Cardano has presented the first draft of a solution to ensure compliance with the law. This step can significantly help the global acceptance of the ADA token.
Cardano is on its way to becoming a global currency
Since the emergence of cryptocurrencies, which operate on the basis of a decentralized system, we have witnessed several times that digital currencies have been used for money laundering or terrorism. That’s what sparked the foundation Cardano Foundation start working with the blockchain company Coinfirm.
This important partnership will ensure that the functioning of the Cardano network is in full compliance with legal, financial and transnational regulations.
Cardano’s technical head of integration, Cardano Mel McCann, also commented on the topic:
“AML / CFT analysis is a necessary step for the ADA cryptocurrency to be adopted globally in regulated markets.”
According to McCann, the new updates will allow exchanges, administrators and other parties to closely trace the history of ADA token movements. The analysis of AML and CFT will significantly help law enforcement agencies to help affected victims of blockchaine theft and fraud. The risk of illegal activity in the world of digital names will therefore be minimal.
Other important updates are coming soon
ADA is the third strongest cryptocurrency according to market capitalization. Its price has risen sharply recently, and this growth is expected to continue after the launch of new updates.
A very popular ADA wallet Yoroi launched the so-called connector for DeFi applications, which facilitates interaction with other applications that are running on the Cardano blockchain. Among other things, we expect the launch of the first decentralized exchange on the network – Cardax, which recently received support of $ 1.5 million.
