According to Business Insider, Internet Financial Circle, Benoît Nolens who General Manager Sachs, former Goldman title, Global Regulatory Affairs and Head of Compliance at European and Asian Operations, Crypto Global Head to Securities Trading.
Nolens joins the Circle directly from the Hong Kong Securities and Futures Commission, bringing significant regulatory experience. He has also worked as a compliance officer at Credit Suisse.
Having received financial support from Goldman Sachs, Circle recently opened offices in Beijing and Hong Kong, where they began negotiating counters earlier this year. This trade now accounts for about 30% of the transaction volume of $ 2 billion per month.
Apartment Gözü Securities
They also want to extend the apartment, which operates a crypto exchange and retail brokerage business, to symbolic tokens. Such tokens will allow the purchase and sale of cryptographic assets registered as securities.
Chief Executive Officer Jeremy Allaire said the company wanted to work with companies that want to launch securities in the form of chips. To do this, the Circle needs a regulatory framework to support both crypto-goods and crypto-securities. Cryptocurrency companies currently have no regulatory power to deal with such securities, but many are looking for licenses that will allow them to do so.
Nolens believes he will focus on understanding the regulatory situation on his behalf, rather than taking clear regulatory direction for the future.
The Circle is attending a regulatory meeting around the world, Nolens said, saying the regulators were open-minded and presenting something around the world.
Regulatory challenges at the front
The companies that manage cryptographic money transactions in the United States are now state-owned lending companies, which forces them to comply with dozens of different regulatory regimes that make their operation difficult in most states.
Federal banking licenses precluded state regulation, which would allow businesses to work according to a set of rules. Licenses are also a difficult task for companies that facilitate cryptographic money transactions by removing the need for a banking partner by allowing companies to offer FDIC insured accounts to their customers.
Recently, $ 10 million in a round of financing that makes Circle, by acquiring Crypto Poloniex investment services offered by a Bitcoin exchange and positioned by providing a dual service: to support the business Crypto trade Circle of Investors and Circle Invest to support the retail business.