Rakuten Wallet And CipherTrace Will Assure AML Compliance On New Exchange

Rakuten wallet which is the subsidiary of the e-commerce Japanese giant Rakuten, partnered with CipherTrace, the blockchain security firm in order to assure anti-money laundering (AML) compliance for the company’s new crypto exchange. The development was announced earlier today on May 29 and is what we are reading about in the altcoin news below.

CipherTrace as a company develops cryptocurrency AML, regulatory monitoring solutions, and forensics but now, the company will work on the safety improvement on the Rakuten Wallet. This means that the security of the clients’ funds will be much bigger as well as the protection of the integrity and compliance of the exchange. The CEO of CipherTrace Dave Jevans stated about the new partnership:

 “We have made significant strides as an industry to make the cryptocurrency market grow and become more trustable. Rakuten Wallet cares about its customers and will work with CipherTrace to make sure that exchanges have optimal protections for mainstream adoption. It is our hope that proper compliance, transparency and increased trust will lead to more and more participation in the global crypto market.”

The Rakuten Wallet company aims to launch the crypto exchange in June this year if everything goes according to plan. According to the company, the new trading platform will allow users to trade digital assets by using a smartphone app. Each user can open an account in a matter of minutes for free of charge. The customers’ funds will be stored on the company’s cold wallet which is a device for storing digital currency, not connected to the internet.

As mentioned in the latest cryptocurrency news, Rakuten Wallet already has opened the online account registration process for their digital assets trading services back in April this year. This means that the traders have to register with a Rakuten User ID and an associated bank account.

Also in April this year, a representative from the company told Reuters that the Japanese Financial Services Agency (FSA) will require all of the crypto exchanges to increase the internal supervision of the cold wallets. With the new rules and regulations, the FSA addressed the problems of ensuring the security level of digital currencies and the risks for the country that can come up. The regulator also aims to boost the fintech industry and thus to increase the economic growth of the country.