Astra Protocol, an innovative legal and compliance layer that brings enhanced security to public blockchains, has announced the launch of a Compliance Hub in The Sandbox virtual world, according to a press release.
The new Compliance Hub will provide metaverse users with a decentralized compliance layer that includes Anti-Money-Laundering (AML) and Know-Your-Customer (KYC) capabilities.
Making the metaverse safer for everyone
With the Compliance Hub, Astra aims to make the emerging metaverse frontier safer for all participants. The layer addresses on-chain compliance challenges by leveraging expertise from trusted law firms and Astra’s proprietary technology.
Astra has built a unique Decentralized Legal Network (DLN) composed of major global auditing and law firms to deliver best-in-class KYC and AML services. The DLN covers jurisdictions across nearly 200 countries, helping ensure regulatory compliance in most regions worldwide.
Users can connect to the Hub’s DLN, obtain accreditation, and more
Metaverse users will have multiple options: connect to the Compliance Hub’s DLN, obtain accreditation, and receive a non-transferable NFT. This NFT grants privileged access to exclusive events that would otherwise be unavailable.
Once a user completes verification, they can participate in metaverse events without worrying about identity compromise. Astra’s services protect participants from malicious or harmful accounts while resolving identity-related concerns.
Jez Ali, founder of Astra Protocol, said:
We are pleased to announce Astra Protocol’s entry into the metaverse with our first plot in The Sandbox. The future of metaverse development will be long-lasting and innovative, and it has already demonstrated impressive growth as 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 around the world.
Astra Protocol selected The Sandbox to launch its Compliance Hub because of its popular and desirable locations. Many metaverse users turn to The Sandbox for new immersive experiences and interactive ways to engage.
Competition for Sandbox locations is intense, with only 166,464 individual land parcels available.