In recent years, cryptocurrencies have had a significant impact on financial markets throughout the world. According to industry experts, it’s only a matter of time before governments and major financial institutions like FinTechs accept crypto-cash as a legitimate currency. Already, this decentralized blockchain system is changing the way people manage assets and transact business. The main challenge remains whether cryptocurrencies have a greater future and how they will ultimately get applied to mainstream industries such as FinTech.
SOX compliance regulations still apply. This will ensure the successful implementation of these technologies while helping the organizations to build a robust internal control environment for fraud risk reduction, improved corporate governance, and accurate internal financial reporting. On the other hand, non-compliance can result in hefty fines and criminal proceedings against your organization. By leveraging FinTech and blockchain technology’s individual strengths, the financial services industry can be overhauled, thus guaranteeing more security and transparency. Likewise, there exists a vast potential for blockchain and FinTech to streamline B2B payments, besides addressing long-standing issues relating to large payment volumes.