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Web3 FX Solution - Coggle Diagram
Web3 FX Solution
Core Functionalities
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Custodial Wallets
Provide segmented Web3 wallet structures for CASPs and their clients.
Ensure transparency and traceability of funds flow.
Regulatory Compliance
Collaborate with regulators to ensure compliance with exchange control regulations and AML requirements.
Develop solution within the IFWG sandbox for controlled testing and regulatory guidance.
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Technical Considerations
Technology Stack
Web3 wallets, Distributed Ledger Technologies (DLTs), and tokenized assets.
Integration with existing SWIFT payment rails for FX transactions
Security Protocols
Implement AML controls for underlying clients of CASPs.
Ensure multi-signature authentication and secure management of custodial wallets.
Integration Points
Business (RBB, GT, Risk, Legal, Compliance teams).
Web3 and Forex teams for technical implementation.
Scalability
nitial focus on ZAR/USD transactions, with potential to expand to other currency pairs.
Future expansion to the broader FSP base based on business requirements.
Stakeholders
Internal Stakeholders
Business (RBB, GT, Risk, Legal, Compliance teams).
Web3 and Forex teams for technical implementation.
External Stakeholders
Regulators: FSCA, FIC, SARB for exchange control and FinSurv reporting.
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End Users
Primary: CASPs, particularly Arbitrage Traders.
Secondary: Broader FSP base in later phases.
Objective
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Leverage existing forex payment rails and Web3 innovations to enhance security, transparency, and efficiency in FX transactions.
Position Nedbank as a leader in the Web3 financial services market by offering tailored solutions to CASPs.
Target Audience
Primary: Crypto Asset Service Providers (CASPs) licensed as FSPs with the FSCA and registered with FIC.
Secondary: Broader FSP base, including clients using the corporate saver product.
Operational Details
FinSurv Reporting
Collaborate with stakeholders and regulators to ensure accurate and compliant reporting.
AML Controls
Define and implement AML controls tailored to the needs of CASPs and their clients.
Assess whether the corporate saver ‘shared client’ model can be adapted.
CASPs as Agents
Develop the process for CASPs to act as agents, including legal requirements and client onboarding.
Partnership Management
Establish and manage partnerships with Standard Chartered and Crypto.com for seamless operation.
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