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Cardano wants to be OK with regulators. The foundation has started cooperation with Coinfirm

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The non-profit organization Cardano Foundation, which, in addition to Input Output (IOHK) and Emurgo, is one of the three main pillars of the cryptocurrency Cardano (ADA), entered into a partnership with the blockchain company Confirm to ensure that ADA coins comply with the guidelines of the Financial Action Task Force (FATF).

Cardano Foundation published it on 24 August, stated that it would use Coinfirm’s analytical services to combat money laundering and terrorist financing. Cardano wants to be a cryptocurrency (as its leader Charles Hoskinson has repeatedly echoed), which will be “in full compliance” with the guidelines set out by FATS, the European Union’s Sixth Anti-Money Laundering Directive, 6AMLD and other similar regulations.

A cryptocurrency that does not want to be a thorn in the side of governments

Cardano’s Mel McCann justified working with Coinfirm by explaining that the integration of such analytical services is very important if they want ADA coins to be accepted and collectively accepted on regulated markets. ,“The tools and services provided by Coinfirm will enable each exchange, management company and all other parties to clearly trace the history of ADA coins held in their wallets.”

Coinfirm added that it will be able to provide the same analysis for other coins that will be created on the Cardano blockchain. Their number and use can increase significantly from the moment Cardano launches smart contracts. That should happen on September 12.

News about the cooperation with Coinfirm comes at a similar time as the company dcSpark announced the construction of a side chain Milkomeda that connects Cardano with the blockchain Ethereum. This solution should allow Cardano and ETH developers to interoperably use the functionality of both blockchains.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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