ConsenSys, a startup developing Ethereum-based solutions, has launched a compliance solution for digital assets, ensuring anti-money laundering (AML) and countering the financing of terrorism (CFT).
Dubbed Codefi Compliance, the solution is specifically for Ethereum-based assets and will support all popular token standards including ERC20, ERC721, ERC179, ERC777, along with notable stablecoins like DAI, USDC, and Tether. According to Monday’s announcement, over 280,000 types of digital assets will be supported by the compliance solution.
“Providing robust AML/CFT compliance for Ethereum-based digital assets is a keystone step in bringing the institutional financial industry to decentralized finance,” Lex Sokolin, global co-head of ConsenSys Codefi, said. “Codefi Compliance is the next module in our product suite to eliminate complexity and risk in using DeFi, and help any business benefit from using digital assets.”
Growing demand for compliance solutions
The product is offering know-your-transaction (KYT) services, meaning it provides KYC and AML checks ensuring transactions can remain anonymous while complying with regulations.
$100,000 Battle: PrimeXBT Debuts New Contests ModuleGo to article >>
The announcement detailed that Codefi Compliance will provide clients with tools for risk assessment, risk management, and risk investigation, and users will be able to handle global operations from one account by adjusting compliance settings according to jurisdiction, thus managing multiple settings across international divisions.
The New York-headquartered firm is bringing the new solution at a time when there is a massive demand in the market for compliance tools. As digital assets are gaining mainstream attention, regulatory oversight is also tightening and firms need to ensure their compliance.
With its recent solution, ConsenSys will directly compete with major firms like Chainalysis, Elliptic, and CipherTrace.
Meanwhile, ConsenSys recently acquired Fluidity, one of its partner companies, absorbing all its workforce.