LONDON — Coinfirm, a global regulatory technology company, and IOV Labs, the creator of the RSK Bitcoin Smart Contract network and the RIF Platform announced today that Coinfirm has provided RSK and RIF protocols with an anti-money laundering compliance solution through its proprietary algorithms and data analysis.
Coinfirm’s AML & Analytics Platform delivers the compliance tools and analytics necessary to ensure that commercial entities transacting on the RSK network are in compliance with anti-money laundering (AML) regulations worldwide. The partnership allows for the commercial growth of the RSK network in regulated markets and extends to Coinfirm’s capability to support other tokens built on the RSK network to enable their activity in regulated markets too.
Coinfirm’s AML solution also means that traditional financial institutions can engage and remain compliant with companies that use the RSK network and related assets. The Coinfirm-IOV Labs agreement comes as regulatory requirements for cryptocurrency entities have become increasingly clear around anti-money laundering rules, due to frameworks such as the fifth anti-money laundering directive (AMLD5) in Europe and the international Financial Action Task Force’s guideline, known as the “Travel Rule.”
“Commercial entities that want to participate in regulated markets must abide by these new rules. It will be difficult for an entity to operate legally if it touches any protocol or coin that hasn’t applied an AML compliance solution such as ours. Also, IOV Labs will be protected by our ongoing compliance support by providing snapshots of risks related to protocols,” Coinfirm CEO Pawel Kuskowski said. “Coinfirm’s solution is of paramount importance to networks such as RSK — as well as to stablecoin platforms with digital representations of fiat currencies — as they all seek to adapt to jurisdictional regulations.”
IOV Labs CEO Diego Gutierrez Zaldivar said: “As the horizons for digital currencies expand, including major social networks looking to implement their own cryptocurrencies, it is increasingly clear that progress will be stymied unless regulatory compliance solutions are delivered to fulfill market requirements. That is why we are delighted Coinfirm has created an anti-money laundering compliance solution for the RSK network as well as the assets launched on it.”
Coinfirm’s blockchain-agnostic AML & Analytics Platform and solutions are used by market leading companies around the world, ranging from major financial institutions to cryptocurrency exchanges. Having gained significant traction as the go-to provider for digital asset compliance and analytics, Coinfirm’s existing clients and affiliates include the likes of PKO BP, the largest bank in Central and Eastern Europe; Binance; Xapo; and the Government of Gibraltar.
IOV Labs has been forging partnerships and developing decentralized infrastructure and products since the launch of the RSK mainnet in January 2018 and the release of the RIF Token in November 2018. The company, headquartered in Gibraltar, has a global footprint with offices in Buenos Aires, Montevideo, Shanghai, Singapore, and an innovation studio in San Francisco. In September, the company announced its acquisition of Taringa, the top Spanish-speaking social network in the world with 30 million users and over 1,000 active online communities.
Coinfirm is a global leader in AML & Analytics for blockchains and cryptocurrencies. It offers the industry’s largest blockchain coverage, supporting over 1,300 cryptocurrencies including Bitcoin, Ethereum, and Hyperledger. The Coinfirm AML Platform is 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 compliance investigations in partnership with Kroll, as well as Trudatum, a standalone platform that allows any file to be registered, signed, and verified with 100% accuracy. To get the latest company updates follow us on Twitter, Linkedin and like our Facebook page.
About IOV Labs
IOV Labs is focused on developing the platforms needed for a new blockchain-based financial system that will enable worldwide financial inclusion and bridge the gap between these nascent technologies and mass adoption.The organization currently develops the RSK Smart Contract Network, RIF, and Taringa! platforms. RSK Network is the most secure smart contract platform in the world, as it relies on Bitcoin’s hash power through merge-mining. RIF is a suite of open and decentralized infrastructure protocols that enable faster, easier and scalable development of distributed applications (dApps) within a unified environment to enable mass adoption of Bitcoin and RSK. Taringa is Latin America’s largest Spanish speaking social network with 30 million users and 1,000 active online communities – through the integration with Bitcoin, RSK and RIF will help shape the Internet of the Future where individuals will be in full control of their information and value.