As global monetary regulators and policymakers adopt cryptocurrency and introduce strict rules to assure compliance with AML laws, the crypto sector is evolving fiercely. The blockchain pioneer and CEO of HashCash Consultants, Raj Chowdhury affirms that blockchain analytics will help to bridge the gap and bring order to the crypto sector keeping room for development.
Crypto Development And The Need For Blockchain Analytics
In the past few years, crypto has managed to make headlines and gain popularity with the current market capital standing at $983.72 billion. However, with its popularity, there has been an increase in money laundering and cybercriminal activities. As a result, the policymakers attempt a strenuous law around the crypto community globally. Companies dealing with cryptocurrency need to adapt to the updated laws. Blockchain analytics can be a perfect tool to stay updated on the transactions taking place and be well informed about the current market trends.
Also Read: Developing Blockchain Technology May Help Defend Attacks on DeFi
CEO Speaks
The HashCash chief asserts the significance of blockchain analytics for the development of the crypto community stating, “There has been a conscious effort in implementing stricter crypto regulations all over the world. Blockchain analytics will play a crucial role in decision-making processes for organizations dealing with crypto and blockchain technology.”
Companies that offer blockchain analytics services analyze the transaction of digital assets among various financial institutions around the world. The solutions that they provide will help to take an oversight which will benefit the organization to accept the current laws that the policymakers imposed on cryptocurrencies.
Mr. Chowdhury concluded, “The playing field required for innovation must not compromise the achievements we have made so far. Like any technology, blockchain is not immune to misuse. Hence the regulation is a necessity not only for AML compliance but also for developing blockchain research and the global crypto-community.” He has previously stressed the importance of crypto regulations and crypto education to prevent high APY DeFi scams.
In Conclusion
Blockchain has been widely accepted as a disruptive technology and has the ability to transform different industries. However, it is essential to not get shaken in the waves of innovation and look for new ways to improve using blockchain analytics.
Source: https://www.benzinga.com/pressreleases/22/07/p27947993/blockchain-analytics-is-vital-for-sustaining-growth-in-the-global-crypto-sphere-raj-chowdhury
No Comment