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Waves leverages RegTech provider Coinfirm for on-chain AML and CFT

By Edil Corneille

December 04, 2020

  • Europe
  • Waves

Waves Tech, @wavesprotocol, Defi, blockchainWaves – 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 RegTech provider Coinfirm for on-chain AML (Anti-Money Laundering) and CFT (Combatting the Financing of Terrorism).

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.

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 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.

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