QRC Group: Strengthening Blockchain through Regulatory Compliance

Shogo Ishida, CEO, QRC GroupShogo Ishida, CEO
Blockchain, a technology that became increasingly popular with the widespread use of cryptocurrency, hit a major roadblock owing to fraudulence. As 80 percent of the people who procured ICOs in 2017 were scammed, according to a research study by Satis Group, the public skepticism in response to the inefficiency of regulatory compliance within the blockchain arena was not wholly unexpected. At this juncture, compliance with regulatory standards stands out as one of the vital perquisites for businesses. This pressing need to promote and improvise compliance requirements across the blockchain industry led to the founding of QRC Group, a RegTech organization that invests in and guides startups. With its laser focus on compliance, the company aids businesses across the globe in meeting their regulatory requirements. The aim of ensuring organizational compliance with existing blockchain regulations drives the company’s team of experts to find, support, and invest in innovative RegTech solutions that streamline business operations.

“While blockchain could be a game-changer in the RegTech arena, it needs to be molded to fit into the existing regulatory framework of any organization or industry,” informs Shogo Ishida, CEO of QRC. The company, which has been investing in the blockchain and RegTech space over the last two years, supplements its clients by providing consultation services while also supporting them through a multitude of blockchain initiatives or projects. The company ensures that client projects are carried out in compliance with local and national regulations with specially designed products to help clients in providing digital identity and managing and minimizing risk.

QRC simplifies business operations for clients with its advanced KYC/AML compliance tools, risk management software, and even offers an innovative cryptocurrency wallet called Infinito, which handles over 20 types of cryptocurrencies.

The foremost is attained with QRC’s digital identity protocol— Blockpass—which offers regulatory and compliance services for humans, businesses, objects, and devices. QRC provides KYC to users, while know your object (KYO) addresses objects and KYD assists in tracking connected devices. In addition, Blockpass includes the ‘know your employee’ (KYE) application to assist and support corporate users in restricting access to sensitive data. The Blockpass platform has enabled the development of myriad applications to ensure the connection of identities between humans, objects, and other devices.

While blockchain could be a game-changer in the RegTech arena, it needs to be molded to fit into the existing framework

In order to handle risk management, QRC has invested in Coinfirm, which offers a platform with tools for customer due diligence while also necessitating KYC/AML and CTF compliance. Coinfirm aids in the efficient use and transfer of cryptocurrencies with over 270 indicators to analyze every transaction. In an attempt to enhance the benefits offered to users through cryptocurrencies, the company has developed a new product, TokenX, which allows them to discover and participate in the sale of tokens within the crypto-space.

Unlike many of its counterparts in the RegTech space, QRC confidently treads the narrow line between corporate and academia by forming an Institute as part of its business. This QRC division has collaborated with several universities in South Asian countries, among which was the University of Malaya, where it worked with the Department of Law. The company is being assisted by South Asian universities in narrowing down on possible methodologies for business compliance that could transform the academic world. In addition, QRC is working with British institutions to standardize security tokens.

Through these strides, the Hong Kong-based QRC Group has gained quite the popularity in the RegTech arena among its clients across Asia and the United Kingdom despite its recent inception in 2017. In the coming year, the company intends to spread across Europe, the Middle East, and other regions around the globe, while enhancing its solution set. “In the future, a strategic competitive advantage is QRC’s ability to help companies and CEOs navigate complex international regulations using our technology portfolio, and legal and financial advisors,” concludes Ishida.