The future of cryptocurrency is an exciting and rapidly-evolving space that is of great interest to both individuals and businesses. In the past decade, we have seen the emergence of numerous cryptocurrencies, such as Bitcoin, Ethereum, and Litecoin, as well as the development of blockchain technology, which has the potential to revolutionize many industries. We have seen that a lot of focus has been on individual adoption, but all along the great market scope is for businesses and legal entities to adopt their everyday transactions.
As compliance as a service provider, we have seen firsthand the growing interest in and adoption of cryptocurrency by individuals and businesses alike. While there is still much uncertainty surrounding the future of crypto, there are a few key trends that we believe will shape the industry in the next decade.
One trend that we see continuing is the increasing mainstream adoption of cryptocurrency. More and more people are starting to understand the potential of crypto and are beginning to use it as a legitimate form of payment. This trend is likely to accelerate as more merchants and service providers begin accepting cryptocurrency as a form of payment. In fact, we believe that in the next decade, it will become increasingly common for individuals and businesses to use cryptocurrency as a means of exchange, in much the same way that they currently use traditional fiat currencies. As one bright example was the DBS executed intraday repo transaction on JP Morgan blockchain back in November 2022.
Another trend we see on the horizon is the growing use of cryptocurrency for international payments. Currently, cross-border payments can be slow and expensive, due to the need for intermediaries and the associated fees. Cryptocurrency offers a faster, cheaper, and more secure way to send money internationally, as it utilizes decentralized ledger technology (DLT) to facilitate transactions. This makes it ideal for use in cross-border payments, as it eliminates the need for intermediaries and reduces the risk of fraud. We believe that this trend will drive the adoption of cryptocurrency in the international payments space. As an example, 1/3 of the companies that we interact with and who have foreign shareholders who are located outside of the "local Payments" infrastructure prefer to transact with cryptocurrency.
In addition to these trends, we also expect to see continued development and innovation in the cryptocurrency and blockchain space. This could include the launch of new cryptocurrencies, the development of more advanced blockchain platforms, and the use of blockchain technology in new and creative ways. For example, we may see the emergence of decentralized autonomous organizations (DAOs), which are organizations that are governed by a set of rules encoded in smart contracts and run entirely on the blockchain.
As cryptocurrency becomes more widely adopted and its use becomes more mainstream, it is important for businesses to ensure that they are in compliance with all relevant regulations, including Know Your Customer (KYC) and transaction reporting requirements. As compliance as a service provider, we are committed to helping our customers navigate these requirements and ensure that they are in compliance with all relevant regulations. By staying up-to-date with the latest developments in the crypto space and staying compliant with all relevant regulations, businesses can take full advantage of the many opportunities that cryptocurrency has to offer. For all those who want to work in Lithuania or to work from Lithuania do not hesitate to reach out for our further insights.
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