{"id":180883,"date":"2021-09-02T08:30:54","date_gmt":"2021-09-02T03:00:54","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=180883"},"modified":"2021-09-15T18:57:52","modified_gmt":"2021-09-15T13:27:52","slug":"cardanos-hoskinson-has-this-message-for-compliance-fudsters","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/cardanos-hoskinson-has-this-message-for-compliance-fudsters\/","title":{"rendered":"Cardano&#8217;s Hoskinson has this message for compliance &#8216;FUDsters&#8217;"},"content":{"rendered":"<p>After days of criticism associated with Cardano&#8217;s new compliance decisions, Founder Charles Hoskinson finally shot back at FUDsters today via his latest video. In fact, in the said video, the exec went as far as <a href=\"https:\/\/www.youtube.com\/watch?v=3ESn46Hj9Y4\" target=\"_blank\" rel=\"noopener\">explaining<\/a> how the new policies would <em>not<\/em> affect the <a href=\"https:\/\/coinmarketcap.com\/currencies\/cardano\/\" target=\"_blank\" rel=\"noopener\">Cardano<\/a> protocol.<\/p>\n<p>Here, it&#8217;s worth pointing out that Hoskinson&#8217;s video came soon after Coin Bureau and <a href=\"https:\/\/twitter.com\/WeissCrypto\/status\/1430548477067530240\" target=\"_blank\" rel=\"noopener\">Weiss Crypto<\/a> took issue with Cardano&#8217;s <a href=\"http:\/\/ambcrypto.com\/cardano-foundation-announces-coinfirm-partnership-to-enhance-security-of-crypto\/\" target=\"_blank\" rel=\"noopener\">partnership with Coinfirm<\/a> &#8211; an AML analytics provider. According to the latter, for instance, the partnership is a &#8220;bad move all around&#8221; and &#8220;disappointing.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">1\/ So. <a href=\"https:\/\/twitter.com\/hashtag\/Cardano?src=hash&amp;ref_src=twsrc%5Etfw\">#Cardano<\/a> curators decided to advance regulatory compliance of <a href=\"https:\/\/twitter.com\/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ADA<\/a> token, partnering with <a href=\"https:\/\/twitter.com\/hashtag\/Coinfirm?src=hash&amp;ref_src=twsrc%5Etfw\">#Coinfirm<\/a>, provider of (<a href=\"https:\/\/twitter.com\/hashtag\/AML?src=hash&amp;ref_src=twsrc%5Etfw\">#AML<\/a>)anti-money-laundering analytics. <\/p>\n<p>Bad move all around, disappointing. Here&#39;s why: (THREAD)<\/p>\n<p>&mdash; Weiss Crypto (@WeissCrypto) <a href=\"https:\/\/twitter.com\/WeissCrypto\/status\/1430548477067530240?ref_src=twsrc%5Etfw\">August 25, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The exec, however, defended compliance tools for the sake of Cardano&#8217;s growth. He <a href=\"https:\/\/www.youtube.com\/watch?v=3ESn46Hj9Y4\" target=\"_blank\" rel=\"noopener\">claimed<\/a> regulated entities need to ensure compliance in their own domain. Even so, Hoskinson was quick to stress that these policies would not affect the Cardano protocol, the <a href=\"https:\/\/daedaluswallet.io\" target=\"_blank\" rel=\"noopener\">full-node<\/a> Daedalus wallet, or Cardano&#8217;s base layer.<\/p>\n<p>He <a href=\"https:\/\/www.youtube.com\/watch?v=3ESn46Hj9Y4\" target=\"_blank\" rel=\"noopener\">added<\/a>,<\/p>\n<blockquote><p>&#8220;It&#8217;s open source software that&#8217;s complete decentralized. It&#8217;s sitting in a GitHub repo at any given time. Anyone can fork that and run it with their own brand, logo, and reputation on top of it. It&#8217;s not proprietary in any sense.&#8221;<\/p><\/blockquote>\n<p>Asking how KYC\/AML would even be possible in such cases, Hoskinson told viewers to &#8220;think it fu*king through.&#8221; According to the Founder of Cardano, it is doing nothing different from <a href=\"http:\/\/ambcrypto.com\/these-are-the-key-points-el-salvadors-worrying-bitcoin-banking-regulations-ignore\/\" target=\"_blank\" rel=\"noopener\">Bitcoin<\/a> and Ethereum.<\/p>\n<h4>Are regulations unavoidable now?<\/h4>\n<p>Hoskinson also <a href=\"https:\/\/www.youtube.com\/watch?v=3ESn46Hj9Y4\" target=\"_blank\" rel=\"noopener\">predicted<\/a> that stronger regulations are coming to the DeFi space. The <a href=\"https:\/\/www.fatf-gafi.org\/publications\/fatfrecommendations\/documents\/public-consultation-guidance-vasp.html\" target=\"_blank\" rel=\"noopener\">guidance<\/a> published by the <a href=\"http:\/\/ambcrypto.com\/why-defi-needs-to-strike-a-fine-balance-regarding-fatfs-guidelines\/\" target=\"_blank\" rel=\"noopener\">Financial Action Task Force<\/a> [FATF] in March 2021 is one such example. The document highlighted the need for KYC policies among &#8220;virtual asset service providers.&#8221;<\/p>\n<p>Despite this, Hoskinson insisted that not all files on a system have to be in compliance with a particular regime.<\/p>\n<p>Curiously, Coinfirm has also <a href=\"https:\/\/www.coinfirm.com\/blog\/cardano-coinfirm-aml-ada\/\" target=\"_blank\" rel=\"noopener\">claimed<\/a> that Binance and XRP also use its solutions. Meanwhile, blockchain analytics company Crystal Blockchain <a href=\"https:\/\/www.prnewswire.com\/news-releases\/crystal-expands-blockchain-coverage--crypto-aml-compliance-solutions-301263503.html\" target=\"_blank\" rel=\"noopener\">supports<\/a> Ethereum Classic, over 1500 ERC-20 tokens, and Bitcoin SV.<\/p>\n<h4>Mission One Billion<\/h4>\n<p>It&#8217;s no secret that the <a href=\"https:\/\/coinmarketcap.com\" target=\"_blank\" rel=\"noopener\">third-largest cryptocurrency<\/a> by market cap aims to turn <a href=\"http:\/\/ambcrypto.com\/cardano-foundation-announces-coinfirm-partnership-to-enhance-security-of-crypto\/\" target=\"_blank\" rel=\"noopener\">one billion people<\/a> into Cardano users over the next five years.<\/p>\n<p>However, this would require certain conditions to be met. Hoskinson concluded the video by <a href=\"https:\/\/www.youtube.com\/watch?v=3ESn46Hj9Y4\" target=\"_blank\" rel=\"noopener\">stating<\/a>,<\/p>\n<blockquote><p>&#8220;But if our goal is to get Fortune 500 companies, government actors and billions of people to use the product, then we have to accept that they&#8217;re all going to be using Cardano differently. And that means we have to have a diverse set of partners and tool chains and capabilities for them to use the protocol differently.&#8221;<\/p><\/blockquote>\n<p>On 31 August, Weiss Crypto <a href=\"https:\/\/twitter.com\/WeissCrypto\/status\/1432734939456356356\" target=\"_blank\" rel=\"noopener\">announced<\/a> it would meet a Cardano Foundation representative to discuss AML solutions. No doubt Cardano watchers will be tuning in for dramatic updates.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After days of criticism associated with Cardano&#8217;s new compliance decisions, Founder Charles Hoskinson finally shot back at FUDsters today via his latest video. In fact, in the said video, the exec went as far as explaining how the new policies would not affect the Cardano protocol. Here, it&#8217;s worth pointing out that Hoskinson&#8217;s video came<a href=\"https:\/\/ambcrypto.com\/cardanos-hoskinson-has-this-message-for-compliance-fudsters\/\">Continue reading <span class=\"sr-only\">&#8220;Cardano&#8217;s Hoskinson has this message for compliance &#8216;FUDsters&#8217;&#8221;<\/span><\/a><\/p>\n","protected":false},"author":48,"featured_media":180896,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[],"class_list":["post-180883","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Cardano&#039;s Hoskinson has this message for compliance &#039;FUDsters&#039; - 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