Paycase Financial Launches Subsidiary to Bridge Divide Between Blockchain and Government Regulators
Governments are actively pursuing blockchain regulation. Paycase leverages their experience working with OECD, G7, G20 member nations and non-member nations, to help governments create regulatory frameworks through their new subsidiary Paradym Global.
TORONTO, Dec. 19, 2018 /PRNewswire-PRWeb/ -- Responding to the global need for regulations, blockchain and cryptocurrency leader Paycase Financial Corp. (Paycase), launches Paradym Global Ltd. (Paradym) to provide continuing education and consultation for governments, regulatory bodies, and institutions trying to navigate the blockchain environment.
This new venture is the direct response to a need expressed by governments and other organizations for assistance in the planning and development of blockchain-based solutions.
"No one else is engaging governments and regulatory bodies at this level," said Joseph Weinberg, founder and CEO of Paycase Financial Corp. and chairman of Shyft Network Inc., referring to Paycase's ongoing work with nations and governmental organizations such as the OECD and G20.
"Repeatedly, we were brought in to solve problems that countries had with their planning or implementation and we quickly noticed that many countries were asking for help but they didn't know who to turn to for trusted help. We realized there was an opportunity to provide this support which led to the creation of Paradym."
Paradym will help regulators ensure that they are developing and implementing effective and forward-thinking regulations. In addition, the company will provide continuing education and consultation.
"The modern regulatory environment surrounding the crypto ecosystem must be universalizing," Weinberg stated. "There are principles that need to be followed to ensure smooth inter-governmental operations while still meeting the needs of global regulations, which most countries are building their own regulations from."
When it comes to digital currencies, more mainstream involvement increases the need for digital currency regulation.
Regulation has been of key interest to companies that work in the cryptocurrency and blockchain spaces, due in part to concerns surrounding cryptocurrencies like Bitcoin and the regulation of the underlying technology it sits on.
There is a requirement to implement regulations for this new technology; however many governments recognize that they don't understand the technology.
"This is where Paradym comes in," said Weinberg. "We know the technology, we understand the space. Without expertise in this field, governments and institutions are in jeopardy of receiving misinformation, which can lead to outdated regulations or regulations with no teeth."
"Regulation will help maturation in this asset class." said Loretta Joseph, Director of Paradym and advisor for the OECD. "Once this happens, institutional money will start to flow in, leading to the next billion dollar unicorns in the space."
Other notable highlights of the Paradym launch include:
1) Currently working with OECD / G7 / G20 members (and non-members) to implement frameworks, policies and standards for universality amongst cryptocurrency regulation
2) Wrote the first ever regulatory framework for blockchain based companies that was passed into law for a Caribbean country
3) Currently underwriting the standards and regulations for three separate government bodies
"It is vital to put together a responsible form of regulation around activities that are happening anyway," stated Joseph. "It is time to give these activities an ecosystem in which they can flourish. Our goal is to help regulators create similar crypto regulation across the world. This will allow countries to work more effectively with each other. It will also enable entrepreneurs to move seamlessly between jurisdictions and allow them to scale up their businesses which, in turn, will support economic development. We need to work together, across governments, businesses and organizations, to write the rules that include everybody."
SOURCE Paycase Financial
Share this article