Xchain, VARA’S Exclusive Transaction Monitoring Partner, Readies Rollout For Regional And Global Vasps

(MENAFN- GlobeNewsWire - Nasdaq)

• XChain's industry-leading lifecycle support will be a huge boost to VASPs requiring end-to-end digital asset risk monitoring and compliance frameworks for on-chain transactions
• XChain and VARA are further advancing their partnership to build a standardized regulatory dashboard, which when rolled out will benefit TradFi institutions, including banks dealing with digital Assets

Dubai, United Arab Emirates , Dec. 13, 2024 (GLOBE NEWSWIRE) -- Global digital assets risk monitoring provider XChai , which has been working with Dubai's VARA since 2022 as its exclusive forensic transaction monitoring partner, has announced the rollout of its services for institutional and retail Virtual Asset Service Providers (VASPs) in the region. The public launch of XChain's transaction monitoring services will benefit VASPs, and eventually traditional financial institutions venturing into digital assets, offering much needed lifecycle support in areas of crypto oversight, compliance frameworks and transaction monitoring forensics.

By providing the region's VASPs full visibility on the necessary regulatory and compliance frameworks, XChain aims to solve for key risk factors in on-chain transactions, enabling service providers to ultimately gain real-time insights into their risk metrics. XChain's early intervention efforts will further establish a reliable and transparent monitoring foundation for VASPs, preparing them for proactive risk management as it relates to their different business models.

Haydn Jones, the newly appointed Managing Director of XChain, said:“With an increasing number of companies looking to tap into UAE's digital assets industry, we are privileged to continue our work streamlining access to on-chain transaction risk-based analytics. It is therefore imperative for the compliance functions within VASPs to have access to the latest thinking, and we are proud to be at the forefront of blockchain forensics and asset monitoring to build a trusted and reliable framework that offers end-to-end support.”

Matthew White, CEO of VARA commented: "At VARA, we are committed to fostering innovation while ensuring robust regulatory standards for the virtual asset ecosystem. XChain's rollout of its transaction monitoring services represents a significant step forward in enabling VASPs to operate with enhanced transparency and confidence. We are pleased to collaborate with XChain in setting new benchmarks for regulatory technology, which will not only benefit the digital asset sector but also build bridges with traditional financial institutions exploring this space."

Building the Gold Standard in Forensic Transaction Monitoring

VARA and XChain are also working on a regulatory dashboard tool to advance the existing on-chain transaction monitoring standards for the region's digital assets ecosystem. The dashboard, expected to be launched in beta later this year, will offer real-time on-chain data and open-source intelligence derived from VASPs, enabling such institutions, as well as TradFi and professional services companies dealing with digital assets, to integrate a unified risk monitoring tool that adheres to the gold standard in Virtual Assets Regulatory Technology.

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About XChain:
XChain is a leading global digital assets monitoring firm established by senior industry veterans with a background in financial compliance, regulatory reviews and expert witness engagements. XChain combines cutting-edge on-chain analytics and risk-based frameworks to simplify the regulatory landscape, offering a suite of consulting services, including a risk commentary, to support oversight and compliance with the regulatory landscape. XChain Tech seeks to bridge critical knowledge gaps and supports a diverse range of clients, including VASPs, financial institutions, insurers, and professional services firms. The company recently appointed Haydn Jones, a seasoned crypto and digital assets professional, as its new MD. Haydn has led regulatory design, implementation and formal applications for multiple digital assets projects during his roles at Kroll, PwC and Blockchain Hub, and is also an expert witness globally in relation to digital asset matters.
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