Wyoming’s Chief Banking Regulator Seeks Help of Chainalysis for Enhancing Its Monitoring Capabilities Regarding Crypto Activities

Wyoming’s Chief Banking Regulator Seeks Help of Chainalysis for Enhancing Its Monitoring Capabilities Regarding Crypto Activities

CoinDesk has been informed that a service agreement has been executed between Wyoming and Chainalysis. According to Commissioner Albert Forkner, Wyoming has sought its services for the purposes of providing training to its senior examiners on crypto activities within the state along with providing two software licenses relating to monitoring and investigation support. Chain analysis is going to provide its support to the Division of Banking as the state will be faced with compliance-related challenges with regard to the crypto industry.

While maintaining its reputation for being a crypto-friendly state, Wyoming last Wednesday granted a special-purpose depository institution (SPDI) bank charter to Kraken, which is a world-renowned crypto exchange firm, for the purposes of rendering services as a banking institution under the style, Kraken Financial.

Chain analysis, which is an entity involved in providing blockchain data-based analysis, investigation tools, training, and support to various governmental and non-government agencies including financial institutions and crypto exchanges over 40 different countries of the world, has been taken into the task by Wyoming which shows how cautiously US financial regulators and responding to a certain type of asset class such as crypto-currency or crypto-based assets which still seems to be a much debatable subject amongst many.

When something new emerges in the financial and business industry then the regulator has to act more responsibly to ensure that the newbies are complying with the rules and regulations and policies applied by the regulator. An official of the Division of Banking also said that there is nothing new about the rules instead they are as they were existing before which were and still are applicable to all banks present in the country. The more focus of the regulator to eliminate corruption and corrupt practices while also ensuring that money laundering practices are eradicated and if anything contrary to these rules is found then strict action is taken against the culprits.

The Commissioner also reported to have said that the aim of engaging the services of Chain analysis is that in case we find out that a bank is letting its customers pay crypto into such wallets which belong to the blacklisted address, then we would have a proof against that bank which can then be helpful in court proceedings.

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