Chainalysis to help Wyoming control cryptocurrency tracing

Chainalysis to help Wyoming control cryptocurrency tracing

Wyoming is rapidly becoming the most crypto-friendly state in the US

Wyoming is becoming a pioneer state when it comes to welcoming the cryptocurrency industry within its borders, starting with the recent approval of the first cryptocurrency bank in the US. Now, in order to ensure it has the required capabilities to trace digital asset movements, the Equality State recruited help from a well-known cryptocurrency analytics firm. Wyoming’s banking regulator has announced a one-year deal with Chainalysis for the firm to assist the state in tracking crypto movements.

Additionally, the deal includes the Division of Banking getting investigatory support from the crypto company as well as the right to use two different software licenses to help to monitor. Albert Forkner, the State Banking Commissioner of the Wyoming Banking Division, referred to the usual concerns from people about possible illicit activities involving crypto, stating, “Just the nature of digital assets and the pseudonymity of them have a lot of people concerned about illicit activity. When you introduce a new dynamic like [these] regulators have to ensure the newcomers are playing by the rules.”

Other state agencies and even federal offices have started to recruit help from different cryptocurrency-related firms in an attempt to have more and better tools to monitor transactions and regulate this still-new industry. This news comes just one day after the Wyoming Banking Board granted the cryptocurrency exchange Kraken a license to form a Special Purpose Depository Institution (SPDI), making it the first crypto bank in the state and the country.

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