Blockchain analysis provider Chainalysis has reportedly teamed up with digital asset exchange CoinField, to provide management for AML compliance. 

Specifically, as the regulatory bodies across the world are placing a tighter grip on the crypto sector, Chainalysis has partnered with CoinField, where the blockchain analytics company will provide support, and help make sure the compliance level of CoinField’s AML practices live up to the standard, set out by regulators from different parts of the globe. 

CoinField will be incorporating Chainalysis’ Know-Your-Transaction, in an effort to detect and prevent money laundering, along with other potentially illegal activities. 

“We both believe compliance is critical to the mainstream adoption of cryptocurrency, and we look forward to partnering with CoinField to promote the safe use of cryptocurrencies globally,” Chief Revenue Officer for Chainalysis – Jason Bonds – shared his remarks regarding the development. 

Apart from adopting the KYC protocol developed by Chainalysis, CoinField will also invest resources in the Chainalysis Reactor project, as an attempt to gain a more profound understanding of lucid scenarios. 

Regulatory bodies across the globe have been placing a closer examination and supervision on the crypto scene, with the EU, specifically, has applied enhanced scrutiny on AML practices, with the arrival of the 5AMLD regulation.