Cardano Will Connect Coinfirm's Transaction Analysis & AML Solutions – Bits Media

Cardano Foundation chooses Coinfirm to analyze transactions with ADA cryptocurrency and tokens, compliance with anti-money laundering regulations (AML) and financing of terrorism.

According to
article, published on the website of Cardano Foundation, Partnership with Coinfirm will help the project fully comply with the leading principles of the group for the development of financial measures to combat money laundering (FATF), Sixth Directive EU to combat money laundering (6Amld) and other requirements of regulators.

Head of the Cardano Technical Integration Department Mel McCann (Mel McCann) considers, that Coinfirm tools will become an important part of the Cardano strategic development plan, which will increase the possibilities of its ecosystem. In addition to ADA, Coinfirm will provide analytics on transactions with all tokens, created on the basis of the blockchain Cardano. This will simplify the interaction of law enforcement agencies with third -party suppliers of virtual assets (VASP) And the search for stolen cryptocurrencies.

The management of Cardano Foundation considers it necessary to implement services, allowing to check compliance with aml rules. Coinfirm tools will allow each exchange, Castodial service and any third parties transparently track transactions with ADA. McCann said, What is glad to work with Coinfirm, proposed the first solution for the analysis of the blockchain Cardano. This will be evidence for governments, financial institutions and users, that the project is taking reasonable measures to reduce the risk of illegal transactions. In this way, The soil will be “prepared” for the massive distribution of cryptocurrencies in regulated markets.

“Integration of Coinfirm solutions with Cardano will guarantee, What people use “clean” THERE IS, With an unsuccessful reputation. The same applies to other crypto assets based on Cardano. This will contribute to the smooth implementation of the Cardano protocol among financial institutions, which can now be sure of compliance with regulatory requirements ", - said the head of the marketing department Coinfirm Sachin Dutt (Sach's dutta).

In September, Cardano developers plan to deploy a major network update - Alonzo, in which the function of smart contracts will be activated. This will create decentralized applications based on Cardano. In March, the general director of IOHK Charles Hoskinson (Charles Hoskinson) reported, that about a hundred companies have already begun migration from the Ethereum blockchain on Cardano.