Compliance software vendor Strevus is adding support for bitcoin and other cryptocurrencies to its products.
As more companies choose to accept digital currencies in their business transactions, eventually they will have to comply with various banking regulations, including know your customer, anti-money laundering and other anti-fraud rules, Strevus explained in a press release.
Experts predict "cryptocurrency will complement fiat currencies rather than replace them," said Ken Hoang, CEO and co-founder of San Francisco-based Strevus. Hence he expects digital currency transactions "will become a viable and efficient value-transfer option."
The company is one of a growing number of companies preparing for the new demand for digital currency-related technology.
Strevus has built a customizable platform that allows financial organizations "that currently trade or plan to trade in bitcoin" to manage and track these assets while maintaining full compliance with existing business and tax requirements, including the Patriot Act, "which will likely be enforced by regulators in the future," according to the release.
The goal is to enable digital currency users to achieve "institutional-grade regulatory compliance for their trade network," Hoang added.