Security token platform TokenSoft has hired Alex C. Levine, formerly of several key United States financial regulators, to handle compliance for all security offerings.
In a Dec. 17 press release, the San Francisco-based token issuance platform announced the hiring of Levine as its new chief legal officer of TokenSoft and president of DTAC, TokenSoft's affiliate transfer agent.
Mason Borda, CEO of TokenSoft, said that Levine will help the firm to ensure that its customers receive the “best-in-class” compliance tooling for security token issuances, adding:
"Alex's regulatory and blockchain experience will ensure our transfer agent offering can meet the complex compliance needs of all security offerings."
Levine himself said that he is excited to join TokenSoft and help it navigate the regulatory requirements for security offerings and token issuances. Levine told Cointelegraph:
"I am excited to join TokenSoft not only to help further the compliant issuances of tokens and digital assets but to push for the development of a regulatory framework for the trading and custody of such assets by working with the SEC and FINRA as rules and regulations are established governing the crypto space in the US."
Levine’s LinkedIn profile further reveals that prior to his position at TokenSoft, he worked as general counsel and chief compliance officer at Pangea, a money transfer platform. Prior to that position, he also served as senior regulatory counsel at the Commodity Futures Trading Commission (CFTC) and as senior counsel at the U.S. Securities and Exchange Commission (SEC).
TokenSoft added policies to comply with FinCEN
In July, TokenSoft announced it was adding Know-Your-Business (KYB) services to enhance customer due diligence requirements in compliance with an amendment to the Bank Secrecy Act. The new feature purportedly intends to simplify a number of on-boarding procedures, including collection and verification of entity data, as well as personal data from the authorized signer, beneficial owners and others.
TokenSoft CEO Mason Borda said at the time that the new level of automation provided by KYB reduced the processing time of data collection and verification from an average of ten days to a few hours.