Regulates only ICT within the EU

Many people and businesses have come to believe that the Digital Resilience Act will only apply to financial institutions or companies and information and communications technology (ICT) service providers based in the European Union (EU). However, DORA has a reach beyond the EU and can affect any ICT provider that provides services to EU companies, regardless of their location.

Regulates only cybersecurity

Some people think that DORA only regulates cybersecurity. However, even though cybersecurity is an important part of this regulation, DORA is a comprehensive regulation that covers several aspects, as this law is intended to strengthen the operational resilience of the financial sector in Europe, so that companies can withstand and recover from serious operational disruptions, thereby safeguarding the economy as a whole.

Regulates only financial entities

Many people and businesses believe that the DORA Act only regulates financial institutions. However, this Act implements mandatory contractual terms for agreements between financial institutions and third-party providers.  ICT seeks to ensure that these organizations have clear rights and obligations, thus promoting operational resilience and compliance with the law for all those involved.

Regulation without evolution or application in the future

Some people think that the Digital Operational Resilience Act is a completely new regulation and that it will not have any kind of evolution or application in the future. However, the DORA Act introduces a regulatory framework with a more coherent and comprehensive approach to digital operational resilience, generally to encompass the growing and significant complexity of ICT in the financial sector.

Importantly , this law enhances existing legal frameworks as it builds on regulations related to operational resilience, such as the Network and Information Security (NIS) Directive, the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) guidelines.

Its date of entry into force may be postponed

Some People and companies have come to think that because it is a regulation that has taken more than two years to come into force, the deadline can be changed and postponed. However, the truth is that the date for this law to come into force is set for January 17, 2025, and financial institutions and ICT service providers must be prepared to comply with the regulations from the established date.

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First digital wallets

Digital wallets have constantly evolved with technology and are adjusting to the needs of consumers. For this reason, it is known that digital wallets have their origin in the first digital transaction recorded in 1994, through an online purchase through the Netmarket website, which managed to sell a CD of the album “Ten Summoner’s Talk” by the singer Sting.

However, it was not until 1998 with the launch of Confinity (after its merger with X.com it was renamed Paypal) that what is known as the beginning of digital wallets was established, since users could store electronic money and make online payments through this platform.

Later, between 2000 and 2005, several systems appeared to facilitate online payments; one of these was Google Checkout (which was discontinued in 2013). Then, in 2008, Bitcoin and the concept of blockchain were introduced, which popularized the use of cryptocurrencies and paved the way for decentralized digital wallets. One of these first cryptocurrency wallets was Bitcoin Core or Bitcoin-Qt, which allowed its users to store, manage, and transact with Bitcoin.

Digital wallets for mobile payments

Between 2010 and 2015, there was a boom in smartphones, which allowed access to more online tools, which boosted the use of mobile digital wallets.

Thanks to the advancement of technology, Companies like Google and Apple launched their respective digital wallets, which allowed users to pay, store cards, tickets, coupons, accumulate loyalty points and redeem discounts by applying NFC (Near Field Communication) technology.

Around 2015, after the launch of Android software, adopted by Google, the use of digital wallets became even more popular, which were generally used to purchase or make payments for applications within the Android and iOS platforms.

Digital hardware wallets

Digital hardware wallets were introduced in 2013, which are characterized by being devices that allowed private keys to be kept offline, making them less vulnerable to piracy and providing a higher level of security and control to users, especially those who managed cryptocurrencies at that time.

Impact of the pandemic

One of the reasons for the acceleration in the adoption of digital wallets was the need for contactless payments since 2020 during the COVID-19 pandemic. This allowed users to make transactions in an easier and safer way to acquire goods and services.

Integration with DeFi and NFT

Another significant advancement that the digital wallet had during 2020 was the ability to integrate with decentralized finance (DeFi) and non-fungible token (NFT) platforms, which allowed the functionality of digital wallets to be significantly expanded.

This integration allowed users to interact with digital wallets through smart contracts, lend (and borrow) digital assets, as well as manage NFTs directly from their digital wallets.

Digital wallets today

Digital wallets have evolved to offer features beyond payments, such as management and storage of digital assets (FIAT money and cryptocurrencies), integration with payment processors, conversion between FIAT currencies and cryptocurrencies, etc. An example of this is Pilsenga’s digital wallet service, which offers a comprehensive solution since in addition to the functions mentioned above, it also offers different tools such as multi-currency IBAN accounts, dedicated IBAN accounts, payment gateway, accounting packages, batch payments, among others, integrating all these tools and functions in one place.

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Payment alternative

By having a BTC payment processor (BTC Payment Processor), companies can offer their customers an “extra” payment alternative to conventional payment methods (cards, transfers and cash), which provides greater convenience and flexibility to customers or end users, since they will have the possibility to choose the payment method that best suits them, which significantly improves their shopping experience.

Faster and lower-cost transaction

Through a BTC payment processor, businesses can carry out transactions faster, more efficiently, and with a lower operating cost, especially when compared to other traditional payment methods such as credit cards (which tend to have higher operating costs for businesses). An example of this is the Lightning Network, which is a “second layer” solution for the Bitcoin network, which has been specifically designed to carry out instant transactions with minimal fees.

Multiplatform

The BTC payment processor has a multi-platform payment system, as it is compatible with a wide range of mobile operating systems (Android or iOS) and web versions. In this way, companies can carry out transactions not only through a “traditional” Point of Sale (PoS), but payments can also be made through a cell phone, application, online store or any other compatible device/platform that has access to the Internet.

Easy asset conversion

Companies that have a BTC payment processor have the facility to convert Bitcoin to local currency (Fiat) and other types of cryptocurrencies. It is important to note that the conversion depends on the financial services, Fiat currencies, and cryptocurrencies offered by the financial institution that provides the BTC payment processor service. Generally, the most commonly used Fiat currencies are euros and dollars, while the most widely accepted cryptocurrencies are Bitcoin, Ethereum, and Tether (USDT).

Access to new markets

By using BTC payment processors, businesses can reach a global audience, including young, tech-savvy users who prefer cryptocurrencies as a means of payment (especially Bitcoin), which increases business competitiveness, improves the shopping experience and increases the level of customer satisfaction.

Implementing Bitcoin as a payment method can also demonstrate an innovative attitude on the part of the company, which can attract new emerging markets interested in modern technological solutions.

Another point to take into account is that the speed of international payments (through the Lightning Network) benefits e-commerce globally, since unlike international bank transfers (which can take days), Bitcoin transactions (through the Lightning Network) are fast and predictable, which is highly valued in certain countries or territories where the traditional banking system is not very efficient.

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However, to benefit from the advantages offered by a Tether payment gateway, you must have a suitable provider. Below, we will learn some points to consider when choosing a Tether payment gateway provider.

References and regulatory compliance

The Tether payment gateway provider must offer an efficient, versatile service that has the ability to receive payments globally. Because of this, it is recommended to review the testimonials or references of the provider; in order to have an idea of the level of the platform and the service, this will allow us to choose an efficient company with a good reputation in the market.

It is also recommended to check if the provider complies with the regulations of the region where it operates since this means that the platform will have certain quality standards, in addition to avoiding possible legal problems or sanctions.

Security level

It is important that the supplier have different security measures on their platform, which allow them to protect the financial information and personal data of their users. At this point, it is also recommended to verify whether the provider complies with the different security standards of the financial industry, as this guarantees a certain level of quality and security on the platform.

Costs and fees per operation

Generally, Tether payment gateways offer more competitive transaction fees compared to other payment methods. However, each provider applies different fees. different rates within their services, therefore, it is important to consider the costs and fees per operation of each provider. To evaluate this point, we can visit the official website of the provider and go to the “fees” section to check the different rates that the provider has.

Conversion

The Tether payment gateway must be able to offer a service that allows the conversion of USDT to other cryptocurrencies or fiat currencies. For this reason, it is important that when choosing a provider, we verify that it offers the Exchange or conversion service, in addition to reviewing the rates and fees applied for conversion, since in this way we can choose a provider that is in line with our needs, in addition to having greater flexibility in the management of our digital assets.

Level of integration

A payment gateway provider must be able to offer a tool that integrates with other pre-existing commerce systems. For example, it must be compatible with existing accounting systems, billing systems, etc., as this offers greater flexibility and fluidity to the company’s transactions and operations, in addition to facilitating the transition and reducing integration time.

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Dedicated service

USDT payment providers must be able to provide a service that streamlines companies’ financial operations and transactions, in addition to offering effective and timely customer support.
Pilsenga stands out in this area, as it has an ecosystem designed to adapt to the needs of medium-sized companies effectively, in addition to providing personalized customer support. An example of this is Pilsenga’s 24/7 dedicated manager service, which offers companies a unique and personalized experience, especially to guide and help them with any concerns or problems that may arise.

Security level

USDT payment providers must offer a service that has a high level of security, which allows protecting personal information and financial resources of users/ customers, which will generate greater confidence when using their platform and carrying out commercial transactions.

This is where Pilsenga stands out, as it is a company that has a platform with different security measures, such as multi-asset custody, identity verification system, integration of security controls, transaction approval, two-factor authentication, data encryption, etc. In addition, Pilsenga complies with the different standards of the financial industry, which means that the company has a certain level of supervision and certain quality and security standards on its platform.

Money and cryptocurrencies

USDT payment providers must be able to transact with multiple types of currencies, both FIAT, and cryptocurrencies, as this allows for streamlining cross-border transactions and reaching new markets or territories.

This is where Pilsenga stands out, as it has a USDT payment service that has the ability to support cross-border transactions using different currencies (through the use of multi-currency IBAN accounts), send and receive SEPA payments and instant SEPA payments, as well as support other cryptocurrencies such as Bitcoin (BTC), and Ethereum (ETH).

Batch payments

USDT payment providers must be able to offer a service that allows payment processes to be automated and optimized. Pilsenga stands out in this area, as it offers the complementary batch payment service, which allows companies to automate their payment processes, providing the ability to make payments to multiple beneficiaries simultaneously and in an automated manner.

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However, when choosing a Bitcoin payment gateway, it is important to take into account certain factors. Below, we will share some tips for choosing a BTC payment gateway provider.

Security level

When choosing a BTC payment gateway provider, it is advisable to evaluate the level of security that the provider’s platform has. It should be noted that a BTC payment Gateway that has solid security measures allows for generating greater confidence in users. Some of the highlighted security measures are data encryption, two-factor authentication, and identity identification, among others.

As we saw in our previous article, when choosing a payment processor, it is important to take into account the security level of the platform, since a system with a high level of security will reduce the chances of users’ financial information being exposed or vulnerable. For this reason, it is essential that companies evaluate the level of security that the provider’s ecosystem has.

Regulations and standards

When choosing a BTC payment gateway, it is advisable to verify that the provider operates in compliance with the different regulations and standards of the financial industry, as this allows to demonstrate that the tool complies with the different financial regulations of the sector, which will avoid legal problems and possible crimes such as fraud, money laundering and financing of terrorist activities.

Level of integration

When choosing a provider, it is advisable to evaluate the level of integration that their payment gateway has with the existing financial systems, which are used to carry out financial transactions and accounting operations. It is important that the payment gateway has add-ons or APIs that facilitate integration with other existing financial tools without requiring complex configurations.

Additional functions and services

When choosing a Bitcoin payment gateway, it is important to know if the provider can offer other complementary financial functions or services. This factor is important since the payment gateway must generally meet the needs of the company or business, so it may be necessary for The provider to have complementary financial tools and services that further simplify asset management, such as dedicated IBAN account services, batch payments, wallets, accounting ledgers, among others.

Customer service and reputation

When choosing a BTC payment gateway, it is advisable to select a provider that can resolve any issues quickly and effectively, as well as offer personalized and professional support. At this point, it is advisable to evaluate the provider’s reputation, reliability, and customer satisfaction level.

To assess the level of customer service, we can contact the provider through their different official digital channels see their response times, and verify the quality of these responses. Regarding reputation, we can see ratings or reviews from other customers/users on official platforms. For example, we can see reviews of their app on Google Play (Android) or App Store (iOS/Apple).

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Fast and economical transactions

When choosing a USDT payment gateway service provider, it is important to evaluate the speed and efficiency of transactions. Pilsenga stands out in this area, as it offers fast and efficient transaction processing, as well as having competitive rates, especially when compared to other providers or traditional payment methods.

Facilitates conversion between cryptocurrencies and FIAT money

It is important that the payment gateway facilitates the conversion between cryptocurrencies and FIAT money, as this allows the business or merchant to better manage its resources.

Pilsenga ‘s USDT payment gateway, there is the advantage of converting between cryptocurrencies and FIAT money. Pilsenga customers can receive payments in USDT Tether and automatically convert them into FIAT currency (euros or dollars), which will be reflected in the associated IBAN account.

Payment gateway with a high level of security

It is recommended to choose a payment gateway that generates trust and has a high level of security on its platform. In this point, Pilsenga stands out, since its payment gateway is within an ecosystem that has different protocols and security measures, in addition to complying with the main security standards of the financial industry, which allows the platform to have a high level of security and reduce the possibilities of unauthorized access or fraudulent transactions, in addition to protecting the personal or financial data of its users.

Compatibility with other cryptocurrencies

It is important that the payment processor is compatible with other cryptocurrencies, especially the most well-known or globally relevant ones. In this point, Pilsenga stands out, since its USDT payment processor is compatible with other cryptocurrencies such as Bitcoin (BTC) or Ethereum (ETH), which expands the potential customer base and offers greater flexibility/convenience for customers and users in general.

Friendly and intuitive interface

It is important that the payment processor has a friendly and intuitive interface since if the platform is difficult to use, you will not be able to take full advantage of all its functions and tools, and it can also create a negative experience for the business/company and its respective customers. Pilsenga stands out in this regard since its USDT payment processor has a platform that has a friendly and intuitive interface, which makes it easy to configure and use, thus improving the user experience and increasing the level of customer satisfaction.

What do you think about this topic? Do you want to know more about the Pilsenga USDT Payment Gateway?

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A Crypto Wallet IBAN allows you to link digital assets (such as cryptocurrencies) to traditional bank accounts using an IBAN (International Bank Account Number). However, to ensure that a Crypto Wallet IBAN meets the user’s needs, it is important to choose a suitable provider. Below, we will share some tips for choosing an ideal Crypto Wallet IBAN provider.

Evaluate license type and services

To choose a Crypto Wallet IBAN, it is advisable to evaluate the type of license that the provider has, as this will help us know what type of service they can offer us, which will allow us to evaluate whether the said provider has the capacity to meet the needs of our company or organization, in addition to verifying the legality of said service.

Evaluate costs per operation

When choosing a provider, it is recommended that the costs of each wallet function be evaluated. We can also compare the rates and costs of other providers to choose the alternative that best suits our needs, thus minimizing any additional fees or expenses that may arise. transfers, sending and receiving payments, maintaining the wallet and IBAN account, as well as the costs associated with the exchange, conversion, and purchase/sale of currencies or cryptocurrencies.

Evaluate security measures

When choosing a wallet, it is advisable to evaluate which security protocols and measures the provider implements on its platform. At this point, it is advisable to evaluate whether the provider implements security features such as identity verification, data encryption, and two-factor authentication (2FA), among others, in addition to complying with the different regulations of the sector, since this guarantees certain security standards, which is important to avoid any type of unauthorized access or fraudulent transaction.

Compliance with regulations

When choosing an IBAN Crypto Wallet, it is advisable to evaluate which regulations and laws the provider must comply with to offer such a service. At this point, it is important to verify which is the jurisdiction of the provider’s operations, in addition to the countries where transactions or financial operations can be carried out since there are cases where the provider may be “legal” in some countries and “illegal” in other countries or territories.

Choosing a provider that meets the different standards of the financial industry will allow us to have a platform that has a certain level of quality and security, in addition to helping us avoid sanctions or legal problems in the organization.

Evaluate the level of integration

Evaluating the level of integration of a Wallet is essential to ensure the functionality, security, and usability of the wallet in a financial and cryptographic ecosystem.

A Crypto Wallet IBAN allows you to link digital assets (such as cryptocurrencies) to traditional bank accounts using an IBAN. Testing the integration ensures that the wallet can seamlessly handle SEPA transfers or other banking transactions. A proper integration allows users to handle both digital assets and fiat currencies from one place, making payments, withdrawals, and deposits to bank accounts easy.
Good integration ensures a seamless user experience, enabling fast transfers between cryptocurrencies and fiat currencies, international payments, and access to advanced financial services.

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What is a CASP?

The Crypto Asset Service Crypto-asset Service Providers (CASPs) are financial and commercial entities specialized in providing services related to cryptocurrencies or crypto-assets. In order to provide such services while ensuring a certain level of security and transparency, CASPs must comply with certain specific regulatory standards and obtain authorization granted by the Markets in Crypto-assets Regulation (MiCA).

Depending on the services they offer and how CASPs operate, they can be considered financial and/or commercial entities, however, this combination allows CASPs to provide a wide range of solutions related to the management, exchange, and investment in crypto-assets.

CASP, as a Financial Institution

Crypto Asset Service Providers (CASPs) can be considered financial entities when they offer the following services:

Storage and custody

CASPs can offer secure storage and custody solutions for cryptocurrencies or crypto assets, similar to the asset custody services offered by traditional financial institutions such as banks.

Loans

CASPs have the ability to offer lending services similar to the financial services provided by traditional banks. In this case, CASPs provide loans using cryptocurrencies or cryptoassets as collateral.

Exchange

Crypto Asset Service Providers (CASP) have the ability to offer the Exchange service and thus facilitate the exchange between cryptocurrencies and FIAT currencies. Which allows users to align themselves with financial trading services.

Consulting

CASPs are financial entities that have specialists in the field, which allows them to offer financial advisory services related to investments in crypto-assets. Like the advisory services of traditional entities specialized in fiduciary or traditional assets.

CASP, as a Commercial Entity

Crypto Asset Service Providers (CASPs) may be considered business entities when they offer the following services:

Brokerage Service

Authorized CASPs can offer a Brokerage service through which they function as intermediaries to facilitate the purchase and sale transactions of crypto-assets.

Payment processing service

CASPs can offer payment processing services that facilitate transactions for companies and businesses that use crypto assets, making it easier for them to integrate cryptocurrencies into their payment methods.

What do you think about this topic? Do you want to know more about Crypto Asset Service Providers?

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This has given rise to the emergence of different organizations and entities, which, through their regulations and standards, allowed financial service providers, companies, and businesses to develop a crypto-asset market with greater stability and integrity. One of the organizations that supported and generated standards for the crypto-asset market was the European Union, which, through the Markets in Crypto-Assets Regulation (MiCA), implements a comprehensive regulatory framework for cryptocurrencies and crypto-assets in general. Below, we will learn more about this regulation:

Markets in Crypto-Assets Regulation (MiCA)

The Markets in Crypto-Assets Regulation (MiCA) is a comprehensive regulatory framework that allows for the regulation of crypto-assets and their service providers. MiCA was established by the European Union with the aim of balancing the benefits of using cryptocurrencies and crypto-assets while protecting consumers, ensuring market integrity, and maintaining financial stability within the European Union. Mica protects consumers and maintains the integrity of the European market by:

Authorization and supervision

Through the authorization and supervision required by MiCA, crypto-asset service providers, issuers of asset-referenced tokens and e-money tokens are required to obtain authorization and be subject to supervision by the competent national authorities before being able to operate, ensuring certain standards of security, legality, and quality in the sector.

Types of crypto-assets

Through this regulation, MiCA identifies and regulates several types of crypto-assets, each with distinct characteristics and requirements. In this way, MiCA seeks to maintain a stable value by backing each e-money token in relation to a single official currency.

Asset-referenced tokens in relation to other assets or a basket of assets seek to ensure that issuers of these types of tokens ensure transparency and maintain reserves to match the value of the tokens issued. In relation to other crypto-assets (such as cryptocurrencies Bitcoin or Ethereum), MiCA seeks to ensure market integrity and consumer protection.

Protecting the consumer

Through this regulation, MiCA includes several measures to protect consumers in the cryptocurrency market, thus seeking to protect cryptocurrency holders and customers of service providers, which guarantees the rights of withdrawal and liability for incorrect information, thus creating a safer and more transparent environment for consumers who make transactions with cryptocurrencies or crypto-assets, thus promoting confidence in the market.

Transparency and disclosure requirements

MiCA requires specific transparency and disclosure requirements for the issuance, offering to the public, and admission of crypto-assets to trading platforms and service providers, as this way it can ensure that consumers and investors have clear and accurate information about crypto-assets.

Uniform rules

Through this regulation, MiCA applies uniform rules for all service providers and crypto-asset issuers that were previously not regulated by existing EU financial services legislation. This allows for a consistent regulatory framework and clearer rules, as well as promoting a transparent and competitive environment for all crypto-asset service providers and issuers in the European Union.

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