Chainlink launches its new initiative ACE to help bridge compliance gaps and open doors for institutional investments in cryptocurrency.
What is ACE and what are its goals?
ACE (Automated Compliance Engine) is a new tool from Chainlink aimed at integrating $100 trillion of institutional investments into the cryptocurrency ecosystem. It represents a standardized platform for ensuring legal compliance within fintech. Rather than just another tech gadget, it is a modular and standardized structure that facilitates compliance on both public and private blockchains.
Compliance Issues in Traditional Finance
In traditional finance, compliance is a necessity that comes at a significant cost. According to a study, North American institutions spent over $60 billion in 2023 to meet compliance requirements against financial crimes. Chainlink aims to address this issue with ACE by enhancing process standardization and reducing duplication of efforts among market participants.
A New Era of Tokenized Assets or How ACE Will Change the Game?
Sergey Nazarov, co-founder of Chainlink, believes ACE could become a key element for the full rollout of the tokenized asset economy. He emphasizes that digital assets created under Chainlink standards will be more efficient and cost-effective. This paves the way for a new phase in the cryptocurrency world where compliance becomes automated and interoperable, creating a safer environment for financial institutions.
With the launch of ACE, Chainlink lays the groundwork for a financial future where tokenized assets can freely circulate in the market, adhering to strict compliance requirements. This could represent a true revolution in the crypto industry.
