- Users leverage integrated software in full compliance with KYC and AML regulations
- DCF and Tenica contract to provide services for regulatory compliance to cut costs
Decentralized Crypto Financial, Inc. (DeCryptoFi) and Tenica Global Solutions have partnered to launch the first-ever KYC- and AML-compliant public blockchain, Bankless Times learned from a press release.
Users can come to this platform and leverage smart contracts, debt services, IPOs, and other decentralized financial services.
Technology protects users from committing violations
The proprietary technology, which runs on the Ethereum Mainnet, makes it possible for fully vetted users to leverage integrated software that is in full compliance with KYC and AML regulations.
It protects all public and private entities from committing legal violations, whether unintentionally or deliberately.
The laws and federal regulations taken into account include the Bank Secrecy Act, the USA PATRIOT Act, Counter Financing of Terrorism, the Office of Foreign Assets Control (OFAC), Anti-Fraud and Financial Crimes, etc. DeCryptoFi CEO Nicholas Scherling commented:
Our goal with DeCryptoFi is to leverage the power of blockchain to create an open architecture and more transparent financial system for the digital age that will ultimately revolutionize the creation and management of both traditional and digital assets. Based on our deep experience and relationships with government agencies through TENICA Global Solutions, we strongly believe that the path to achieving that goal is by facilitating these services in a way that is inherently compliant with current regulations.
Tenica is a renowned contractor with $50M+ in annual revenue
The DeCryptoFi platform was released in collaboration with Tenica Global Solutions, a world-renowned government contractor with revenue exceeding $50 million a year. It was founded by retired US Army Major General Terry Scherling.
Nicholas Scherling, who is currently COO of Tenica, helped grow its revenues more than fourfold during the last seven years.
First company shares issued on blockchain?
In the first stage of the collaboration, DCF and Tenica will contract to provide services for software development and regulatory compliance to cut costs as the former scales its offerings toward its goal of being cash flow positive by the end of next year.
DCF is using its technology to become the first blockchain-issued stock, whereby it will be possible to buy it directly on the website.
Contributors
