Blockchain

Blockchain auditor Hacken launches AI-powered MiCA-compliance tool for crypto firms

Published

11 months ago

December 26, 2024

Blockchain safety auditor Hacken introduces a brand new software to automate safety and compliance for web3 firms as MiCA and DORA rules loom.

Hacken, a world blockchain auditor with Ukrainian roots, is rolling out a brand new resolution that permits web3 firms to routinely adjust to requirements such because the European MiCA and DORA.

In a press launch shared with crypto.information, Dyma Budorin, co-founder and CEO of Hacken, mentioned the corporate developed the so-called “Extractor” to deal with the “essential want for proactive monitoring and compliance within the crypto area.” In response to the Tallinn-based firm, Extractor brings a compliance monitoring framework for web3 tasks, making it simpler to satisfy regulatory requirements corresponding to MiCA, DORA and ADGM.

Not like different options obtainable available on the market, Hacken’s resolution would mix AML/CFT monitoring, transaction monitoring, whole worth evaluation and circulating provide detection right into a structured compliance method. It additionally integrates real-time menace detection, automated protections and post-incident reporting to make sure steady safety and operational resilience, the press launch mentioned.

You may also like: Stablecoin startup Schuman Monetary unveils MiCA-compatible euro token

Valentyna Kondratenko, Hacken’s authorized advisor, famous that from January 17, 2025, DORA’s necessities “will turn out to be enforceable,” additional including that non-compliance “might end in extreme penalties, corresponding to fines of as much as 2% of the entire annual international turnover or 1% of common each day international turnover.”

It’s understood that the answer is suitable with a number of blockchain networks, together with Ethereum and BNB Chain (previously Binance Good Chain), increasing its potential use.

READ US Lawmakers Travel to Argentina: Local Crypto Ecosystem Examined

MiCA rules have created challenges for crypto firms seeking to develop within the European market. For instance, crypto change Coinbase needed to halt USDC rewards for EU clients resulting from MiCA, and later even dropped Tether (USDT) from its European platform.

Learn extra: MiCA: Winners and Losers of New EU Crypto Legal guidelines as Deadline Approaches