Astra Protocol, an advanced legal and compliance layer that brings unmatched assurances to public blockchains, announced that it has established a Compliance Hub in the virtual world The Sandbox, according to a press release obtained by CoinJournal.
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 everyone
With the Compliance Hub, Astra aims to make the rapidly expanding metaverse frontier safer for all participants. This layer addresses on-chain compliance challenges by combining the expertise of trusted law firms with Astra’s patented technology.
Astra has created a unique Decentralized Legal Network (DLN) composed of leading global law and audit firms to provide robust KYC and AML services. The DLN spans jurisdictions across nearly 200 countries, ensuring regulatory requirements can be met in most locations worldwide.
Users can connect to the DLN Compliance Hub, obtain accreditation, and more
Metaverse users will have a variety of options: connect to the DLN Compliance Hub, complete accreditation, and receive non-transferable NFTs. These NFTs will grant privileged access to exclusive events and experiences.
Once verified, users can participate in any metaverse event without concerns about identity compromise. Astra’s services protect participants from malicious or fraudulent accounts while solving identity verification challenges.
Jez Ali, founder of Astra Protocol, said:
“We are excited to announce Astra Protocol’s entry into the metaverse with our first parcel in The Sandbox. The future development of the metaverse will be a long-term, innovative mission that has shown remarkable growth and represents a compelling part of Web3. By implementing the first Compliance Hub in the metaverse, we can support that growth by adding an extra layer of protection for users around the world.”
Astra Protocol selected The Sandbox to launch the Compliance Hub because of its engaging and vibrant location. A large portion of metaverse users are drawn to The Sandbox for its immersive experiences and new ways to interact.
Competition for land in The Sandbox is intense, with only 166,464 parcels available.