Scorechain announces a record growth rate of 180% in 2020. What to expect for 2021?

The year 2020 will come to an end in a couple of days in which Scorechain has been recognized as a la leader in the cryptocurrency Risk-AML analytics software.

Despite the sanitary crisis, 2020 has been a crypto regulation year since most worldwide governments have started to define the regulatory framework mainly in response to the Financial Action Task Force (FATF) recommendations.

With the surge for crypto companies to comply with local jurisdictions as well as traditional financial players’ market entrance with a more regulation-friendly ecosystem, companies must call on industry experts for digital assets risk transaction monitoring solutions like Scorechain. 

Scorechain has more than doubled the revenue and the number of customers compared to 2019. The company continues to acquire new customers with a percentage of financial institutions that grows impressively. 

Pierre Gérard, CEO of Scorechain, said: “2020 is another remarkable year for Scorechain since its establishment in 2015. During the year, we saw our efforts in the achievement of so many important milestones to further enhance our position as the European leader in the crypto compliance industry. These achievements represent significant progress in bringing more trust in the crypto ecosystem. 

The success is due to our efficient team, our loyal customers, our great partners, and all actors who contribute to the ecosystem. Together, let’s make digital assets more trustworthy and more accessible in 2021. I wish you all a wonderful and prosperous New Year!”

New products and new features were launched at Scorechain during this year.

In 2021, the crypto ecosystem around the globe expects once again more regulation. For instance:

  • UK: all existing businesses with activities related to cryptocurrencies need to complete their registration process with the country’s Financial Conduct Authority (FCA) in January 2021; also in the first quarter, an update is expected from UK’s Cryptoasset Task Force on possible regulatory consequences of the adoption of stablecoins.
  • Furthermore, FATF is planning within 2021 to release an update on monitoring the existing risks and opportunities of the impact of financial innovation (and that includes the crypto field as well). 
  • EU: we have already seen this year the 6th Anti-Money Laundering Directive came into force. 

However, 2021 will be the year of implementation.

  • When it comes to the European regulation on Markets in Crypto Assets (MiCa), it is rather impossible to see any big developments within 2021. Nevertheless, we know that the Commission’s working group will be actively working on the regulation proposal.
  • In the US, 2021 can be an interesting year from a legislative point of view, since the STABLE act – a bill that is intended to protect individuals from possible risks – needs further clarifications and an update is much needed.

As we can see 2021 will bring many developments in the sphere of crypto regulation around the world.

At Scorechain, we believe that clear and smart regulations will help the development of the crypto ecosystem. As the leader in crypto transaction monitoring tools since 2015, Scorechain’s Blockchain Analytics solutions help more than 100 customers from 29 countries fulfill the AML/CFT regulatory requirements.

About Scorechain

As the European leader in crypto transaction monitoring and surveillance tools since 2015, Scorechain provides a powerful crypto risk AML solution and trusted by more than 100 customers in 29 countries, ranging from cryptocurrency businesses to financial institutions with crypto trading, custody branch, digital assets customers onboarding, audit and law firms and some LEAs. 

Scorechain’s full customizable risk-AML scoring system, its wide range of risk indicators, real-time alerts, comprehensive reporting system, and Entity Directory with Risk-AML due diligence performed on 700+ VASPs: all these features allow compliance teams to apply the risk-based approach required by the international standards to mitigate risks relating to money laundering and terrorist financing.
Want to try out this effective solution to have better risk control while dealing with virtual currencies? Contact us for a free demo: contact@scorechain.com