TokenSoft, a leading security token issuance and management platform, has recently announced an upgrade to enable the acceptance of stablecoins approved by regulators like the New York Departments of Financial Services (NYDFS). TokenSoft’s issuance clients will now be able to accept stablecoins as a form of payment in exchange for the sale of their security on their Platform and Knox Wallet.
NYDFS is a leading regulator in the blockchain space and understands the technology, cybersecurity risks and carry a conservative approach when reviewing and approving blockchain-based solutions.
Compliant Stablecoins like the Gemini Dollar (GUSD), USD Coin (USDC) and Paxos Standard (PAX) will be accepted. All of these are backed by trusted names in the blockchain space and have provided stability and trust to the blockchain space since inception.
The TokenSoft platform enables issuing clients to accept payment in GUSD, USDC and PAX into their Knox Wallet cold-storage, multi-signature wallets which are fully under their control. TokenSoft further enables its clients to run Know Your Transaction (“KYT”) checks on each transaction to enable a higher level of compliance with regulatory requirements.
Other TokenSoft Updates
Tokensoft launched “Know Your Business” (KYB) service for enhanced due diligence on their platform. Regarding KYB services, average processing time for a single entity was ten days. With launch of this service, the processing time comes down to a few hours.
- TokenSoft, after taking into account the guidelines about security token regulations from the SEC has announced that it will no longer restrict clients to use one of its previously vetted and approved law firms.