Cardano Foundation Pushes for Better Regulatory Compliance with Coinfirm Integration

Azeez Mustapha
30 August 2021 | Updated: 30 August 2021

The Cardano Foundation appears to be toeing the line towards better regulatory compliance practices following a recent announcement to integrate Anti-Money Laundering analytics firm Coinfirm into the Cardano ecosystem.

Coinfirm confirmed the development last Tuesday with an announcement to deploy its top-notch AML/CFT analytics system to ensure best regulatory-compliance practices by Cardano with the FATF’s (Financial Action Task Force) guidelines, 6AMLD, and other regulations.

With this move, the blockchain should attract increased confidence from governments, institutions, regulatory bodies, and users.

However, the recent move has faced some opposition from some members of the cryptocurrency community who believe that it goes against the basic fabric of crypto guiding principles.

Commenting on the move, crypto firm Weiss Crypto noted that the move was an “all-around disappointing development” that favors regulators. The firm explained in a tweet that Cardano has no business adopting regulatory compliance, instead, stand-alone projects on the blockchain should. The firm worries that the regulatory compliance move pushes it towards becoming a censorship-prone” financial system. Weiss Crypto tweeted that:

“The whole point [of blockchain technology and cryptocurrencies] is to build a new financial and economic layer, free from the control and repression of those who have brought our world economy to the brink of total failure, able to be sustained only by excessive and aggressive centrally planned intervention.”

Key Cardano Levels to Watch — August 30

Cardano (ADA) remained in a sideways momentum on Monday as the broader cryptocurrency market exhibited bearish underpinnings. That said, bulls have managed to keep the price of the third-largest cryptocurrency above the $2.8000 support through the consolidation.

ADAUSD – 4-Hour Chart

That said, we expect to see a bullish recovery over the coming hours as bullish activities pick up across the broader market. At the moment, a sustained dip below the $2.8000 level seems unlikely given the confluence of sport around that line (50 SMA, three-week-long ascending trendline, and the support line).

Meanwhile, our resistance levels are $2.8000, $3.0000, and $3.2000, and our support levels are $2.4507, $2.4000, and $2.3000.

Total Market Capitalization: $2.16 trillion

Cardano Market Capitalization: $90.5 billion

Cardano Dominance: 4.16%

Market Rank: #3

 

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.