OK Group, a blockchain expertise agency formerly behind cryptocurrency exchange OKEx, will begin working with Chinese language authorities to fight cash laundering, utilizing blockchain expertise.

The corporate’s settlement-focused subsidiary, OKLink, has reached a partnership with Nanjing Public Safety Analysis Institute to collaborate on making use of blockchain tech for Anti-Cash Laundering functions.

The institute announced that the partnership will embody in-depth cooperation with OKLink to advertise the combination of blockchain expertise for bettering public safety and social governance. As a part of the settlement, the events will arrange a analysis laboratory for exploring compliance methods and programs implementing on-chain knowledge evaluation to fight illicit monetary exercise.

In accordance with the announcement, OKLink and Nanjing Public Safety Analysis Institute additionally agreed to additional deepen their cooperation within the blockchain trade.

Associated: Chinese government agency issues blockchain development roadmap

Chinese language crypto journalist Colin Wu said that Chinese language authorities have been more and more cooperating with native cryptocurrency leaders. “To some extent, cracking down on fraudulent initiatives involving cryptocurrency can assist native police acquire revenue, so they’re additionally very motivated,” he added.

The information comes amid a significant crackdown on the cryptocurrency trade in China as native authorities have been putting restrictions on crypto trading activity and suspending operations within the nation’s main crypto mining hubs in current months.