31 Aug 2021
The U.S. Securities and Exchange Commission will monitor decentralized finance transactions, after contracting with the blockchain cybersecurity firm AnChain.AI, which confirmed the agreement over social media last week. Legal experts suggest this and other recent moves preview increased regulation of the decentralized finance space.
The San Jose, California-based analytics firm – which uses investigatory and predictive analytics to track illegal activity across exchanges, DeFi projects and traditional institutions – confirmed the agreement via Twitter. The contract will help the SEC identify suspicious addresses and transactions, as the commission assesses the DeFi space and considers regulatory actions involving cybersecurity, data privacy, risk management and other investor protections.
On Twitter, the firm wrote, “We’re proud to work with the SEC to protect all #Crypto stakeholders in the virtual asset economy, and to contribute our technology to critical regulatory oversight efforts.”
The SEC’s contract with the firm – which reportedly went into effect in May – is worth $125,000 per year for up to five years, according to Forbes.
By Dan Gunderman, BankInfoSecurity, 30 August 2021
Read more at BankInfoSecurity
RiskScreen: Eliminating Financial Crime with Smart Technology
You can claim CPD minutes for this content, by signing up to our CPD WalletFREE CPD Wallet