In partnering with Jocata, CoinDCX has joined several large financial institutions in India and across various geographies who leverage Jocata’s Artificial Intelligence-based insights to make faster and better decisions thus reducing false positives and correctly identifying false negatives.
Indian customers have shown a dramatic increase in their interest in cryptocurrency, making India the fourth largest country in terms of crypto adoption. The Chainalysis 2022 Geography of Cryptocurrency Report reveals that India received a staggering USD 172 billion worth of crypto from July 2021 to June 2022. In light of this, CoinDCX has formed a partnership with Jocata to enhance its anti-money laundering (AML) framework and adapt to the evolving regulatory environment. Through this collaboration, CoinDCX will utilise Jocata's regtech product suite to effectively monitor and report any suspicious transactions to the Financial Intelligence Unit (FIU-IND).
As a pioneer in the VDA space, CoinDCX has been on a journey to make VDAs accessible for the masses, underpinned by innovation, compliance, and education. CoinDCX was the first exchange to publish proof of reserves and promptly responded to the Registered Reporting Entity requirement, demonstrating its unwavering commitment to compliance and regulatory clarity.
Officials from Jocata said they have consistently worked with partners to accelerate value creation in their business and provide them with world-class tools for fintech and regtech adoption. They are happy to collaborate with CoinDCX, one of the pioneers of the crypto revolution and assist them build a responsible and safe Crypto environment.
Also commenting on this partnership, representatives from COINDCX said that as the industry undergoes continuous evolution, their commitment remains steadfast in fostering trust, transparency, and prioritising education for stakeholders to enhance the safety and compliance of VDAs and Web3. They will continue adhering to AML norms and complying with relevant legal requirements. CoinDCX also remains committed to closely collaborating with authorities to identify and mitigate potential risks associated with the usage of VDAs in the future. Their ongoing efforts prioritise the security and compliance of their platform, enabling a safe and trustworthy environment for our valued users.
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