Blockchain startup Coinfirm.io has collaborated with fintech company Billon in a move to help in implementing compliance solutions for digital currency and blockchain transactions into the institutional and mass market.

According to the official release, new regulations like EU’s Anti-Money Laundering Directive will apply new due-diligence controls and fight to end the anonymity associated with some exchanges, thus impacting fintech and digital currency companies. With the new derivative, the core focus is on Counter Terrorist Financing (CTF) and Anti-Money Laundering (AML). Addressing these issues is crucial for the development of financial blockchain solutions and cryptocurrencies.

“It’s a vital time and a great opportunity for Coinfirm and Billon to come together. Not only to address compliance issue across blockchain transactions but also provide a complete package that would allow any financial institution, company or individual to safely and effectively adopt blockchain based transactions and payment systems. One is an innovator in Blockchain payments and the other is an innovator in the analysis and compliance of blockchain transactions so it creates a powerful combo to push that progress,” Pawel Kuskowski, CEO & Co-Founder of Coinfirm said.

Being a difficult and costly process to implement, compliance is especially unique in blockchain and digital currencies, but the platform by Coinfirm provides the next era of compliance with its solution. Coinfirm and Billon’s specialized blockchain brings combination of the compliance platform which can help eliminate the significant costs that many entities dedicate towards compliance. Financial institutions have dedicated up to 25% of their labor costs on it while some major digital currency firms have admitted to dedicating 20% towards compliance.

“Blockchain is an important technology of the future. Major tech companies, banks, and governments are already exploring its potential. The partnership between Billon and Coinfirm will aid in the adoption of blockchain into large established institutions and new business models they develop will require specialized infrastructure that Billon provides,” Andrzej Horoszczak, CEO of Billon stated.

With a specific focus on Compliance as a Service, Coinfirm built the first blockchain risk and compliance platform as well as created the first blockchain lab in Central Europe. The company brings transparency and security to blockchain transaction while solving the AML/CTF/Sanctions and counterparty risk management problem.