Global digital assets risk monitoring provider XChain, which has been working with Dubai’s VARA since 2022 as its exclusive forensic transaction monitoring partner, announced the rollout of its services for institutional and retail Virtual Asset Service Providers (VASPs) in the region.
The public launch of XChain’s transaction monitoring services will benefit VASPs, and eventually traditional financial institutions venturing into digital assets, offering much-needed lifecycle support in areas of crypto oversight, compliance frameworks and transaction monitoring forensics.
By providing the region’s VASPs full visibility on the necessary regulatory and compliance frameworks, XChain aims to solve key risk factors in on-chain transactions, enabling service providers to ultimately gain real-time insights into their risk metrics.
XChain’s early intervention efforts will further establish a reliable and transparent monitoring foundation for VASPs, preparing them for proactive risk management as it relates to their different business models.
Haydn Jones, the newly appointed Managing Director of XChain, said with an increasing number of companies looking to tap into UAE’s digital assets industry, the company is privileged to continue its work streamlining access to on-chain transaction risk-based analytics.
“It is therefore imperative for the compliance functions within VASPs to have access to the latest thinking, and we are proud to be at the forefront of blockchain forensics and asset monitoring to build a trusted and reliable framework that offers end-to-end support,” Jones said.
Matthew White, CEO of VARA, said XChain’s rollout of its transaction monitoring services represents a significant step forward in enabling VASPs to operate with enhanced transparency and confidence.
“We are pleased to collaborate with XChain in setting new benchmarks for regulatory technology, which will not only benefit the digital asset sector but also build bridges with traditional financial institutions exploring this space,” he said.
Building the ‘Gold Standard in Forensic Transaction Monitoring’, VARA and XChain are also working on a regulatory dashboard tool to advance the existing on-chain transaction monitoring standards for the region’s digital assets ecosystem.
The dashboard, expected to be launched later this year, will offer real-time on-chain data and open-source intelligence derived from VASPs, enabling such institutions, as well as professional services companies dealing with digital assets, to integrate a unified risk monitoring tool that adheres to the gold standard in virtual assets regulatory technology.
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