By Larry Wright
Cardano is a self-proclaimed third-generation blockchain project. The blockchain has been getting considerable attention from retail investors are shown by the recent surge of the ADA token on Google search engine. However, thus far, the rate of institutional compliance is fairly low on the blockchain. To combat this issue, Cardano has launched its first regulatory compliance solution.
A partnership with Switzerland-based non-profit organization Coinfirm is part of the same process. The organization called Coinfirm supervises the rate of cryptocurrency development and growth in the sector. This crypto analytics firm also launches AML and CFT protocols on different blockchain projects for better surveillance.
Cardano Blockchain is now Compliant with Regulatory Guidelines
With the new partnership with non-profit cryptocurrency surveillance Confirm, Cardano is going to become compliant with AML and CFT protocols. AML monitors a blockchain project for Anti-money laundering while the CFT is used for the investigation of Combating Financial Terrorism. With its new regulatory compliant protocols 3rd party, exchanges, custodian services will be able to track the transaction history for every ADA.
This step is a requirement for becoming compliant with the regulatory scrutiny of the Financial Action Task Force (FATF). Other major supranational and localized regulatory agencies will also be able to investigate, safeguard, and protect the users against any financial crimes with this new upgrade. Head of technical integration at Cardano, Mel McCann, told media that with AML/CFT analytics, Cardano blockchain is going to become the safest cryptocurrency and open doors for mass adoption.
Cardano has plans to introduce many important upgrades on the network for the ongoing year. With the latest Alonzo update, the network is going to become smart contracts enabled. A new decentralized application junction introduced by Yoroi wallet is going to allow the users to use several smart contracts applications on the network.
Some DEX projects are all set to go live on the network, like Cardax. The launch date for Alonzo purple on the mainnet is September 12th. Many stakeholders are looking forward to the launch of Cardax already, and due to high demand and anticipation, the project was able to raise $1.5 million in the first-ever community sale event.