In the rapidly evolving world of crypto-assets, Virtual Asset Service Providers (VASPs) play a pivotal role. VASPs are businesses that offer services related to virtual assets, such as exchange services, transfer services, and more. Ensuring these providers adhere to regulatory standards is crucial for the safety and legitimacy of the crypto industry.
Our client specializes in collecting and delivering data directly from national, state, and territorial regulators and public authorities. Their mission? To be the world's most trusted source of VASP regulatory data, ensuring a safer future for crypto-assets.
Our client's extensive database boasts data for approximately 39,000 service providers sourced from 77 regulators across 63 countries. With data being constantly refreshed, the challenge was twofold:
Volume & Variability: The sheer volume of data, combined with its ever-changing nature, made manual evaluation a Herculean task.
Data Complexity: The data, often unstructured and of varied nature, included text descriptions from regulators, scraped keywords from company websites, and results from manual scoring previously conducted by their team for a subset of companies.
Develop an algorithm that could automatically evaluate the likelihood of a company offering crypto services based on the available data. Such scores would be invaluable for our client's clientele.
Our approach to the challenge presented by our client was systematic and data-driven:
Data Processing: We began by structuring, cleaning, and extracting valuable data. We then connected various data sources to search for actionable insights. It should be noted that Datrics platform allows users to connect to as many data sources as needed in a hassle-free, no-code way. One can also filter and process the data, connected to Datrics, advanced Exploratory Data Analysis functionalities.
Algorithm Development: A classification algorithm was built to score the data for companies, determining the probability of them providing crypto services. This was achieved by leveraging data from the companies and analyzing specific keywords.
One-Click Automation: The scoring process was fully automated, ensuring real-time updates and accuracy.
Continuous Improvement: Post-implementation, we provided suggestions to further refine and enhance the scoring model.
Team Onboarding: Recognizing the importance of sustainability, we onboarded and upskilled the client's team to use and maintain the classification model.
Our collaboration led to transformative results:
Robust Infrastructure: We established a solid infrastructure to provide accurate and timely scores.
Empowered Team: The client's team was not only onboarded but also upskilled, ensuring they could effectively use and maintain the new system.
Automation at its Best: The scoring process was fully automated, allowing our client to offer these scores as a valuable product to their clients.
In the dynamic world of crypto-assets, staying ahead requires innovation, agility, and expertise. Through our collaboration, we showcased how the right blend of data science and industry knowledge can lead to groundbreaking solutions. Today, our client stands as a beacon for companies seeking to navigate the intricate maze of crypto-asset regulations, powered by an algorithm that ensures accuracy, efficiency, and value.
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