CoinDCX and Jocata Join Forces to Strengthen Anti-Money Laundering Measures

CoinDCX and Jocata Forge a Powerful Partnership

CoinDCX, India's prominent cryptocurrency company, has recently announced a strategic collaboration with Jocata, a leading B2B FinTech and RegTech platform provider for the BFSI industry. This partnership aims to reinforce CoinDCX's anti-money laundering (AML) compliance processes, ensuring a safer and more responsible crypto environment.

Leveraging Artificial Intelligence for Enhanced Insights

With Jocata's cutting-edge artificial intelligence-based insights, CoinDCX seeks to expedite decision-making processes, effectively identifying false negatives and minimizing potential risks associated with money laundering in the crypto space.

By leveraging advanced technologies, the two companies are dedicated to fortifying their AML frameworks to ensure compliance with evolving regulatory requirements.

India's Surge in Crypto Adoption

The latest Chainalysis 2022 Geography of Cryptocurrency Report highlights India's growing prominence in the cryptocurrency world. The country has emerged as the fourth-largest nation in crypto adoption, witnessing a staggering $172 billion in crypto value from July 2021 to June 2022.

Empowering AML Measures in a Developing Regulatory Landscape

In light of India's increasing involvement in the crypto market, CoinDCX recognizes the importance of bolstering its AML framework to navigate the developing regulatory landscape. Collaborating with Jocata, the company aims to proactively monitor and identify suspicious transactions within its financial intelligence unit (FIU-IND) to ensure a secure and compliant ecosystem.

Jocata's Vision for a Responsible Crypto Environment

Shailesh Deshpande, Director of Growth at Jocata, expresses enthusiasm over the collaboration, stating that the company is committed to supporting CoinDCX in building a responsible and secure crypto environment. Jocata's expertise in RegTech will undoubtedly play a crucial role in enhancing CoinDCX's AML compliance measures.

CoinDCX's Commitment to Compliance

Rohan Bhandari, Head of Compliance at CoinDCX, reiterates the company's dedication to adhering to AML norms and relevant legal requirements. The partnership with Jocata further solidifies CoinDCX's commitment to collaborating with authorities to address potential risks associated with virtual digital assets (VDAs) and contribute to a safer crypto landscape.

Conclusion

CoinDCX's collaboration with Jocata marks a significant step in the quest for a secure and compliant crypto environment in India.

With the integration of artificial intelligence-based insights and RegTech solutions, the partnership aims to identify potential threats and false negatives, ultimately safeguarding the crypto space against illicit activities.

As India continues to gain prominence in the crypto world, CoinDCX's commitment to AML compliance and responsible crypto usage becomes more crucial than ever.