Proving source of crypto wealth
As regulation creeps into crypto whether by retrospective enforcements or government design, having partners to work with in the space is crucial for peace of mind.
With sanctions laws, increased AML, any transaction will be scrutinised but using a large amount of crypto wealth in coins such as bitcoin and Ethereum, may require further proof that it is not crossing any legal lines.
Henry Burrows is CEO and Co-Founder of Hoptrail which is a service that helps with ‘crypto source of funds and source of wealth analysis.’ Henry says “This year Hoptrail has been deployed to conduct crypto source of wealth analysis on more than 50 property transactions in the UK where digital asset proceeds were used. We are now the leading provider globally of crypto Source of Wealth (SoW) analytics for real estate transactions.” Founded in October 2021, Hoptrail has five staff. In a recent instruction Burrows says, “We assisted an institutional client in unpicking a prospects’ crypto wealth where concerns were raised over the complexity of the portfolio. The task involved analysis of 100+ wallets across multiple Virtual Asset Service Providers (VASPs) and blockchains.” A Virtual Asset Service Provider (VASP) is defined by the Financial Action Task Force (FATF) as a business that conducts one or more of the following actions on behalf of its clients: Exchange between virtual assets and fiat currencies. Exchange between one or more forms of virtual assets. Transfer of virtual assets. “We were able to confirm and explain the prospects’ key wealth generation narratives drawing on on-exchange information, blockchain data, and using cryptographic proofs. We were also successful in mitigating perceived financial crime risks because of detailed transaction analysis.”
Hoptrail say “For the hundreds of regulated firms coming to crypto for the first time, digital assets can feel complicated, data-heavy, and fraught with risk. At Hoptrail we break down those barriers with end-to-end crypto diligence,empowering our clients to make informed, detailed, and timely decisions on counterparties with exposure to digital assets.“
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