Cardano and Coinfirm partnering to fight Money Laundering - and Decentralization?

Cardano Foundation partners with Coinfirm to facilitate full #compliance of its native cryptocurrency #ADA with the #FATF and related locally derived Anti Money Laundering (#AML) and Combatting Financing of Terrorism (#CFT) laws around the world

The Cardano Foundation emphasizes its ambition to "set the direction for DECENTRALIZED economic empowerment, working with regulators in different jurisdictions to shape blockchain legislation and commercial standards, and empowering the Cardano community to leverage the #Cardano protocol to solve real-life problems"

At first glance, this sentence seems like a stretch, not to say a contradiction:

Doesn't Regulation stand for the most pronounced form of centralization? - State authorities supervise financial intermediaries, whether they call themselves Cefi or Defi is irrelevant.

The community is welcome to decide for themselves. The fact is that with the integration of a blockchain-inherent AML functionality, Cardano has taken another step to commercialize its infrastructure and increase the institutional capabilities of the Cardano ecosystem. This becomes particularly relevant with the Alonzo go live: Cardano prepares to enter the decentralized application space as #smartcontracts functionality is expected to be live with the Cardano #Alonzo upgrade on mainnet by September, 12th. That will be a major step forward as it paves the way for native decentralized applications (#dapps) and with that other assets minted on the Cardano #blockchain.

The bottom line is that the step taken is an inevitable and pragmatic one if Cardano wants to gain a foothold and scale (also) in the global and regulated financial market in the long term.

More here


Exiting times, more to come, stay tuned

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