Cardano is a blockchain project that claims to be the third generation. The recent increase of the ADA token on Google search engine demonstrates that the blockchain is gaining traction among retail investors. However, institutional compliance on the blockchain has been quite poor thus far. Cardano has announced its first regulatory compliance solution to address this issue.
A collaboration with the Swiss non-profit group Coinfirm is part of the same procedure. Coinfirm is an organisation that monitors the rate of bitcoin development and expansion in the field. This crypto analytics organisation also implements AML and CFT protocols on several blockchain projects to improve surveillance.
Cardano will become compliant with AML and CFT protocols as a result of its new relationship with the non-profit cryptocurrency surveillance company Confirm. AML monitors a blockchain project for anti-money laundering, whereas CFT is utilised for investigating Combating Financial Terrorism. With its new regulatory-compliant protocols, third-party, exchange, and custodian services will be able to follow the transaction history for each ADA.
This step is required in order to comply with the Financial Action Task Force’s regulatory scrutiny (FATF). With this new improvement, other important supranational and localised regulatory authorities will be able to investigate, safeguard, and protect users from any financial crimes. Mel McCann, Cardano’s head of technical integration, told the media that with AML/CFT analytics, the Cardano blockchain would become the safest cryptocurrency and open the door to mainstream use.
Cardano intends to implement numerous significant network updates in the coming year. With the most recent Alonzo upgrade, the network will be able to support smart contracts. Yoroi wallet has released a new decentralised application junction that will allow users to access a variety of smart contracts applications on the network.
Some DEX initiatives, such as Cardax, are almost ready to go live on the network. The mainnet launch of Alonzo purple is scheduled for September 12th. Many stakeholders are eagerly looking forward to the debut of Cardax, and the project was able to generate $1.5 million in the first-ever community sale event due to great demand and anticipation.