Chainalysis, a blockchain forensic firm, has announced two new tools for public developers to comply with sanctions requirements: an API, which is expected to launch next month, and an on-chain oracle available now.
According to a blog announcement, the new tools are designed to help decentralized exchanges (DEXs), decentralized finance (DeFi) platforms, decentralized autonomous organizations (DAOs), and decentralized apps (DApps) to comply with sanctions policies.
Developers can already submit their applications to get free access to an API key through which they can check if an address of interest is on the sanctions list or not. Chainalysis says the API is expected to go live in April, however, this is still to be determined.
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With Chainalysis oracle, blockchain developers can protect their smart contracts from being used by sanctioned addresses. The oracle is already deployed on most blockchains and sidechains like Ethereum, Avalanche, BSC, Polygon, Optimism, Arbitrum, Celo.
The move comes after Russia started a broad offensive in Ukraine. The Kremlin said that the length of Russia's "military operation" in Ukraine depended on how it progressed and on its aims, Reuters reports.