After days of criticism associated with Cardano\u2019s new compliance decisions, Founder Charles Hoskinson finally shot back at FUDsters today via his latest video. In fact, in the said video, the exec went as far as explaining<\/a> how the new policies would not<\/em> affect the Cardano<\/a> protocol.<\/p>\n Here, it\u2019s worth pointing out that Hoskinson\u2019s video came soon after Coin Bureau and Weiss Crypto<\/a> took issue with Cardano\u2019s partnership with Coinfirm<\/a> \u2013 an AML analytics provider. According to the latter, for instance, the partnership is a \u201cbad move all around\u201d and \u201cdisappointing.\u201d<\/p>\n 1\/ So. #Cardano<\/a> curators decided to advance regulatory compliance of $ADA<\/a> token, partnering with #Coinfirm<\/a>, provider of (#AML<\/a>)anti-money-laundering analytics. <\/p>\n Bad move all around, disappointing. Here’s why: (THREAD)<\/p>\n \u2014 Weiss Crypto (@WeissCrypto) August 25, 2021<\/a><\/p>\n<\/blockquote>\n The exec, however, defended compliance tools for the sake of Cardano\u2019s growth. He claimed<\/a> regulated entities need to ensure compliance in their own domain. Even so, Hoskinson was quick to stress that these policies would not affect the Cardano protocol, the full-node<\/a> Daedalus wallet, or Cardano\u2019s base layer.<\/p>\n He added<\/a>,<\/p>\n \u201cIt\u2019s open source software that\u2019s complete decentralized. It\u2019s sitting in a GitHub repo at any given time. Anyone can fork that and run it with their own brand, logo, and reputation on top of it. It\u2019s not proprietary in any sense.\u201d<\/p>\n<\/blockquote>\n When asked how KYC\/AML would even be possible in such cases, Hoskinson told viewers to \u201cthink it fu*king through.\u201d According to the Founder of Cardano, it is doing nothing different from Bitcoin<\/a> and Ethereum.<\/p>\n Hoskinson also predicted<\/a> that stronger regulations are coming to the DeFi space. The guidance<\/a> published by the Financial Action Task Force<\/a> [FATF] in March 2021 is one such example. The document highlighted the need for KYC policies among \u201cvirtual asset service providers.\u201d<\/p>\n Despite this, Hoskinson insisted that not all files on a system have to be in compliance with a particular regime.<\/p>\n Curiously, Coinfirm has also claimed<\/a> that Binance and XRP also use its solutions. Meanwhile, blockchain analytics company Crystal Blockchain supports<\/a> Ethereum Classic, over 1500 ERC-20 tokens, and Bitcoin SV.<\/p>\n It\u2019s no secret that the third-largest cryptocurrency<\/a> by market cap aims to turn one billion people<\/a> into Cardano users over the next five years.<\/p>\n However, this would require certain conditions to be met. Hoskinson concluded the video by stating<\/a>,<\/p>\n \u201cBut if our goal is to get Fortune 500 companies, government actors and billions of people to use the product, then we have to accept that they\u2019re all going to be using Cardano differently. And that means we have to have a diverse set of partners and tool chains and capabilities for them to use the protocol differently.\u201d<\/p>\n<\/blockquote>\n On 31 August, Weiss Crypto announced<\/a> it would meet a Cardano Foundation representative to discuss AML solutions. No doubt Cardano watchers will be tuning in for dramatic updates.<\/p>\n<\/div>\n\n
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Are regulations unavoidable now?<\/h4>\n
Mission One Billion<\/h4>\n
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