Blockchain Foundry launches compliance tool for digital assets

Blockchain Foundry launches compliance tool for digital assets
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TORONTO – Blockchain Foundry Inc. (CSE:BCFN) reported that it has launched an MVP pilot of Peregrine, a unique digital asset compliance tool. The tool allows operators of security tokens, stablecoins, Central Bank Digital Currencies (CBDCs), NFTs, and other digital assets to apply custom rulesets to digital asset transactions, including overlaying traditional financial compliance requirements onto token ecosystems.

As development continues following the initial MVP pilot, Peregrine will allow users to implement templates for digital token transactions modelled after the regulatory frameworks which apply in respect of traditional securities. For Peregrine’s initial commercial deployment, BCF intends to develop templates for North American jurisdictions based on the compliance frameworks required such regulators as the Canadian Securities Administrators (CSA), the SEC, FINRA, FINTRAC, FinCEN and others. Peregrine will also allow transactions on the network to be assessed for factors that may point to fraudulent and illicit activity using Blockchain Intelligence Group’s BitRank Verified® technology which will be integrated into Peregrine. This optional add-on feature will allow projects to run wallet addresses through the software’s AML/Fraud/CTF compliance and criminal activity checks and generate a risk score known as the BitRank score. Users will have the ability to ban users with scores below a predetermined threshold. Peregrine aims to reduce compliance and regulatory risk by allowing projects to select the rules that apply to their tokens while helping eliminate fraudulent and illicit transactions on their networks.

“Blockchain Intelligence Group is excited to contribute to Blockchain Foundry and Peregrine, which offers the holistic coverage of a multi-jurisdiction regulatory compliance and counter-illicit finance framework, paired with a bespoke implementation experience for users and issuers of digital assets. By offering Blockchain Intelligence Group’s BitRank Verified® risk scoring technology, Blockchain Foundry and Peregrine are adding an essential layer of protection enabling users to ensure that their customer profiles and activity fall within their unique and individualized risk appetites,” said Lance Morginn, President of Blockchain Intelligence Group.

“Regulatory frameworks are being introduced in many jurisdictions for digital assets and cryptocurrency exchanges. Offering or trading digital assets outside of these frameworks or without the appropriate exemptions can stop a digital asset project before it starts. Peregrine offers a solution, an innovative tool that provides on-chain pre-compliance, enhancing compliance for digital securities transactions and helping users maintain compliance with relevant regulations,” said Dan Wasyluk, CEO of BCF.

Peregrine assists users and issuers of digital assets to operate in a compliant fashion. The tool supports both custodial and non-custodial token models and is a pre-transaction compliance solution built to streamline and standardize the process of complying with digital asset regulations.

Peregrine is the first compliance solution built to support non-custodial infrastructure offering unique attributes previously only possible with centralized token technologies.

The tool features Blockchain Foundry’s most recent innovation, Transaction Compliance Enforcement Fingerprint (“TCEF”) technology. TCEF allows internal and external users to validate the rulesets in force and their specific configurations at any point in time and provides users with confidence that the data is accurate and not manipulated.

Blockchain Foundry develops and commercializes blockchain-based business solutions and helps corporate clients incorporate blockchain technology into their businesses.

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