With the U.S. Treasury sanctioning Tornado Cash (a privacy tool) yesterday, (What does this mean in practice? It means no American can send or receive money to or from those addresses without violating sanctions laws). I couldn’t help but wonder, “What happens?” if my Ex sends me tornado’d ETH, I know that there are certain debates out there, but what if there is a mechanism where I can reject the tornado’d ETH from my Ex.
Organizations (Virtual Asset Service Providers) that deal in digital assets will need adaptable compliance solutions to meet shifting regulations as the regulatory environment continues to change; Virtual Asset Service Providers (VASP) comprise entities that deal in virtual assets, such as banks and exchanges, as well as companies that offer administration or safeguarding services, such as licensed custodians. Businesses that carry out any of the aforementioned tasks for customers can be called VASP (Virtual Asset Service Providers)
With the help of Qredo’s unique concept of decentralized multi-party computation, the developers of the digital economy are able to comply with the Travel Rule and quickly adjust to new regulatory needs.
How does Qredo reduces the burden of compliance and gives VASPs the power to block transactions?
- Plug straight into existing systems; The Qredo API enables compliance processes to be scaled to match company demands and integrated with current technologies.
- Never receive toxic assets; Transactions can be automatically allowed or rejected with the help of the quarantine feature, ensuring that VASPs are never exposed to harmful assets.
- Reduce the burden of compliance; In-band transactions bind compliance information to the assets being transferred, doing away with the need for time-consuming reconciliation procedures.
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It should be noted that investing in cryptocurrencies, Decentralized Finance (DeFi), is incredibly risky and speculative, and the markets can be very volatile. Before making any financial decisions, seek advice from an expert. This article does not contain advice from me to buy or use cryptocurrencies; it is simply my opinion.
Qredo is a radical new blockchain infrastructure that delivers interoperability, lightning-fast settlement, and decentralized custody.
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