ConsenSys Launches Ethereum-Specific Compliance Solution

ConsenSys, a startup developing Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term-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.

The announcement detailed that Codefi Compliance will provide clients with tools for risk assessment, Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term, 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.