ConsenSys launches regulatory compliance services

This compliance system will serve to track transactions made with ethereum-based tokens

According to information obtained by the newspaper Beincrypto, the blockchain software technology company founded by Joseph Lubin, ConsenSys, is developing a know-your-customer-based product (KYC) that focuses on related regulatory compliance requirements with cryptocurrencies.

The Canadian businessman, a contributor to the decentralized cryptocurrency platform ethereum, announced that the initiative is a service focused on the decentralized finance sector (DeFi) in order to track the transactions of users of more than 280,000 tokens on the network from ethereum.

“Today we launched #CodefiCompliance, an agile and automated platform for regulation and compliance of digital assets built on # ethereum …”, the company announced on its Twitter account.

Transparent and secure exchange

When making centralized exchanges, the system demands certain requirements from its users to prove its identification and thus requests a physical address; validation is part of government anti-money laundering (AML) laws that are common in many countries.

For his part, Lex Sokolin, an executive at the firm, explains: “More and more people are building decentralized applications that need this as a piece of Lego. What we are trying to do is make the activity in the decentralized financial infrastructure much safer, more transparent, much easier to track.”


Source: beincrypto

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