June 01, 2024

Beosin and COINHERO has entered into a strategic partnership to support compliance development for Web3 OTC in Hong Kong

Beosin officially established a strategic partnership with COINHERO, one of the largest virtual asset OTC in Hong Kong. The two sides aim to carry out in-depth cooperation around OTC security and compliance solutions and help compliance and regulatory development for Web3 OTC in Hong Kong.

On 2 February 2024, Mr Christopher Hui, Secretary for Financial Services and the Treasury of Hong Kong, said that the government considered it necessary to bring OTC virtual asset trading under regulation and would soon launch consultation on regulatory proposals.

At present, the regulation of virtual assets in Hong Kong mainly focuses on two aspects: one is the regulation of virtual asset service providers (VASPs) and the other is the regulation of over-the-counter (OTC) services. According to a rough estimate from the initial field observation of the Hong Kong Law Enforcement agencies, there are about 200 physical OTC virtual asset trading shops (including those operated by ATMs) in operation in Hong Kong and about 250 online active OTC service providers offering virtual asset trading.

On 8 February 2024, the government launched a public consultation on the legislative proposal to establish a licensing regime for virtual asset OTC providers. According to the legislative proposal, all OTC virtual asset trading services, whether through offline physical stores (including ATMs) or online website services, may be required to be licensed by the Commissioner of Customs and Excise (CCE).

COINHERO has the largest Bitcoin ATM network in Asia to facilitate investors to trade virtual assets quickly. For payments, COINHERO provides consulting advice to retail or online merchants to assist businesses in integrating POS systems that support virtual asset payments. In terms of OTC business, COINHERO has launched OTC services in Hong Kong, where investors can trade virtual assets such as BTC and ETH in real time via cash at COINHERO.

As one of the first companies in the world focusing on virtual asset anti-money laundering, Beosin provides Web3 security and compliance services and has senior experience in virtual asset anti-money laundering (AML) and compliance assessment in accordance with local regulatory requirements. Previously, Beosin has conducted Web3 security and compliance training for different national and regional regulators such as The Monetary Authority of Singapore (MAS).

In this partnership, Beosin and COINHERO will jointly advance compliance and regulatory innovation in the OTC industry, aiming to address compliance issues in the OTC industry. The partnership will strive to provide the OTC industry with more comprehensive, safe and compliant products and services and further promote the compliance development of virtual assets in Hong Kong.

At the same time, Beosin, as a Web3 security and compliance solution provider, will provide COINHERO with KYT/AML compliance solutions that meet the compliance needs of its business.

How to perfectly address customer compliance needs with the Beosin KYT anti-money laundering analytics platform?

1. Advanced Technology - Based on independently designed efficient intelligent analysis engine using machine learning and deep learning, Beosin KYT system can:

➢ Query malicious addresses and identify high-risk transactions.

➢ Discover high-risk addresses and transactions in the first time and inform KYT users.

➢ Provide the industry's fastest speed of blacklist address label update and the latest on-chain transaction query.

2. Beosin KYT provides easy-to-use interface and professional API integration solutions

➢ Meet the needs of regulatory authorities, Web3 enterprises and users for flexible use in various business scenarios.

3. Minimize compliance costs for customers - competitive prices of anti-money laundering packages

In order to reduce the compliance costs of OTC and other customers, Beosin KYT has now launched an exclusive anti-money laundering package with preferential prices and comprehensive features.

➢ Package covers query on address risk, transaction risk assessment and risky address monitoring and other functions.

How doesBeosin KYT AML analysis platform lead the market?

1. Beosin KYT has top-tier address label database

➢ Billions of address labels

➢ Number of 60 million high-risk addresses

➢ 5 billion high-risk transactions

Such massive and accurate data resources can help monitor and analyze transactions in real time, accurately identify suspicious addresses and abnormal transactions, and effectively prevent scams and frauds.

2. Beosin KYT has the fastest black address label update speed in the industry

➢ Real-time monitoring of on-chain transaction data, intelligent research and early warning for high-risk transactions, fast update of high-risk address labels within half an hour.

➢ Self-built blockchain full node to achieve the lowest query delay for the latest transactions on the chain.

3. Fastest token update and blockchain integration in the industry

➢ More than 6 million tokens have been supported and it takes only 2 minutes to support new tokens, greatly improving the customer experience.

➢ 17 blockchains have been supported, including BTC, ETH, BSC, TRON, Solana, Aptos, XRP, Merlin, TON and other mainstream public chains (Beosin can quickly integrate new chains according to customers' needs)

➢ More than 60 cross-chain protocols have been supported and the number continues to increase.

Beosin KYT is very fast in key indicators such as token coverage, blockchain integration and cross-chain protocol support, showing very strong technical strength and product innovation ability. At the same time, we can quickly respond to the personalized needs of customers, and can quickly access the new public chain according to customer needs.

4. Beosin KYT features a wide range of features to meet the analytical needs of customers

Visualization on the fund flow of target address: Beosin KYT can deeply analyze the transaction history of the target address and present its fund flow in an intuitive graph. This helps customers quickly identify potential risks.

7x24 continuous risk monitoring: Beosin KYT has a 7x24 automated risk monitoring mechanism, which can detect and alert various kinds of transactions in real time.

➢ Beosin KYT has a strong anti-money laundering analysis ability to trace the source and flow of illicit funds and provide valuable intelligence support for customers.

➢ Beosin KYT provides a variety of preset risk strategy templates and customers can flexibly configure and secondary development according to their own needs.

➢ Beosin has a complete range of functional modules to bring customers excellent experience.

At present, Beosin has provided KYT services to a number of OTC institutions, VASPs, asset management institutions and payment institutions around the world and carried out long-term AML cooperation, including Hong Kong licensed Exchange HashKey Exchange, virtual asset custody and management institutions like Cobo and Aegis Custody. In the future, Beosin and COINHERO will jointly exert their respective advantages to provide OTC users with more high-quality, efficient and secure virtual asset services. This partnership also marks a new stage in the compliance and regulatory exploration of the Web3 ecosystem in Hong Kong and the two parties will bring more safe and compliant practices to the OTC industry. Welcome to scan the QR code below for more information and trial opportunities on Beosin KYT:

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