With a newly inked partnership, Cardano (ADA) infrastructure will meet the requirements of all modern regulatory frameworks.
Coinfirm tools will be integrated by Cardano. Why is this crucial?
According to the joint official announcement by Cardano Foundation and Coinfirm, provider of anti-money-laundering analytics, the two organizations have entered into a long-term partnership.
🎉 Excited to share our collaboration with the #Cardano Foundation! @CardanoStiftung
🔑 1st analytics/compliance solution live on Cardano #blockchain
🔍 Beyond $ADA, we can provide #AML/CFT to all assets minted on the Cardano chain
👇 More info belowhttps://t.co/3AkQjXAMfb— Coinfirm (@Coinfirm_io) August 24, 2021
Coinfirm's tools will be utilized to prevent Cardano (ADA) infrastructure from being used in money laundering, terrorism financing and other criminal activity.
Namely, Cardano will be able to be in full compliance with the Financial Action Task Force guidelines, the Sixth Anti-Money Laundering Directive and other strict regulations.
Mel McCann, Head of Technical Integration at Cardano Foundation, shares the details of the procedures Coinform will facilitate for Cardano:
AML/CFT analytics is essential for a cryptocurrency to receive mass adoption within regulated markets. The tools and services provided by Coinfirm enables every exchange, custodian, and all other third-parties to clearly track the history of ada held in their wallets.
Bringing regulatory compliance to Cardano (ADA) ecosystem
As Cardano (ADA) is approaching its smart contracts release, its ecosystem will expand its suite of assets massively. Unlike Ethereum (ETH), Cardano's assets will go live "directly" on the blockchain.
As such, the Coinfirm team will be able to implement AML/CFT tracking tools with all types of coins minted on the largest proof of stake (PoS) blockchain.
Sachin Dutta, head of marketing at Coinfirm, stresses the importance of this release for Cardano (ADA) infrastructure and the security of the entire blockchain segment:
Coinfirm is excited to integrate the Cardano protocol with our AML Platform to ensure that counterparties using the ada cryptocurrency and other assets created on Cardano are not tainted by illicit funds. This provides a seamless transition for financial institutions to uptake the protocol with scale, reducing the concern of AML/CFT compliance.