ConsenSys launches Codefi Compliance platform for Ethereum based Digital Assets

ConsenSys recently announced its Codefi Compliance platform for Ethereum based digital Assets. Stablecoins like DAI, USDC, and Tether along with 280,000 types of digital assets are built on Ethereum.

The Codefi compliance platform brings automated regulatory compliance solution. Its main focus is anti-money laundering (AML) and countering the financing of terrorism (CFT), notes the announcement.

Executive Opinion

Global Co-Head of ConsenSys Codefi, Lex Sokolin, said, "Providing robust AML/CFT compliance for Ethereum-based digital assets is a keystone step in bringing the institutional financial industry to decentralized finance. Codefi Compliance is the next module in our product suite to eliminate complexity and risk in using DeFi, and help any business benefit from using digital assets."

The platform brings in tools for real-time risk assessment, risk investigation, and risk management. Platform users can track asset activities, user behavior, transactions, fund flow, and view data analysis for spot trends.

A custom framework is introduced to provide an AML/CFT solution compatible with Ether token standard. Other token standards such as ERC20, ERC721, ERC179, ERC777 are also supported. 

The solution will also support digital assets that will run on the upcoming ethereum network upgrade ETH 2.0, notes the announcement.

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