The Need for High Quality Translation Resources Within Crypto Industry

by   Han Mai, Demand Generation Lead  · January 24, 2023 · Industry, Thought Leadership

Whether due to new financial regulations, local law revisions, or market fluctuations, Web3 is constantly undergoing changes. Just last week, the final vote on the European Union’s (EU) new set of crypto rules, known as the Markets in Crypto Assets regulation (MiCA), was deferred to April 2023 due to a technical issue where the 400-page document, which was originally drafted in English, wasn’t properly translated into all 24 official languages of the EU. And while this is just one example of how poor translation resources can create inefficiencies, many governments and regulatory bodies are beginning to recognize the importance of time-sensitive and high-accuracy translations.

Importance of Having High Translation Resources in Crypto

Below are three ways effective localization supports the crypto industry so these mishaps can be prevented in the future:

1. Become Truly “Borderless”

Without proper localization, global users and stakeholders may not understand crucial laws, local regulations, or services. That said, localization is a vital part of a decentralized financial system, as it enables a seamless customer experience for any and all customers around the world.

2. Ensure Technical Details are Understood Across Borders

Cryptocurrencies rely on communicating computing and finance expertise. You’ll need to translate this information accurately and ensure technical details are understood in your targeted languages.

3. Stay Compliant with Local Laws

Global crypto laws are changing on a regular basis. It’s important to have the fine print prepared in all languages so that you can stay compliant in every location. This can make the difference between flourishing worldwide or encountering unforeseen roadblocks during expansion.

What to Look for in a Localization Vendor

With so many translation tools and platforms available, it’s important to invest in the most scalable and cost-efficient technologies. Here are three must-have factors to consider when looking for a knowledgeable Language Service Provider (LSP):

1. Efficient Use of AI

Localization tools that leverage AI not only result in higher accuracy, but also enable program scalability into new markets and languages. At Lilt, we arm our human translators with cutting-edge AI tools to eliminate repetitive and manual tasks from their workflows. The result? We’re able to deliver high-quality translations to our customers 3-5x faster.

2. Crypto Subject Matter Expert Linguists (SMEs)

Knowledge is power—a statement that is especially true for crypto. Work with a localization vendor that has dedicated crypto linguists to ensure greater efficiency and up-to-date accuracy. At Lilt, we specifically recruit crypto SMEs for our Crypto Program, providing our customers with quick translation turnaround times and guaranteed high-quality translations.

3. Project and Services Management

Consider partnering with an LSP that can own translation workflows for you and your team. This may involve localization expertise to help with strategic initiatives and priorities, or tapping into government expertise to help you navigate local laws and systems. Whatever your priorities are, make sure that your vendor has the right resources and processes in place to meet your translation needs and timelines.

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In a space as dynamic as that of crypto, it’s going to be extremely important to keep up with the industry’s changes with translations in all languages. At the end of the day, localized content and thoughtful global experiences are key to staying ahead of the curve.