As a seasoned analyst with a keen eye for emerging trends in blockchain technology and regulatory compliance, I find Hacken’s new automated security and compliance tool to be a game-changer for web3 businesses. Having navigated through the labyrinth of regulatory changes in the crypto space, I can attest to the critical need for such solutions.
As a security analyst, I’m excited to announce that we, at Hacken, are introducing an innovative automated tool designed to enhance the security and compliance of web3 businesses. Given the imminent arrival of regulations such as MiCA and DORA, it’s crucial for us to stay ahead in ensuring our clients meet these standards effortlessly.
Hacken, a global blockchain auditor originating from Ukraine, is introducing a novel approach for web3 enterprises to meet regulatory requirements such as MiCA and DORA in an efficient, automated way.
In a press statement sent to crypto.news, Hacken’s co-founder and CEO Dyma Budorin stated that their company created an innovative tool called “Extractor” to tackle the urgent need for forward-looking monitoring and adherence to rules in the cryptocurrency sector. Based in Tallinn, Hacken claims that Extractor offers a compliance monitoring structure for web3 initiatives, simplifying the process of aligning with regulatory norms such as MiCA, DORA, and ADGM.
Unlike other solutions on the market, Hacken’s solution is known for its comprehensive approach to compliance, which incorporates AML/CFT monitoring, transaction tracking, analysis of total value locked, and detection of circulating supply into a systematic framework. It also features real-time threat detection, automated safeguards, and post-incident reporting to maintain continuous protection and operational robustness as stated in the press release.
Valentyna Kondratenko, legal advisor for Hacken, stated that starting from January 17, 2025, the regulations set by DORA will be enforced. She further explained that failing to comply with these rules could lead to significant consequences, such as fines equivalent to 2% of a company’s total annual global revenue or 1% of its average daily global turnover.
The solution can work across various blockchain platforms, such as Ethereum and BNB Chain (previously known as Binance Smart Chain), increasing the range of possible applications for it.
As a researcher exploring the dynamic landscape of cryptocurrencies, I’ve observed that the Markets in Crypto-Assets (MiCA) regulations have presented unique hurdles for crypto firms seeking to grow within the European market. For instance, the renowned crypto exchange, Coinbase, was compelled to terminate USDC rewards for its European clients due to MiCA compliance requirements. In a subsequent move, they even removed Tether (USDT) from their European platform. This underscores the need for careful navigation and adherence to these regulations when operating in this region.
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2024-12-24 14:26