Circle Launches New ‘Compliance Engine’ for Companies Building On-Chain, Says CEO Jeremy Allaire
USDC-issuer Circle has rolled out a new compliance tool designed to help companies build on-chain. The “Compliance Engine” will automatically integrate with Circle’s programmable smart wallets designed for developers, says Jeremy Allaire, the firm’s chief executive. “We’ve built up tremendous capabilities in this area over the past decade, and we’re now taking those capabilities and exposing them to developers and operations teams that are building financial applications on-chain. This includes our new Transaction Screening tool to detect risky and suspect transactions, our Transaction Monitoring tool to help identify potential high-risk behaviors and our new Travel Rule service, which helps companies maintain compliance with global travel rule requirements for large onchain transactions.” This summer, USDC and Circle’s euro-pegged stablecoin EURC achieved compliance with the European Union’s Markets in Crypto Assets (MiC...