Cake DeFi integrates crypto decision platform for crypto compliance
Cake DeFia fintech platform that provides access to Decentralized Finance (DeFi) services and applications, has integrated The notesits pre-transaction crypto decision platform for crypto regulatory compliance.
The integration of Notabene’s compliance platform enables Cake DeFi to launch “Travel Rule” compliance in line with global regulations, starting in Singapore. The travel rule requires crypto exchanges, digital wallet providers and financial institutions dealing in virtual assets to disclose, collect, protect and transmit customer data beyond a certain threshold.
Cake Defi chose Notabene’s holistic solution to overcome key challenges from the travel rule for large companies in the crypto space. Such challenges include the need for a solution that can handle the different jurisdictional implementations of the travel rule and connect Virtual Assets Service Providers (VASPs) globally.
In Singapore, the travel rule currently applies to all holders of a payment service license under Payment Services Act 2019. It requires assigning VASPs to transfer the originator of value and recipient customer information to the receiving VASP, regardless of the value transfer amount. Additional information is required if the SGD 1,500 threshold is exceeded. The United States Financial Crimes Enforcement Network has set the threshold at $3,000, while the European Banking Authority has set it at €1,000.
Navigating cross-border transaction complexities
Dr. Julian HospCEO and co-founder of Cake DeFi, said: “This partnership with Notabene will ensure that effective travel compliance measures are in place, preparing us for the enhanced regulations that will soon come into force. Security, transparency and compliance are core values which governs everything we do at Cake DeFi. The successful integration of the Notabene platform underscores our commitment to deliver secure and practical solutions to our customers, while keeping pace with worldwide regulations.”
Notaben’s platform specifically supports customers when navigating the complexities of transactions across national borders. Counterparties are subject to various travel rule obligations, both in terms of thresholds and the scope of the required information.
The firm does this by building jurisdictional rules into the platform. Using Notabene, Cake DeFi will manage all transactions in one dashboard with a unified set of rules that automate pre-transaction decision making. The Notabene platform also provides multi-device support, allowing Cake DeFi to manage the transaction flow to the appropriate device based on the applicable jurisdictional requirements.
Pelle Brændgaardco-founder and CEO of Notabene, also commented: “We are proud to partner with Cake DeFi in the effort to create a safer blockchain economy. Cake DeFi was looking for a trusted partner that facilitates due diligence, wallet identification and automates transactions, and we look forward to working with them in the shared mission of enabling safe and reliable crypto transactions.”
