As we all know, Cardano Founder Charles Hoskinson is constantly working on making cryptocurrency legal worldwide. They recently received authority to list their native coin, ADA, in Japan. They’re going to add additional trackable elements to ADA now.
AML Analytics tool will be implemented by Cardano Network
The new analytics tool deployment in the Cardano network, according to the announcement issued by the two parties Cardano & Coinfirm, will make their platform easier to evaluate transactions, which will further aid Investigation Authorities in detecting Money Laundering & unlawful activities.
The new tool will function as a Financial Action Task Force, allowing users to determine the actual number of ADA coins stored in their wallets. Furthermore, Coinfirm’s analytic tool will be simply applied to any exchange or wallet.
The developers behind the ADA coin implemented an AML analytics tool because they fear that as their coin grows in popularity and global usage, people would misuse it for illicit and fraudulent activities. That is why such instruments were required to avoid unfair practices.
Mel McCann, the Cardano Foundation’s head of technical integrations, stated
“AML/CFT analytics is essential for a cryptocurrency to receive mass adoption within regulated markets…The tools and services provided by Coinfirm enable every exchange, custodian, and all other third-parties to clearly track the history of ADA held in their wallets.”
According to McCann, the Cardano Blockchain will be widely adopted as a result of this non-profit relationship.