A popular altcoin Cardano (ADA) has partnered with blockchain surveillance firm Coinfirm to boost its anti-money laundering (AML) compliance. The partnership means that the cryptocurrency will be supported by AMLT, a token for investors and market participants who want to help keep crypto markets clean of fraudsters and other bad actors. It also forms part of an ongoing effort in which Ada is looking at ways it can make sure ADA tokens are not used illegally or inappropriately on external services like exchanges
Cardano Foundation and Coinfirm have teamed up in a move to implement the robust anti-money laundering (AML) and counter terrorist financing solutions by Coinfirm on Cardano. The organizations believe this will allow them to be compliant with all rules, regulations, guidelines of Financial Action Task Force (FATF).
In a bid to be in full compliance with the guidelines of FATF and other regulators, Cardano Foundation has integrated Coinfirm’s blockchain analytics solution into its network.
Cardano’s decision was likely influenced by recent reports suggesting malpractice within the industry could lead regulators around the world to take more severe action against companies they believe aren’t doing enough about illegal activity .