LONDON, 03 December – Waves – a protocol with a focus on creating a practical framework to speed-up the adoption of DeFi applications and other dApp use cases, has leveraged leading RegTech provider Coinfirm for on-chain AML (Anti-Money Laundering) and CFT (Combatting the Financing of Terrorism).
The Waves blockchain protocol has been a pioneer in interoperability, usage of blockchain technology that has rapidly increased this year due to the booming DeFi (decentralized finance) sphere. The all-encompassing blockchain ecosystem around Waves protocol comprises Ride development language, smart contracts, strengthened security, LPoS, interchain connectivity, Oracles and Wallets.
By leveraging Coinfirm’s AML & Analytics Platform, Waves can build-in the compliance tools and analytics necessary to ensure that commercial entities transacting on the network are in compliance with AML regulations worldwide.
One of the largest roadblocks to the mass adoption of cryptocurrencies and blockchain sits around regulatory compliance. Whether that be in line with new guidelines such as the FATF’s Travel Rule, AMLD5 (Anti-Money Laundering Directive 5) already being implemented or those inbound such as MiCa (Markets in Crypto-assets) – more exchanges, protocols and blockchain-based projects are either self-regulating or are being required to be able to provide a high standard of AML and related analytics to be exchangeable and functional in the new digital economy.
This partnership allows for the enhanced growth of the Waves ecosystem in regulated markets and extends Coinfirm’s capability to support compliance of other tokens built on the Waves protocol.
“Adjusting our technology to legal requirements, especially on a global scale, is a step towards the adoption of the technology by regular users and satisfying companies’ expectations. We look forward to further working with Confirm, striving to achieve the best AML standards and best practices.” – Max Pertsovsky, Waves Tech Head of Growth.
Waves functional purpose-designed smart contract language for dApp development, Ride, is designed for applying scripts to assets and accounts on the Waves blockchain, offers Turing and non-Turing completeness and enables users to issue tokens without any programming experience.
As well as being one of the top protocols in terms of increased adoption this year, the protocol has recently been trialed in corporate and national voting systems.
“The Waves protocol is one of those rare breeds of code that astounds those of us technically-inclined and offers an opportunity for new entrants to blockchain to tokenize assets, easily create new ones as well as create DeFi. As the traditional financial sector begins to fully accept blockchain, tokenization and token utility is playing an outsized role.
“With the integration of Waves we will give greater transparency to the blockchain market, and thereby creating a safer blockchain economy.” – Pawel Kuskowski, CEO and co-founder of Coinfirm
As a provider of anti-money laundering and risk analytics data for blockchain to major companies and protocols in the industry, Coinfirm’s AML solution consists of a risk score for 270+ compliance indicator checks, blacklisted blockchain address checks, high-risk transaction pattern warnings, and more across the widest coverage on the market. Waves will also soon be available on Coinfirm’s blockchain data crowdsourcing system AMLT Network.
This collaboration with operability tokenization by Coinfirm follows on from Coinfirm’s AMLT Oracle – a smart-contract AML solution for DeFi.
Waves Tech is an all-encompassing blockchain ecosystem advancing the technological frontiers of today for the pioneering developers of tomorrow. Leveraging the practical and powerful Waves protocol, we offer a developer-friendly infrastructure as an experimental ground for innovation.
Waves.tech also includes Gravity Protocol, a blockchain-agnostic cross-chain oracle, and communication network and the Neutrino protocol is a multi-assetization protocol, crypto-collateralized, powered by Waves and acting as an interchain toolkit enabling frictionless DeFi on demand. For more information please visit: https://waves.tech/waves-protocol
Coinfirm is a global leader in AML and regulatory technology for blockchain and cryptocurrencies. It offers the industry’s largest blockchain coverage, supporting over 1,500 cryptocurrencies and protocols including Bitcoin, Ethereum, Hyperledger, and many more. Coinfirm’s solutions are used by market leaders globally, ranging from crypto exchanges such as Binance, and protocols like XRP, to major financial institutions like PKO BP. The company’s services also include Reclaim Crypto, as well as Trudatum, a standalone regtech platform that allows any file to be registered, signed, and verified with 100% accuracy.
The firm also carries out industry analysis demonstrating compliance strengths and weaknesses in the crypto sector as seen in the Know Your Exchange report. For more information please visit: https://www.coinfirm.com/