A Guide to Anti-Money Laundering for Crypto Firms

ComplyLaunch Customer Spotlight: Moneyfold

Crypto

The transition to digital assets is accelerating every day. As a result, there is a growing need for more banking services, such as payment cards, checking accounts, and wire transfers that connect traditional finance with digital asset finance.

Coming from the digital payments industry, with experience at companies including Mastercard and PwC, Emanuele Brion started working with the digital asset industry in 2017, including as a founding member of Crypto.com. In 2021, he decided to enter the digital asset industry full-time by taking on the role of Business Developer of the digital asset fintech Eidoo. In February this year, he also took on the role of Chief Operating Officer at Moneyfold.

Introducing Moneyfold

Launched in May 2017, Moneyfold was founded to create a regulated stablecoin. In 2018, the company graduated from the Financial Conduct Authority’s (FCA) regulatory sandbox program issuing tokens on the Ethereum blockchain to the value of national currencies including the Euro and the British Pound. Over time, Moneyfold has evolved, through its small e-money institution license, in “offering banking services to businesses and individuals working in the digital asset industry, both in the UK and throughout the European economic area”. 

Digital asset natives

“Before Moneyfold, the entities that were offering e-money services to companies in the digital asset industry did not have the relevant background or understanding to provide an optimized service. 

“The founders of Moneyfold, however, are all digital asset natives, meaning we understand the intricacies of the crypto industry and can provide the right services that meet a specific need.”

Providing direct control

“The thing I love most about building Moneyfold is the unification we are creating between the world of traditional banking and the crypto world.

“But our proudest achievement so far has to be when we launched the first DeFi Visa payment card where the funds are directly under the control of the final user, not a third-party. While other crypto cards exist in the market, in each case the assets are held by the exchange, not the final user. 

“However, we built a complex on-chain mechanism on the blockchain that allows crypto to be kept directly by the user and redeemed against underlying funds at any time.”

What’s next for Moneyfold?

“Our biggest goal for the future is to go mainstream and expand our client portfolio by offering e-money services to more crypto companies throughout the UK and European economic area.”

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Originally published August 1, 2022, updated August 2, 2022

Disclaimer: This is for general information only. The information presented does not constitute legal advice. ComplyAdvantage accepts no responsibility for any information contained herein and disclaims and excludes any liability in respect of the contents or for action taken based on this information.

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