The ASF is putting blockchain technology to the test to enhance data collecting and reporting

Must Read

Crypto asset manager Babel Finance reaches $2B valuation

Despite recent swings in cryptocurrency values, many institutional investors appear undeterred. The growth of Babel Finance, which...

Taiwanese Crypto Firm XREX Plants a Flag on European Soil

European Union (EU) member state Lithuania has approved a ‘Virtual Asset Service Provider’ license for Taiwanese blockchain fintech project...

Weekly Institutional BTC Outflows Hit $154 Million Last Week

BTC investment products saw a significant jump in outflows last week as institutional investors showed a glimpse...

In its interactions with capital market organizations, the Financial Supervisory Authority (ASF) initiated a pilot project to evaluate blockchain technology to optimize work processes and minimize the amount of data and information handled manually.

After this experiment, it was discovered that current reporting and data gathering procedures at the institutional level might be effectively upgraded, digitized, and protected by utilizing blockchain technology. The IT solution intends to transform the way people operate at the ASF, including the strategic reinvention of the institution’s internal procedures and considerable efficiency gains in cooperation and inter-institutional communication.

Accelerating the digitization process at the level of the activity of the Financial Supervisory Authority is one of the major objectives of the institution. In the 21st century, we can no longer be efficient and respond promptly to the needs of the market and the citizenry if we do not use technology in everything we do every day. Digitization substantially improves work processes and brings quantifiable benefits to non-bank financial market entities and consumers,” stated Nicu Marcu, President of the Financial Supervisory Authority.

Best practice tips for adopting blockchain technology

In recent years, blockchain technology has been emphasized by some technical and conceptual advantages that are proving to have a significant influence on how consumers and companies engage with software products and the security of the data they handle.

The blockchain’s potential advantages include boosting transaction transparency and traceability, raising market participants’ confidence, strengthening regulatory compliance, and lowering transaction costs between parties by removing the need for supporting papers. Simultaneously, this technology improves data immutability and security and acts as a preventative measure. For these traits, blockchain technology has the potential to encourage ethical corporate practices.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Crypto asset manager Babel Finance reaches $2B valuation

Despite recent swings in cryptocurrency values, many institutional investors appear undeterred. The growth of Babel Finance, which...

Taiwanese Crypto Firm XREX Plants a Flag on European Soil

European Union (EU) member state Lithuania has approved a ‘Virtual Asset Service Provider’ license for Taiwanese blockchain fintech project XREX. The decision enables the...

Weekly Institutional BTC Outflows Hit $154 Million Last Week

BTC investment products saw a significant jump in outflows last week as institutional investors showed a glimpse of panic. According to a...

Almost $1 Trillion Wiped From Crypto Markets Over Last 7 Weeks – Tether Continues To Bleed

Crypto markets have continued to haemorrhage since early April this year, as they are pushed down by most other asset classes during...

Cryptocurrency tax firm CoinTracker announces foray into Indian market

Cryptocurrency portfolio tracking and tax compliance platform CoinTracker on Wednesday announced its foray into the Indian market. The company's move...
- Advertisement -

More Articles Like This