security tokens can gain legitimacy in the market but to protect the people participating in this new economy.”
iComply is working closely with top securities lawyers around the world to offer click-button deployment of legal rule sets (such as Reg D, A, A+, S, and private placements in the U.S.) and document templates for securities exemptions in jurisdictions around the world.
The company is actively seeking new partners for legal, accounting, assurance, marketing, and smart contract development.
About iComply Investor Services Inc.
iComply Investor Services Inc. (iComply) is a leading global RegTech platform for digital finance and cryptocurrencies that provides turnkey compliance automation, simplifying the multi- jurisdictional requirements of non-face-to-face transactions. The technology leverages blockchain and artificial intelligence for robust, secure, and immutable record keeping, reporting, and transaction monitoring, and is capable of interacting beyond blockchain; it can be used by traditional and decentralized companies alike. iComply has released two products, both adding critical pieces of compliance infrastructure: iComplyICO and iComplyKYC. iComplyICO uses iComply’s proprietary PrefactoTM technology which enables compliance and governance for the secondary trading of tokens on open and public blockchains and is technology agnostic—meaning that new blockchains, mesh networks, or centralized trading systems can be integrated securely. iComplyKYC is an industry leading KYC, AML and risk solution for decentralized finance and cryptocurrency applications. An integrated ecosystem, iComply’s technology enables an efficient workflow and record keeping between investors, regulators, securities issuers, and capital markets service providers. Learn more: iComplyICO.com