OK Crew Is helping China Battle Cash Laundering With Blockchain

OK Crew, a blockchain era corporate that was once at the back of the OKEx cryptocurrency alternate, will paintings with Chinese language government to make use of blockchain era to struggle cash laundering.

The corporate’s billing-focused subsidiary, OKLink, has partnered with the Nanjing Public Safety Analysis Institute to paintings in combination at the utility of blockchain era for anti-money laundering functions.

The institute introduced that the partnership will come with an in-depth collaboration with OKLink to advance blockchain era integration to strengthen public protection and social governance. As a part of the settlement, the events will arrange a analysis laboratory to review compliance methods and programs to enforce knowledge analytics within the chain to struggle unlawful monetary process.

In step with the announcement, OKLink and the Nanjing Public Safety Analysis Institute additionally agreed to additional deepen their collaboration within the blockchain trade.

Attached: Chinese language executive company problems blockchain building roadmap

Chinese language crypto journalist Colin Wu stated the Chinese language government are an increasing number of cooperating with native cryptocurrency leaders. “To some degree, cracking down on fraudulent tasks with cryptocurrency can assist the native police to generate income, so they’re very motivated too,” he added.

The scoop comes amid a significant crackdown at the cryptocurrency trade in China as native government have curtailed crypto buying and selling actions and ceased operations within the nation’s primary crypto mining hubs in fresh months.