Astra Protocol, a cutting-edge legal and compliance layer that brings unmatched assurance to public blockchains, announced that it has set up a Compliance Hub in The Sandbox virtual world, CoinJournal learned from a press release.
The new Compliance Hub will equip metaverse users with a decentralized compliance layer, including Anti-Money-Laundering (AML) and Know-Your-Customer (KYC) capabilities.
Making the metaverse safer for all
With its new Compliance Hub, Astra aims to make the emerging metaverse frontier safer for all participants. The layer resolves on-chain compliance issues using the expertise of trusted legal firms and its patented technology.
Astra has created a unique DLN (Decentralized Legal Network) comprised of all major, global audit and legal firms to make the best KYC/AML services available. The DLN incorporates jurisdictions in almost 200 countries, making sure regulations can be met almost anywhere in the world.
Users can connect to Hub’s DLN, gain accreditation, and more
A wide variety of options are available to metaverse users: connecting to the Compliance Hub’s DLN, obtaining accreditation, and receiving a non-transferrable NFT. The NFT will provide privileged access to otherwise inaccessible special events.
Following user verification, it’s possible to take part in any metaverse event you want without worrying about identity compromise. Astra’s services protect users from malicious or harmful accounts while solving identity issues.
Jez Ali, the founder of Astra Protocol, said:
We are delighted to announce the Astra Protocol’s entry into the metaverse with our first plot in The Sandbox. The future of metaverse development will be a long-lasting and innovative mission which has already shown incredible growth and is an exciting area of Web3. By deploying the first Compliance Hub in the metaverse, we can support this growth by adding a layer of protection for users across the world.
Astra Protocol chose The Sandbox to launch its Compliance Hub because of its fun and desirable locations. The majority of metaverse users turn to The Sandbox for new immersive experiences and ways to interact.
Competition for The Sandbox locations is cutthroat with only 166,464 individual plots of land available.