Blockchain Firm OK Group to Assist China Fight Money Laundering
OK Group, the blockchain technology startup that established the cryptocurrency exchange OKEx, will begin collaborating with Chinese officials to use blockchain based solutions to tackle money laundering. OKLink, the firm’s settlement-focused arm, is collaborating with Nanjing Public Security Research Institute to work on anti-money laundering applications using blockchain technology.
The relationship will entail in-depth collaboration with OKLink to foster the adoption of blockchain technology for strengthening public security and social administration, according to the institution.
The stakeholders will establish a research laboratory as per the terms of the arrangement to investigate adherence techniques and technologies that use on-chain data mining to combat illegal financial activities. OKLink and Nanjing Public Security Research Institute also decided to expand their blockchain collaboration, as per the statement.
To some extent, cracking down on fraudulent projects involving cryptocurrency can help local police obtain income, so they are also very motivated.
— Wu Blockchain (@WuBlockchain) July 12, 2021
According to Chinese crypto writer Colin Wu, Chinese authorities are collaborating more with domestic cryptocurrency entrepreneurs. “Clamping down on bogus cryptocurrency ventures may assist local cops earn money to a certain degree, so they are also highly dedicated,” he said.
The report comes as China’s cryptocurrency sector faces a massive clamp down, with local officials restricting all kinds of crypto transactions and stopping the functioning of the country’s key crypto mining centers in the past few months.