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Tracking Bitcoin Transactions (Forensics) – Programmer explains

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Chainalysis Will Track Cryptocurrency Transactions In Wyoming
CONTENT

  • Wyoming is actively expanding cooperation with crypto-oriented companies

  • Previously, the state issued a banking license to the Kraken crypto exchange

  • Major US financial players are beginning to look closely at cryptocurrencies to diversify risks

International consortium of news organizations developing transparency standards.

Cooperation is concluded just the next day after Kraken’s announcement of obtaining a license to provide banking services

Chainalysis will track ...

Market research firm Chainalysis has partnered with the Wyoming banking regulator. The company announced this on its official website. As part of the collaboration, Chainalysis will begin tracking cryptocurrency transactions in the state to combat money laundering, sanctions violations and other criminal activities..

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Under the terms of the partnership, the state banking division will use Chainalysis products to verify financial institutions’ compliance with anti-money laundering requirements, bank secrecy laws, know your customer (KYC) requirements, and sanctions regime..

Wyoming Banking Commissioner Albert Forkner noted the primacy of the state in the digital arena, as well as the progressive development of the banking system with existing regulatory requirements:

“Wyoming was the first US jurisdiction to allow banks to conduct digital asset transactions in 2019. While the state is committed to responsible innovation, we are also committed to using distributed ledger technology to drive criminals out of the digital asset space. “.

Chainalysis will track ...

Cryptocurrency state

Wyoming is considered one of the first US states to provide a green signal to the cryptocurrency market at the legislative level. In 2019, the state approved the formation of Specialized Depository Institutions (SPDI), allowing the storage of digital assets, as well as the provision of cryptocurrency trust services.

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The collaboration between the state and Chainalysis comes amid the granting of permission from the Kraken crypto exchange to create a fully regulated crypto bank. The new financial institution of the exchange called Kraken Financial will serve as the SPDI. The services of the new institution will cover both fiat money and cryptocurrency assets.

The rich will pay attention to Bitcoin

Meanwhile, major players in the US financial market are gradually starting to look closely at bitcoin as a diversification of risks from the authorities’ policy of distributing “helicopter money”. Earlier, the head of the investment bank Sanders Morris Harris, George Ball, said that very wealthy investors “are likely to pay attention to Bitcoin or something like that as the main product [to save the investment portfolio]”.

In Russia, they are only deciding exactly how to regulate and whether it is worth allowing the circulation of cryptocurrencies in the domestic market at all. Nevertheless, the amendments to the approved law “On digital financial assets” proposed by the Ministry of Finance of the Russian Federation drew criticism from the community.

The Russian Association of Cryptocurrencies and Blockchain (RACIB) has already stated that digital business, with “prohibitive and absurd norms”, will be in the position of seeking foreign jurisdiction for its activities.

Chainalysis will track ...

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