CrossTech Magazine - 5th Edition July 2022 by crosstech

CrossTech THE MAGAZINE OF THE CROSS BORDER PAYMENTS INDUSTRY

“Open Finance” no Brasil

Cryptocurrency:

Real-World Applications

| AROUND THE GLOBE

TO KEEP IN MIND|

California: Next Frontier in Cryptocurrency | CRYPTO NEWS

TULIO PORTELLA | Commercial Director

3Q 2022

B&T Câmbio

EDITOR’S LETTER

Hugo Cuevas-Mohr President and CEO of CrossTech, a company based in Miami, Florida. Hugo has worked in the money transfer industry since 1987 for a family company that became one of the leaders of the remittance industry in Latin America.

EDITOR’S LETTER

EDITOR Hugo Cuevas-Mohr CO-EDITOR Priscilla D’Oliveira Friedman WEB EDITOR Virginia Martínez DIGITAL PRODUCT MANAGER Ana González CREATIVE MANAGER Carolina Busnelli CONTACT US AT María Auxiliadora García help@crosstechpayments.com

WELCOME TO THE JULY EDITION OF THE CROSSTECH MAGAZINE As we have seen in recent months, global markets have been going through a transformational moment; uncertainty has been present since 2020, and the Crypto market is a clear example of this. Even though it had an unprecedented rise in that year and until the end of 2021, it is beginning to consolidate as a market, being affected like the rest even by the regulations already being developed in different countries. Despite its very essence, Defi (Decentralized finances), the world of Cryptocurrencies is just in the stage before leaping, the government institutions of different countries point to it to include it within their internal economies, and in some cases, it has been implemented as current currency. For the industry, this opens the discussion and the need for rigorous compliance on this issue, which, being in such ambiguous terms, demands

The views and opinions expressed in this magazine are those of the authors and contributors and do not necessarily reflect the position of CrossTech, The Platinum Network or IMTC. The content here is for informational purposes only and should not be taken as investment, business, co mp lian ce, or le ga l ad vice. Co n ten t contained within this publication is not to be reproduced in whole or part without the prior written consent of the company. We welcome quotes of our articles by mentioning “CrossTech Magazine” or #crosstech and share the quote with us using our social media channels.

attention to detail. To find out about this, we present a couple of articles in this edition that paint a complete scenario, helping with their analysis to understand the exact point at which digital currencies and their ecosystem are erected. The same can accelerate the processes of "Open Finance" or "Finance Uberization," as defined by Marcio Estrela in his article “Open Finance no Brasil". The new global economy is being built right now, and we hope to learn first-hand about it in this and our following editions. Enjoy!

CEO & Founder 2

CONTENTS

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AS REPORT Beeteller and the challenges of a new global economy Page 5

AROUND THE GLOBE “Open Finance” no Brasil: um avanço rápido em busca de consolidação e com muitas oportunidades para investidores.

Tulio Portella Nice to meet you Page 26

Page 6

CRYPTO NEWS California: next frontier in cryptocurrency Page 12

TO KEEP IN MIND Shiling Guo, Ross Delston Implementing AML risk assessments for payment Institutions in China Page 18

INSIDE JOB AGK Corretora de Câmbio S.A. Page 22

Mitchell Souza Cryptocurrency: real-world applications

GADGET CORNER Make your life easier getting the experiences you deserve.

Page 20

Page 28

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Ross Delston - Keep in Mind

Shiling Guo - Keep in Mind

Independent American attorney, expert witness (16 cases), and former U.S. banking regulator (FDIC) who has specialized in AML issues for over 20 years. He was a testifying expert on behalf of the U.S. Attorney’s Office (SDNY) in U.S. v. Prevezon, a civil forfeiture action involving the proceeds of a massive Russian fraud.

Independent consultant specializing in anti-money laundering and counter terrorist financing (AML/CFT) in China. Prior to that, Ms. Guo was the Head of Retail Banking Customer Due Diligence at Standard Chartered Global Business Services Co., LTD in China, where she was responsible for establishing and implementing customer Due Diligence business transfer and related processes/workflow improvement projects.

Mitchell Souza, CCI - Keep in Mind

Joseph Ciccolo - Crypto News

Mitchell has dedicated his career to seeking opportunities within the financial services industry. He has been an integral part of the company’s growth since its infancy and now focuses on product management. As a Certified Cryptocurrency Investigator (CCI), Mitchell has been instrumental in identifying compliance services for the crypto industry.

Joe is the Founder & President of BitAML, a compliance advisory firm exclusively serving the Bitcoin and cryptocurrency market. Founded in 2015, BitAML has served hundreds of innovative clients including bitcoin kiosk operators, cryptocurrency exchanges, traders and trading platforms, cryptocurrency hedge funds and lenders.

Marcio Estrela - Around the Globe

Juliana Meirelles - Inside Job

Economist, with an MBA in finance, more than 25 years of experience at the Central Bank of Brazil, from where he retired in July 2020, when he held, on the Collegiate Board, the role of Chief of Staff for Affairs International and Corporate Risk Management (Direx).

General Manager of Business Development at AGK Corretora de Câmbio S.A Juliana Meirelles Andrade is graduated in International Relations, MBA in Executive Administration with emphasis in Marketing from Armando Alvares Penteado Foundation (FAAPSP). Specialist in Strategic Business Management, Image and Branding.

BEETELLER AND THE CHALLENGES OF A NEW GLOBAL ECONOMY 2022 has been a year of significant challenges for the global financial market. Even with the apparent control of the COVID-19 pandemic, we have observed instabilities in different economic indicators, such as the soaring global inflation, high-interest rates in the main economies, and all the consequences of the war in Ukraine.

espite this, at Beeteller, guided by the mission to bring the best technology in crossborder payments to the world, there is great excitement for the opportunities that are showing up every day. With a global presence, the Brazilian company offers complete payment solutions for companies worldwide that want to connect with their customers in Latin America. There are important financial services companies in their clients and partner lists, such as SaaS and Gaming. In addition to that, the company has expanded its operations to serve the education and tourism markets. Throughout this year, Beeteller has actively participated in events, conferences, and discussions on the future of the global payments industry. In this context, the company has been investing in participating in and sponsoring events focused on the different industries and branches where the company operates. In Brazil, the company participated in important fairs such as WTM - the largest fair for the tourism industry in the country and was a sponsor of CrossTech Latam, powered by IMTC, an important conference for cross-border in Latin America which had the participation of the most prominent players and stakeholders in the Latin American and Brazilian market. Outside Brazil, Beeteller also participated in ICE London, the world's largest fair for the gaming industry. The IFX Expo, a fair specializing in the financial services industry, took place in Cyprus. Besides, the company also promises to continue its investments and participation in international industry events and conferences in the second half of this year. “You must know each market, customer, and opportunity well. There is nothing more important for this than being at conferences and experiencing the places where the financial industry discusses its future worldwide. It's great to meet partners and customers and prospect new opportunities when we participate

in these conferences. We will continue to visit and participate in important conferences worldwide throughout the next semester”, confirmed Rodrigo Nunes Beeteller, Co-Founder and Sales Director. Along with these investments, the company is also working on developing a new product for the Brazilian market, which should soon be announced. This product was presented and approved throughout the first semester of 2022 by partners and suppliers in several countries. All these initiatives are building and strengthening Beeteller's sustainable growth efforts and fostering an atmosphere of great excitement about the company's next steps. “The volume of NDAs and contracts signed with new merchants are in full blast, and we expect to close the year with an 80% growth in our revenue compared to 2021,” confirmed Rodrigo Nunes. As the organization follows and understands the industry's rapid movements and focuses on developing new products to provide an embedded system with multiple solutions beyond payments, Beeteller embraces and promotes new opportunities for partnerships and collaborations to design technological solutions for the market. “Always supported by our values, believing in people, democratizing access to technology, and promoting innovation, we will help to transform the economy, all over the world,” concluded Rodrigo Nunes. Beeteller’s compromise for the rest of 2022 is to continue inspiring people by promoting global financial inclusion and bringing to the market the most innovative technologies that simplify business relationships worldwide. Beeteller is connecting the world!

LEARN MORE ABOUT BEETELLER

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AROUND THE GLOBE

“Open Finance” no Brasil: um avanço rápido em busca de consolidação e com muitas oportunidades para investidores.

Márcio Antônio ESTRELA , ex-BCB, é consultor em regulação cambial e f inanceira, Open Finance, Fintechs, Criptoativos e PLD/FT na “Starnet Estrela – Consultoria starnet.estrela.consultoria @gmail.com

& Treinamento em Regulação”.

“Open Banking” no Brasil

financeiro aberto – estabelece

avançou

rapidamente,

uma importante definição para

já evoluiu para o “Open

o sistema financeiro: não são as

Finance”, é hoje – associado às

instituições financeiras e sim o

Fintechs – o principal vetor de

consumidor financeiro – pessoa

promoção de competição no SFN

natural

(Sistema Financeiro Nacional) e

quem é o proprietário de suas

tem criado diversas oportunidades

informações financeiras.

pessoa

jurídica

–

para investidores – nacionais e internacionais – se inserirem no

Assim, o compartilhamento das

mercado financeiro do Brasil.

informações

consumidor

financeiro se dá somente a seu

O QUE É O “OPEN FINANCE”

O “Open Finance” – ou sistema XT

critério, que é quem define se quer compartilhar

suas

informações

financeiras, que parte dessas informações

financeiro leve seu histórico financeiro

financeiras

(histórico de pagamentos, empréstimos,

quer

compartilhar,

com

quais instituições quer compartilhar,

investimentos,

quando quer compartilhar e até quando

operações

quer compartilhar.

previdência etc.) para outras IFs, estas poderão

cartões

câmbio,

apresentar

créditos, seguros,

consumidor

E as instituições financeiras onde as

financeiro propostas mais vantajosas,

informações

principalmente com menores custos

estão

guardadas

não

podem se negar a atender à decisão

(menores

competição no sistema.

cliente

essas

juros),

aumentando

informações e deve compartilhá-las em pré-estabelecido

Sem “conhecer o novo cliente” e

para poderem ser utilizadas por outras

sem o histórico financeiro deste, nem

instituições.

sempre outras instituições conseguem

formato

compatível

apresentar

aos

novos

consumidores

financeiros as opções mais adequadas e

O “Open Finance” impede que a IF

baratas.

original do consumidor financeiro se negue a fornecer as informações a outras instituições, se o consumidor financeiro

O “Open Finance” é uma das mais

assim o desejar.

efetivas iniciativas para intensificar a competição no sistema financeiro e,

permitir

que

adicionalmente, aumentar a eficiência

consumidor 7

no mercado e promover um ambiente de negócio mais inclusivo e competitivo.

Essa “Uberização Financeira” abre possibilidades para que esses serviços f inanceiros “customizados” sejam oferecidos às pessoas e empresas

Incentiva a inovação e o surgimento de novos modelos de negócio e favorece a inclusão e educação financeiras da população. “UBERIZAÇÃO FINANCEIRA” – O “OPEN FINANCE” CRIANDO OPORTUNIDADES PARA INVESTIMENTOS EM SOLUÇÕES INOVATIVAS E ATÉ DISRUPTIVAS E PARA NOVOS ENTRANTES

O “Open Finance”, ao permitir que o consumidor financeiro acesse diferentes serviços

financeiros

distintas

IFs,

permite que pessoas e empresas tenham serviços

financeiros

“customizados”

seus perfis e necessidades, incentivando a inovação e o surgimento de novos modelos de negócios. Permite-se que o consumidor financeiro “monte

sua

financeira”, tecnológicas

própria

inclusive

instituição plataformas

independentes

que

não

às das instituições financeiras originais dos serviços financeiros: conta corrente ou de pagamento de uma IF ou IP; empréstimo de outra IF ou até de uma Fintech como as SCD/SEP (Sociedade de Crédito Direto/Sociedade de Empréstimo entre Pessoas); cartão de crédito de mais uma; investimento, câmbio, seguro e previdência de outras etc. É o que se pode chamar de “Uberização Financeira”1 . 1. ESTRELA, Márcio Antônio. ”Estabilidade e Competição em um Sistema Financeiro Tecnológico: As escolhas do Regulador frente a uma Crise Sistêmica – A experiência brasileira na crise bancária pós ‘Plano Real’ e a concorrência baseada em ‘Finanças Tecnológicas’ na Década de 2020”. In CHAIMOVICH, Mariana; LACAVA, Luiza Veronese; AQUINO, Theófilo Miguel (Org.). “Meios de Pagamento e o Futuro do Dinheiro”. São Paulo: LiberArs, 2022. Capítulo 2, p.33-60.

O sistema brasileiro permite, por exemplo, fazer um pagamento em um aplicativo de um banco usando o saldo disponível em outro. Essa

“Uberização

possibilidades

para

Financeira” que

esses

abre serviços

financeiros “customizados” sejam oferecidos às

pessoas

empresas

tanto

pelas

instituições tradicionais quanto por novas instituições e Fintechs dedicadas a nichos financeiros específicos. Essas

possibilidades

representam

oportunidades para investimentos em novos serviços, em novas instituições e Fintechs e, até, na prestação de serviços acessórios no âmbito do “Open Finance”. Os novos entrantes, não obstante, terão de desenvolver sistemáticas de observância e controle, política interna de abordagem baseada em riscos de risco, política de PLD/ FT. Para serem considerados aptos terão de trabalhar, também, em qualificação e em certificação. A

qualificação,

principalmente

nas

questões de PLD/FT, pode exigir das novas instituições a participação em mecanismos de certificação como o “Selo ABRACAM de Conformidade” 2 .

2. https://www.selo.abracam.com/

A evolução tem sido rápida e persistente,tantoqueo“Open Banking” no Brasil já virou “Open Finance” ao passar a abranger dados sobre câmbio, serviço de credenciamento, investimento, seguros, previdência e capitalização

“OPEN BANKING” NO BRASIL JÁ VIROU “OPEN FINANCE”

O BCB (Banco Central do Brasil) começou com os cuidados necessários a regulação do “Open Finance”, de Fintechs e desses setores inovativos tanto pela preocupação com

inovação

financeira

quanto

A evolução tem sido rápida e persistente,

pela falta de experiência internacional

tanto que o “Open Banking” no Brasil

consolidada, mas os avanços no Brasil

já virou “Open Finance” ao passar a

têm sido rápidos.

abranger dados sobre câmbio, serviço de credenciamento, investimento, seguros,

Tanto é assim que, em 2019, o Brasil

previdência e capitalização – inclusive

ainda analisava os modelos de “Open

com a emissão da citada Resolução

Banking” – com destaque para Reino

CNSP 415, de 20.7.2021, que dispõe sobre

Unido, Austrália e União Europeia – e, em

a implementação do Sistema de Seguros

31 de maio de 2022, o BCB completou

Aberto (Open Insurance) e sua integração

a implantação da 4ª e última fase do

ao “Open Finance”.

modelo.

O sistema segue avançando no Brasil e,

O marco legal do “Open Finance” no Brasil

em junho de 2022, já se tinha quase 800

é dado principalmente pela “Resolução

instituições participantes, com 5 milhões

Conjunta CMN e BCB 1, de 4.5.2020” ; 3

de consentimentos ativos (clientes que

incluindo as atualizações da “Resolução

autorizaram compartilhamento) e cerca

Conjunta CMN e BCB 3, de 24.6.2021” ; e 4

de 700 milhões de “chamadas de API”

da “Resolução Conjunta CMN e BCB 4,

mensais (compartilhamentos).

de 24.3.2022” ; ademais da “Resolução 5

CNSP 415, de 20.7.2021” 6 ; e da “Resolução

READ COMPLETE ARTICLE

Conjunta BCB e Susep 5, de 20.5.2022” 7 .

3. https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20Conjunta&numero=1. 4. https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20Conjunta&numero=3. 5. https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20Conjunta&numero=4. 6. https://www.in.gov.br/en/web/dou/-/resolucao-cnsp-n-415-de-20-de-julho-de-2021-333272165. 7. https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20Conjunta&numero=5.

Starnet Estrela Consultoria & Treinamento em Regulação Financeira e Cambial Quer entender a Regulação do Brasil para o setor Financeiro e Cambial, incluindo Fintech, Open Finance, Criptoativos, PLD/ FT? Precisa de ajuda com esses temas para formatar algum posicionamento ou demanda? A “Starnet Estrela Consultoria & Treinamento em Regulação Financeira e Cambial” pode te ajudar!

A partir da experiência de mais de 25 anos no Banco Central do Brasil do Consultor Márcio ESTRELA, a “Starnet Estrela” tem atendido a instituições financeiras, associações representantes de setores do mercado financeiro e investidores nacionais e internacionais no desenvolvimento de ações, projetos e capacitação relacionados a temas de Regulação Financeira e Cambial não apenas no Brasil como, também, no exterior.

Contate a Starnet que a gente te ajuda! starnet.estrela.consultoria@gmail.com

CALIFORNIA:

Next Frontier in Cryptocurrency CALIFORNIA IS MAKING BIG STRIDES TOWARD THE REALIZATION OF ITS AMBITIOUS REGULATORY VISION FOR CRYPTOCURRENCY BUSINESSES IN THE STATE. If you’re running a crypto business in the state (or plan to), here’s what you need to know and do.

Joseph Ciccolo | Founder of BitAML

alifornia is serious about its cryptocurrency regulatory f ramework, with the state making big moves to roll out a welcome mat for cryptocurrency businesses. (Move over, Miami.) Governor Gavin Newsom recently signed an executive order designed to “spur responsible web3 innovation, grow jobs, and protect consumers.” The press release announcing the executive order also brags that California is the leading state in the nation for creating a realistic and sensible regulatory f ramework for crypto businesses to thrive. Sounds good, but is it too good to be true?

CRYPTO NEWS

Let’s take a closer look at the executive order and what it means first. After, we’ll give members of the CrossTech community our opinion on what they need to do if they currently (or plan to) operate in California. CALIFORNIA’S CRYPTO EXECUTIVE ORDER EXPLAINED The stated goal of the executive order is straightforward: allow emerging technology sectors to grow and innovate while also protecting consumers with a transparent and straightforward regulatory framework. The release notes an interest in leveraging blockchain tech for public use, particularly state institutions, research, and work development. The recently rebranded Department of Financial Protection and Innovation (DFPI) will work with stakeholders both in the crypto space as well as federal agencies on regulations (and will coordinate with the White House specifically regarding President Biden’s recent crypto executive order). Above all, Newsom seems to want California to continue to be recognized as a world leader in technological development

and

sees

Web3/blockchain/crypto

We’re getti ahead of th curve on thi laying the foundation to allow for consumers a business to thrive.

important emerging technologies (the release notes crypto’s $3 trillion market cap as of last November). In fact, the Governor very explicitly wants to get ahead of the emerging trend now: “Too often government lags behind technological advancements,” the governor is quoted as saying. “so we’re getting ahead of the curve on this, laying the foundation to allow for consumers and business to thrive.” XT

Gavin Newsom

Governor of Californi

CRYPTO NEWS

ng he is, e n r and o

TO ACHIEVE THESE GOALS, THE ORDER LAYS OUT SEVEN PRIORITIES (BRIEFLY SUMMARIZED BELOW)

2 3 4 5

WILL IT BE GOOD FOR BUSINESS?

Create a transparent

California crypto regulation in context

and consistent business environment for crypto-

Crypto regulations vary widely by

related businesses

state, and the picture is changing all the time.

Gather stakeholder feedback to inform the regulatory

While many states have moved away

framework

from so-called “no action” or “no opinion” determinations on crypto

Talk with technical experts to

and are beginning to require money

figure out more blockchain

transmitter licensure, few states have

applications

crypto-specific regulatory frameworks. Most famous (or infamous) is the

Become the “premiere”

New

global location where crypto

been critiqued by many in the crypto

companies innovate and grow

industry for being too onerous in its

“BitLicense,”

which

has

requirements, and too tedious in the Work with federal regulators

approval process.

on the recent crypto Executive Order

York

Since 2020, California has taken an open interest in the cryptocurrency

Figure out how blockchain can

sector, re-launching its Department

serve the public good

of Business Oversight (DBO) as the above-mentioned DFPI, increasing its

Encourage job creation and

funding substantially, and explicitly

new research projects

charging

the

exploring

emerging

department

with

technologies,

including cryptocurrency.

The executive order can be found online in its entirety online

READ COMPLETE ARTICLE

EXECUTIVE ORDER XT

Compliance solutions for a digital currency world.

KEEP IN MIND IMPLEMENTING AML RISK ASSESSMENTS FOR PAYMENT INSTITUTIONS IN CHINA

Payment Institutions in China have experienced unprecedented development over the past decade.

Shiling Guo

Ross Delston

| Author

Paper Advisor| Attorney & Expert Witness |

ed by the two payment giants, Alipay and WeChat Pay, payment institutions launched a payment revolution that robbed banks of a large portion of their retail payment business. They integrated technology into digital payments, created new payment methods, such as the QR code and Facial Recognition payments, and dominated the digital payment business in China. The new digital payment methods changed how people pay for their daily necessities, express gratitude, and even how beggars collect their donations.

the holding companies of the two payment giants, have outranked Morgan Stanley and HSBC Holdings 4.

“Unfortunately, most payment institutions, starting their business as e-commerce or technological companies, have not developed suff icient understanding of AML risks.”

1. Xinhuanet

READ COMPLETE REPORT

2. Payment System Report 3. Third Party Payment Industry Themed Report 4. Forbes Global 2000 List 2022

In 2021, the People’s Bank of China issued new guidelines for the selfassessment of money laundering and terrorist f inancing.

Payment institutions urgently need to develop a comprehensive risk assessment mechanism, including planning risk assessments, assessing the inherent and residual risks, and adopting mitigation methods.

By 2019, 237 1 Payment Institutions in China processed 720 billion transactions valued at around USD38.44 trillion for over 700 million customers 2,3. On the newly published Forbes Global 2000 list 2022, Alibaba and Tencent,

Unfortunately, most payment institutions, starting their business as e-commerce or technological companies, have not understood AML risks suff iciently. Their measures to mitigate risks are generally not commensurate with their risk prof iles.

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CRYPTOCURRENCY:

Understanding cryptocurrency, how it impacts cross-border payments and three things to consider for consumers.

REAL-WORLD APPLICATIONS

ince the inception of Bitcoin in 2009, Cryptocurrency in general has been met with major skepticism throughout the years, but one thing remains certain; it is a viable solution for many real-world applications. Powered by Blockchain technology, which both stores transaction records and validates token transactions or transfers (e.g., Bitcoin), has proven to be a promising alternative to traditional ledger and tracking systems, both f rom a security standpoint and its decentralized nature with no central authority.

technology, but it is far f rom dead.

Non-Fungible Tokens (NFTs), which are powered by smart contracts on the Ethereum Blockchain, are being used today as a way to track proof of ownership of digital items like a piece of art, a concert ticket, or even equity in a company. Voting systems, medical record secure sharing, supply chain monitoring, music royalty tracking, and real estate escrow are only a handful of the potential real-world applications utilizing Blockchain Technology.

CROSS-BORDER PAYMENT SOLUTIONS

CURRENT MARKET In 2022, the year started with a total market cap of nearly 2.285 trillion USD and has since fallen to nearly 766 billion USD. The ~67% decrease has bruised the XT

Cryptocurrency has had a massive impact on the money remittance sector, specif ically regarding cross-border payments. The cross-border payments industry is speculated to be inevitably taken over by the crypto industry, though there is much debate over which exact token(s) will prove to be the best solution. Major players like Western Union and MoneyGram are slowly decreasing their market share; a clear indicator that alternative solutions are growing.

There are three things to consider when it comes to standardizing cross-border payment solutions; fees, speed and accessibility. Fees Simply put, Cryptocurrency Miners contribute large amounts of computing power to whatever blockchain they are “mining” in exchange for a small fee for validating transactions while also creating new coins/tokens, hence the term “mining”. Based on which token they are mining, the fee may be big or small. It is important to note that it doesn’t matter if the transaction is $1 or $10,000,000; the fee is completely

Mitchell Souza, CCI

| Director of sales

independent of the amount and has no correlation. Both are viewed as the same in the blockchain. Users have the ability to set their own fees for each transaction. For example, an above-average fee chosen by the user will give that transaction more priority on the blockchain, which calls for faster conf irmation of the transaction. This is due to the miner’s incentive to prioritize higher-rewarded transactions. The larger the fee, the greater the reward to the miner, but this can lead users to shift to alternative tokens averaging lower transaction fees. Competition ultimately drives new tokens to be more competitive, which proves to be a major advantage when looking at fees overall in the cross-border payments industry. Speed Speed of transfer is incredibly important. During times of congestion, certain coins can take longer to validate, which has led to some transactions taking minutes or even hours to complete. For example, during the bull market of the summer of 2017, many Bitcoin transactions took over 2 hours to complete, especially if the user selected minimal fees. However, many hundreds of new tokens have spawned and continue to be created every day. Solving this problem gives users the ability to almost instantly transfer any

TO KEEP IN MIND

amount of money, anywhere in the world, for less than pennies in some cases. Accessibility When it comes to accessibility, in theory, anyone with an internet connection and web browser of some sort can access any publicly available and active token and generate their own digital wallet. A digital wallet acts as a user’s unique digital storage for their tokens. However, most countries view and regulate cryptocurrency differently and some have banned them completely. China, Bolivia, Indonesia and many other countries have outlawed the use of Cryptocurrencies (including Bitcoin). In contrast, countries such as El Salvador and the Central Af rican Republic recognize Bitcoin as legal tender. Many other countries are expected to follow. It is strongly anticipated for mainstream adoption to continue to increase over time due to increased awareness and acceptability by world governments. Considering those three aspects, there are predictions that digital currency will eventually become the global standard, used worldwide and ultimately replace physical f iat. In addition, more and more real-world applications are being developed and implemented every day.

Read more magazine articles here

FINTEL INSIGHTS

Juliana Meirelles

AGK CORRETORA DE CÂMBIO S.A. É A PRIMEIRA CORRETORA NO BRASIL A RENOVAR O SELO DE CONFORMIDADE ABRACAM (ASSOCIAÇÃO BRASILEIRA DE CÂMBIO) NO SEGUNDO CICLO DE AUDITORIA

uando seu propósito prof issional se alinha com o propósito da empresa em que trabalha, você acaba tornando um trabalho mais exigente em algo prazeroso, que faz com que você se dedique 100% em busca de resultados concretos. Desde o início de minha carreira sempre busquei produzir da melhor forma, buscando alternativas que trouxessem resultados expressivos para a empresa e que, por consequência, fizessem com que a modernização e crescimento andassem juntos, de forma a facilitar o trabalho do ecossistema da empresa como um todo, já que a cultura tradicional de uma empresa com quase 30 anos é algo tão intrínseco que existe a necessidade de se quebrar alguns paradigmas diariamente. A AGK Corretora de Câmbio S.A, é uma instituição autorizada pelo Banco Central do Brasil a atuar no mercado de câmbio há mais de 28 anos e, no ciclo de 2022, é a primeira Corretora de Câmbio a renovar o Selo de Conformidade concedido pela Associação Brasileira de Câmbio (Abracam).

Foi a segunda conquista pelo segundo ano consecutivo e, através dela, a AGK Corretora mostra sua solidez, segurança e qualidade em seus serviços junto ao órgão regulador, a seus clientes, funcionários e parceiros. A AGK Corretora de Câmbio S.A, opera em todo o Brasil e tem forte atuação nos estados de São Paulo, Paraná e Distrito Federal. Seus escritórios estão situados nas cidades de São Paulo, Santos, Bragança Paulista, Sorocaba, Maringá, Curitiba, Foz do Iguaçu e Brasília, além de, através de suas parcerias estratégicas, estar presente em outros diversos pontos do país, levando através delas, toda a sua expertise em câmbio e consultoria técnica em Comércio Exterior.

A Equipe Responsável na AGK Corretora de Câmbio S.A. pelo Projeto do Selo Abracam de Conformidade: Da esquerda para a direita: João Alberto Teixeira, Juliana Meirelles Andrade, Tiago Cavalcante Barão e Wilma Mascára.

um trabalho de qualidade, você passa a buscar ferramentas melhores para que esse trabalho seja otimizado, f inalizado e, que, por f im, obtenhamos o sucesso pretendido. DICAS PARA O SUCESSO DE UM PROJETO DE CERTIFICAÇÃO DE CONFORMIDADE

Liderar uma equipe tão experiente no mercado de Câmbio, acabou por me ensinar e agregar muito mais valor aos meus conhecimentos. São pessoas com muitos anos a mais de mercado do que eu, mas que estavam sempre dispostos a trocar conhecimento, tornando essa experiência ainda mais rica em termos de aprendizado para todos nós.

1. Atenção aos prazos: é imprescindível que se tenha atenção aos prazos exigidos pela empresa que está realizando as análises. Trabalhar com uma “folga” dentro do prazo de entrega é o ideal, porque caso haja algum problema, ainda haverá tempo de corrigi-lo; 2. Observe bem o potencial de sua equipe e extraia o melhor de cada um dentro do processo;

Acredito que ao liderar um grande projeto como esse desde o primeiro ano, em 2020, passei a entender um pouco melhor sobre as características dos prof issionais envolvidos e o funcionamento da empresa, buscando potencializar o melhor de cada um deles.

3. Revise todos os manuais de procedimentos, políticas, atas e prazos de vencimentos, atualize tudo o que for necessário antes do projeto começar, assim, pode-se evitar erros e prazos curtos para demandas que surgirem; 4. Observe atentamente as maiores dif iculdades ao decorrer do processo: procure aprender, ajustá-las e solucioná-las de forma rápida;

São prof issionais extremamente experientes de diferentes gerações, mas todos com um ponto em comum: o senso de estarmos todos open minds em relação à necessidades de adaptação que surgissem pelo caminho.

5. Aproveite o relatório encaminhado pela empresa avaliadora para rever todas as sugestões, elaborar um plano estratégico para corrigir as def iciências e seguir em f rente com aquilo o que está correto. Essa é uma boa forma de entender como a empresa funciona como um todo e trabalhar um planejamento para melhoria contínua a médio/longo prazo.

De qualquer forma, quando você entende a expectativa do outro dentro dessas novas necessidades para a execução de 23

“O mais importante durante esse processo foi uma análise minuciosa sobre os procedimentos desde o onboarding do cliente, até o fechamento de Câmbio, que deve, de fato, estar alinhado com a Circular BCB 3.978/2020, que trata sobre PLD/ FT (Prevenção à Lavagem de Dinheiro e Financiamento ao Terrorismo).”

O primeiro ano do Selo foi uma surpresa. Não sabíamos o que exatamente seria exigido, nem as formas de avaliação. Acredito que todas as instituições tiveram um pouco de receio, já que o processo do Selo foi anunciado pela Abracam e o próprio órgão regulador, mas, o mais importante, foi o amadurecimento que a adesão do mercado trouxe, fazendo com que o mercado de câmbio saísse da zona marginalizada em que se encontrava antigamente no Brasil. Agora, as instituições que operam com câmbio, puderam provar por A+B que são sim, capacitadas, em conformidade e que realizam seu trabalho com excelência, trazendo a segurança necessária que os clientes demandam, sejam eles pessoas f ísicas, ou pessoas jurídicas.

Hoje, podemos dizer que o mercado brasileiro de câmbio é um dos mais consolidados no mundo, com grande investimento em tecnologia e compliance, em vista a atender todas as grandes mudanças pelas quais está passando, principalmente em relação à Nova Lei de Câmbio, n° 14.286, que entrará em vigor a partir de 30/12/2022. De fato, hoje está mais do que certo de que o Selo de Conformidade é uma realidade que trouxe isonomia e mais segurança ao segmento como um todo. As instituições devem garantir uma nota mínima 9,0 na avaliação ao f inal do processo de auditoria em todos os requisitos determinados já em contrato. A avaliação é realizada através de testes, amostragens, entrevistas e reuniões de feedback para entendimento dos processos, já que cada instituição possui suas peculiaridades e características. Como prática base em comum, todas devem respeitar a regulação da Circular do Banco Central do Brasil 3.978/2020, práticas essas que são realizadas por instituições f inanceiras em todo o mundo.

O mais importante durante esse processo foi uma análise minuciosa sobre os procedimentos desde o onboarding do cliente, até o fechamento de Câmbio, que deve, de fato, estar alinhado com a Circular BCB 3.978/2020, que trata sobre PLD/ FT (Prevenção à Lavagem de Dinheiro e Financiamento ao Terrorismo).

UM POUCO MAIS SOBRE A CONCRETIZAÇÃO DO SELO ABRACAM

“O Selo ABRACAM de Conformidade foi concebido pela Associação Brasileira de Câmbio com a missão de uniformizar as melhores práticas e procedimentos aplicados pelos agentes atuantes no mercado cambial, possibilitando assim maior transparência, robustez e economia para as instituições e seus clientes. Contando com a expertise adquirida ao longo de mais de 20 anos de atuação nesse cenário, a ABRACAM buscou identif icar e mitigar os maiores riscos e def iciências do segmento, propiciando um ambiente mais competitivo e leal à todos os participantes

do mercado e à sociedade. A Circular nº 3.978/2020 do Banco Central do Brasil foi referência fundamental na construção do Selo, de forma a assegurar o integral alinhamento às novas diretrizes. O instrumento busca um tratamento isonômico aos autorizados, em que se permite uma identif icação mais fácil, precisa e menos onerosa das estruturas de controles existentes.

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SOMOS A CERTEZA DE BONS NEGÓCIOS A AGK Corretora de Câmbio S.A. é uma das principais instituições autorizadas pelo Banco Central do Brasil a atuar, desde 1994, exclusivamente no Mercado de Câmbio Brasileiro. Sempre proporcionou a seus clientes soluções em negócios internacionais, com o objetivo de reduzir custos e agilizar processos, através de sua rede de parceiros estratégicos, bom relacionamento com todos os setores públicos e privados relacionados a Comércio Exterior, com seu alto nível de conhecimento técnico. Trabalhamos de forma diferenciada, atendendo cada cliente de acordo com suas necessidades, com uma vasta experiência e atuando com excelência nas operações de Câmbio. Proporcionamos também, através de nossa rede de parceiros, suporte completo para Empresas Internacionais que querem investir no Mercado Brasileiro, propiciando toda a Consultoria Técnica e Financeira no que ta nge ao Câmbio e os trâmites necessários para que estes projetos sejam consolidados com sucesso. Realizamos Operações de Câmbio tanto para Importação quanto para Exportação de Bens e Serviços.

Atuamos em Posição Própria com limite USD 300.000,00 por operação ou o equivalente em outras moedas, e na Intermediação junto a Bancos Parceiros acima deste valor. Com o intuito de oferecermos soluções para nosso Clientes, tanto Pessoas Físicas quanto Jurídicas, dispomos de Assessoria Completa, Envio e Recebimentos do/para o Exterior (Ex.: Investimentos, Serviços Diversos e Manutenção de Contas no Exterior), Investimento Direto (RDE-IED), Registro de Operações Financeiras (ROF), sempre com a visão de buscar soluções inovadoras.

Atuamos com parceiros para atendimento de nossos Clientes nos produtos e serviços: Operações de Proteção Cambial (HEDGE e Trava Cambial), Linhas de Crédito e Financiamento à Importação e Exportação (Operações de Trade Finance, Antecipação de Recebíveis Exportação, Cartas de Crédito, FINIMP) e Assessoria Aduaneira.

LEARN MORE ABOUT AGK Acesse nosso site pelo QRCODE ou através do link: www.agkcorretora.com.br 25 e confira os nossos serviços

The company provides tax support in operations such as International Merchandise Leasing

Founded in 1993.

of Goods, Equipment

It has invested generously in new technologies and special training programs for its employees.

Rental, Technology Transfer, Royalties Payment, specially in operations of International Maritime and Air Transport.

N I C E TO M E E T YO U

TULIO PORTELLA COMMERCIAL DIRECTOR B&T CÂMBIO

XT. What have you learned about yourself since becoming B&T Câmbio Commercial Director?

I have always sought more knowledge and specialization in the area. Among some of my courses, I highlight an MBA in Management in Foreign Trade and International Business and a Postgraduate Degree in Family Business Management. Undoubtedly, this knowledge was of great importance in overcoming this position's challenges. However, as it is such a specific business, I emphasize that most of the knowledge I have today was acquired through conversations and day-to-day activities with excellent professionals at B&T. The know-how we have here is fundamental to the success of the business. So, I expect to continue fostering an open and healthy communication culture to learn f rom each other, share experiences, and analyze learning lessons as we take our company to the next level.

CCE. I believe that what I've learned the most is that we don't go anywhere alone. The foreign exchange market in Brazil is highly competitive. We have players, such as large retail banks, that are bigger than us, and we need to compete on an equal footing. Many of them have a marketing budget equivalent to our net worth. This reminds me of the story of David and Goliath. To be efficient and victorious, we need to be aligned and rowing everyone in the same direction and with synchrony and strategy. With a well-organized team oriented towards the same north, we are reaching our goals little by little.

XT. What are your expectations in your new role?

XT. Who inspires you?

CCE. Since the beginning of my career at B&T,

CCE. Customer Satisfaction. Offering solutions and tools that make customers choose to work 26

Our perspective, as a compliance organization, is to instill a culture of compliance f rom the top down in any organization. Continued education, proper policies and procedures, transparency and continuous oversight go a long way when banks make their determination as to which companies they are willing to offer services to.

with us is highly inspiring; it’s what makes me wake up every day and move forward here at B&T Câmbio. We are sure that, despite the 29 years of history, this is just the beginning of B&T. There's still a lot of good stuff to come!

largest foreign exchange brokerage in Brazil. What we are doing is nothing more than following our industry’s natural flow. We have good people and good processes to move forward in this market.

XT. How would people that know you describe you?

XT. Where do you find meaning in your life?

CCE. They would describe me as a dedicated person who fights to accomplish goals.

CCE. I understand that we are passing through and that we have to do our best in this passage. I believe work, f riends, and family are the foundation for a successful life. A good structuring of these pillars makes everything happen more straightforwardly. We have greater and more ambitious plans for B&T! That makes me feel excited and enthusiastic about our promising future and challenges me every day to give my best.

XT. Why did B&T Câmbio decide to go through a generational leadership change? CCE. B&T is a 29-year-old family business. I think of it as my little brother (laughs). Throughout its development, we always seek to merge the positive aspects of a family business with the positive aspects of professional management. This is what we continue to do and what makes B&T the

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