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Wyoming Bank Regulator Turns To Chainalysis For Boosting Cryptocurrency Tracing Capability

The chief banking regulator of the Wyoming Division of Banking has tapped the blockchain analytics firm Chainalysis for enhancing and boosting cryptocurrency tracing efforts. Chainalysis will help the division to strengthen ithe monitoring capabilities that it uses for tracing illicit cryptocurrency activities.

According to a report, there has been formed one-year deal between Wyoming banking regulator and Chainalysis. As per the deal, the blockchain analytics firm has been given the task to train senior examiners of the Wyoming division on practices of digital currency tracing. Apart from this, the Division of Banking will get investigatory support as well as two monitoring software licenses from Chainalysis as well.

The State Banking Commissioner of the Wyoming Banking Division Albert Forkner said that people usually have concerns about the illicit crypto activities due to the pseudonymous nature of digital currencies. Forkner stated:

“Just the nature of digital assets and the pseudonymity of them have a lot of people concerned about illicit activity. When you introduce a new dynamic like this regulators have to ensure the newcomers are playing by the rules.”

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Various governments, businesses, and regulators are seeking the help from the blockchain analytics firm Chainalysis. And now it has formed a strategic deal with the Wyoming Division of Banking to help it boost its digital currency tracing efforts.

The regulatory authorities of the United States of America seem to be very serious about the regulation of the cryptocurrency and removing the illicit activities from the cryptocurrency space.

This news has come just a day after the US State of Wyoming granted the banking charter to the major cryptocurrency exchange Kraken. The Wyoming Banking Board approved the application of Kraken to form a Special Purpose Depository Institution (SPDI) and allowed the exchange to develop a bank in the State of Wyoming in the US. The Kraken cryptocurrency exchange is the first cryptocurrency exchange that was able to receive US banking charter and has formed a bank in the United States the first regulated cryptocurrency bank in the history of the US.

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Mubashar Nawaz (United Arab Emirates)

Mubashar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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