Circle, the company behind the popular USDC stablecoin, has launched a new tool called the “Compliance Engine” to help businesses build applications on the blockchain.
What is the Compliance Engine?
The Compliance Engine is basically a set of tools designed to make sure companies are following all the rules and regulations when they’re working with crypto. It’s like a built-in safety net that helps them avoid any legal trouble.
What Does the Compliance Engine Do?
The Compliance Engine includes several features:
- Transaction Screening: This tool helps identify risky or suspicious transactions.
- Transaction Monitoring: This tool helps detect potential high-risk behavior.
- Travel Rule Service: This tool helps companies comply with global regulations for large transactions.
Why is This Important?
Building on the blockchain can be tricky, especially when it comes to staying compliant with all the different laws and regulations. Circle’s Compliance Engine aims to make it easier for companies to navigate this complex world.
USDC and EU Regulations
Circle’s stablecoins, USDC and EURC, are already compliant with the European Union’s new crypto regulations, called MiCA. MiCA is designed to make the crypto market safer and more transparent, and it will come into effect in December 2024.
What’s Next for Circle?
Circle is committed to making it easier for businesses to build on the blockchain. The Compliance Engine is just one example of how they’re working to make the crypto world more accessible and secure.
