Blockchain data platform Chainalysis has sped up the launch of two new sanctions screening tools to help the cryptocurrency industry.
The company has introduced an on-chain oracle and an API which it expects to launch next month. These tools will help users to validate that they are not interacting with cryptocurrency wallets associated with sanctioned entities.
According to FinTech Finance, the new Chainalysis offerings will provide an easy way to conduct basic sanctions checks to help manage reputational and sanctions enforcement risk.
The Chainalysis oracle and API, the publication underlined, will provide any cryptocurrency firm, protocol or organisation an easy way to quickly check if an address is on a sanctions list before enabling it to connect with their service.
Chainalysis CEO and co-founder Michael Gronager said, “Now is the time for the industry to demonstrate that blockchains’ inherent transparency make cryptocurrency a powerful deterrent to sanctions evasion. In anticipation of ongoing sanctions, we’ve prioritized the development of these tools so that all cryptocurrency market participants have what they need to harness this transparency and conduct basic sanctions screening at no cost to them.”
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