Mark Weaden
Cardano Foundation agrees to partnership with Coinfirm for FATF and 6AMLD compliance
With regulation ever a hot topic in the cryptocurrency space, this is the latest in a series of regulatory moves by major players in the industry as Cardano (ADA) looks to improve standards. Through the new partnership, the Cardano Foundation will be able to provide AML/CFT analytics for its assets.
The price of ADA has gained as much as 12% in the last 24 hours, as the global crypto market cap raced past the $2.15 trillion mark.
How will Coinfirm boost the profile of Cardano?
Coinfirm is a blockchain analytics provider that works, which helps companies to meet compliance regulations. For ADA, Coinfirm will help them to meet the standards set by the Financial Action Task Force (FATF), as the guidelines constantly adjust to the evolving market.
A recent announcement from the Cardano Foundation stated the intent to meet the regulatory standards set by the ever-changing crypto landscape, which Coinfirm would provide through Anti-Money Laundering and Combating (AML) the Financing of Terrorism (CFT).
The statement also confirmed that the partnership with Coinbase would not only allow the company to meet the FATF standards, but also that of the European Union’s Sixth Anti-Money Laundering Directive (6AMLD). With the goal for Cardano to reach mass adoption in regulated markets, this partnership is a big stepping stone for the third-largest blockchain.
What’s next for Cardano?
The Cardano Foundation is close to launching its smart contacts. The long-term ambition for ADA has been to offer functional smart contracts, which will allow developers to launch dApps, NFTs and much more.
With the recent announcement that dcSpark would be building its Milkomeda sidechain, the launch of smart contracts could see huge gains for ADA. The ability to connect Cardano and Ethereum could be game-changing—very exciting times for Cardano.
The price of ADA has shown a lot of promise in recent weeks, having said that overall it’s been a steady gain throughout the year and things are looking bright for one of the most innovative and exciting Layer-1 blockchains around.
