{"id":26515,"date":"2020-06-09T14:21:36","date_gmt":"2020-06-09T12:21:36","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=26515"},"modified":"2020-06-09T14:21:36","modified_gmt":"2020-06-09T12:21:36","slug":"ethereum-development-studio-consensys-launches-token-compliance-service","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/ethereum-development-studio-consensys-launches-token-compliance-service\/","title":{"rendered":"Ethereum Development Studio ConsenSys Launches Token Compliance Service"},"content":{"rendered":"
It is becoming increasingly important for virtual asset service providers (VASPs) to comply with global AML\/CFT regulations especially those set out by the FATF. This is because cryptocurrencies are becoming more popular with increasing adoption meaning that more people are now using them to enable value transfers.<\/p>\n
Expectedly, this has attracted illegal use of the blockchain networks. However, the relatively short history of the blockchain technology means that there are few if any technologies in place already that can help the VASPs comply with these increasing regulations. So far, there are only three main crypto intelligence firms that provide third-party blockchain analytics and AML\/CFT services. These are Chainalysis<\/a> <\/strong>Inc., CipherTrace<\/a><\/strong>, and Elliptic<\/a><\/strong>.<\/p>\n Brooklyn New York-based Ethereum development studio ConsenSys<\/strong> aims to change that. This week, the firm announced the launch of its version of a blockchain sleuth service dubbed CodeFi Compliance<\/a><\/strong>. It will enable other companies to track and monitor the use of Ethereum-based tokens.<\/p>\n More than 280,000 tokens on the Ethereum network can be tracked and traced on the new platform including ERC-20, 721, 179, and 777-compliant tokens. The blockchain incubator will only support Ethereum tokens, expectedly with a focus towards decentralized finance applications.<\/p>\n <\/p>\n