Cryptocurrency News

China Finds an Ally in Combating Money Laundering

As per the latest reports, OK Group has reportedly joined hands with the authorities in China to aid the authorities against regulatory breaches. Formerly responsible for running/operating OKEx, a cryptocurrency exchange, OK Group is a technology firm that excels in blockchain technology.

The firm has announced that it has vowed to help out the Chinese authorities in their fight to eradicate money laundering factors from the country. The firm has announced that it will be offering its support to the Chinese authorities in its own fashion. According to one of the representatives at OK Group, the platform will be using blockchain technology to help Chinese authorities fight off money laundering.

Even the local media sources from China have confirmed the recent partnership between the Chinese authorities and the OK Group. The sources reveal that OKLink, the blockchain subsidiary of OK Group was the one that was in talks with the Chinese authorities.

The platform went up with its proposal to the Chinese authorities in order to offer their support and technology for the purpose of eradicating money laundering. Finally, both parties have reached an agreement and a partnership deal has been signed.

As a result, OKLink will be working side-by-side with the Nanjing Public Security Research Institute in order to thoroughly study the money laundering cases in the country.

The settlement-focused subsidiary of OK Group has announced that its partnership with the Chinese authority would see the formation of new blockchain technology. With the help of the new technology, they will be able to put a stop to and minimize the number of money laundering cases in the country.

The collaboration between the two entities would provide OKLink with in-depth cooperation access at the particular authority for complete transparency. The firm will be fully cooperating and working with the authorities to kill out any factors that may end up being money laundering ones.

Over time, OKLink will be working towards the betterment and improvement of blockchain technology to make it more sophisticated and reliable. They will be improving social governance and public security on blockchain technology.

As part of the deal, the first thing that the entities are going to do is set up a new lab. The new lab would be established as a research facility where the entities would collaborate to come up with newer ideas of regulatory implementations.

The entities will be interacting with each other in order to come up with innovative regulatory strategies for compliance. Moreover, the entities would be collaborating to come up with data analysis on the blockchains. They will come up with new thresholds and benchmarks that would initiate a warning for potential money laundering transactions.

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