The cryptographic software company says it is continuously unveiling new AML and KYT features – and now offers coverage in 70 countries to over 2,500 service providers.

Crystal Blockchain was publicly launched in 2018 with the goal of creating a better and more secure digital currency industry. The company, developed by the Bitfury Group software development team, brings together experienced blockchain analysts, award-winning mathematicians and professional software developers.

The platform currently supports Bitcoin, Ethereum, Bitcoin Cash, Tether, XRP and Litecoin blockchains. Besides the cryptocurrency exchange service, Crystal Blockchain analytical platforms include banks and financial institutions among their clients.

According to Crystal Blockchain, the goal is to help financial institutions comply with the regulatory requirements set by the US Financial Action Task Force and the EU’s Fifth Anti-Money Laundering Directive. The company says the analysis is important given how virtual asset service providers have come under increasing pressure to fight illegal cryptocurrency transactions. As a result, Crystal is committed to ensuring that customers adhere to anti-money laundering and Know Your Transaction (KYT) procedures.

New understanding
Crystal Blockchain has released a series of reports highlighting the features it has developed as well as some of the insights provided by the team in recent months.

The company says the technology is capable of assessing risk parameters for any new transaction on the blockchain in real time, and then can automatically recalculate the risk assessment for other related activities in up to 100,000 related reverse and reverse transitions, providing comprehensive risk management. The risk is assigned automatically when a transaction enters the mempool, even before it is confirmed on the blockchain.

According to Crystal, regular monthly updates ensure compliance tools are in line with current global regulatory standards. The team says the entire process is automated on their platform, which means it can be easily integrated with enterprise collaboration software like Slack. This means that once an account is created on the Crystal platform, customer staff are instantly notified of all important alerts and warnings wherever they operate.

MORE INFO & FEATURES OF CRYSTAL BLOCKCHAIN ​​HERE
In a recent report covering the period from 2013 to 2020, Crystal Blockchain also highlighted some critical trends related to digital assets. During this period, it was found that the total volume of bitcoins (BTC) transferred directly between exchanges in the first half of 2020 was $ 33 billion, up 35% over the same period 12 months ago.

Further analysis also showed that the countries with the largest number of listed stock exchanges since the first half of 2020 were the UK, Hong Kong, Singapore and the United States.

“As FATF and 5 AMLD regulatory measures continue to move forward, we expect the number of exchanges dealing with unknown source countries to continue to decline. Crystal predicted that as compliance costs rise, we also expect an increase in the number of listed exchanges.

Additionally, the company says it now only takes minutes to identify online devices that are squeezing payments from affected users.

Cryptocurrency analysis software companies that can operate at this speed can help the digital asset industry gain legitimacy in the eyes of investors who may be interested in accessing bitcoins and other digital currencies. This means that if there are more hacker attacks or security breaches in the future, the likelihood increases that cybercriminals will be brought to justice quickly.

Source: CoinTelegraph

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