As the DORA and MiCA regulations approach, blockchain security auditor Hacken is introducing a new solution to automate security and compliance for web3 businesses.Â
Hacken, a global blockchain auditor with Ukrainian ancestry, is launching a new solution that enables web3 companies to adhere to standards like DORA and Europe’s MiCA automatically.
Chief executive and co-founder of Hacken, Dyma Budorin, stated in a press release that the company created the so-called “Extractor” to meet the “critical need for proactive monitoring and compliance in the crypto space.”
The Tallinn-based company claims that Extractor makes it simpler to comply with regulatory standards like MiCA, DORA, and ADGM by providing a compliance monitoring framework for web3 applications.
Hacken’s technology is reportedly integrating AML/CFT monitoring, transaction tracking, total value locked analysis, and circulating supply detection into a structured compliance approach, which sets it apart from other options on the market.
The press release also incorporates automated protections, post-event reporting, and real-time threat detection to provide ongoing protection and operational resilience.Â
Valentyna Kondratenko, Hacken’s legal counsel, noted that beginning Jan. 17, 2025, DORA’s requirements “will become enforceable,” adding further that non-compliance “can result in severe penalties, such as fines of up to 2% of the total annual worldwide turnover or 1% of the average daily global turnover.”
The solution’s potential applications are expanded by its compatibility with several blockchain networks, such as Ethereum and BNB Chain (previously Binance Smart Chain).
MiCA laws have presented difficulties for cryptocurrency companies looking to grow in the European market.
For instance, because of MiCA, cryptocurrency exchange Coinbase was forced to stop offering USDC rewards to its EU customers. Later, it even delisted Tether (USDT) from its European platform.
