OK Group, a blockchain expertise agency previously behind cryptocurrency alternate OKEx, will begin working with Chinese language authorities to combat money laundering utilizing blockchain expertise.
The corporate’s settlement-focused subsidiary OKLink has reached a partnership with Nanjing Public Safety Analysis Institute to collaborate on making use of blockchain tech for Anti-Money Laundering functions.
The institute introduced that the partnership will embrace in-depth cooperation with OKLink to promote the combination of blockchain expertise for enhancing public safety and social governance. As a part of the settlement, the events will arrange a analysis laboratory for exploring compliance methods and techniques implementing on-chain information evaluation to combat illicit monetary exercise.
In accordance to the announcement, OKLink and Nanjing Public Safety Analysis Institute additionally agreed to additional deepen their cooperation within the blockchain trade.
Associated: Chinese language authorities company points blockchain improvement roadmap
Chinese language crypto journalist Colin Wu stated that Chinese language authorities have been more and more cooperating with native cryptocurrency leaders. “To some extent, cracking down on fraudulent projects involving cryptocurrency can help local police obtain income, so they are also very motivated,” he added.
The information comes amid a serious crackdown on the cryptocurrency trade in China as native authorities have been placing restrictions on crypto buying and selling exercise and suspending operations within the nation’s main crypto mining hubs in latest months.