Blockchain security auditor Hacken is rolling out a new tool to automate security and compliance for web3 businesses as MiCA and DORA rules loom.
Hacken, an international blockchain auditor with Ukrainian roots, is rolling out a new solution that allows web3 businesses in an automated manner to comply with standards like Europe’s MiCA and DORA.
In a press release shared with crypto.news, Hacken co-founder and chief executive Dyma Budorin said the firm developed the so-called “Extractor” to address the “critical need for proactive monitoring and compliance in the crypto space.” According to the Tallinn-headquartered firm, Extractor brings compliance monitoring framework for web3 projects, making it easier to meet regulatory standards like MiCA, DORA, and ADGM.
Unlike other solutions available on the market, Hacken’s solution is said to be combining AML/CFT monitoring, transaction tracking, total value locked analysis, and circulating supply detection into a structured compliance approach. It also integrates real-time threat detection, automated safeguards, and post-incident reporting to ensure continuous protection and operational resilience, the press release reads.
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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.”
It’s understood that the solution is compatible with multiple blockchain networks, including Ethereum and BNB Chain (formerly Binance Smart Chain), broadening its potential use.
MiCA regulations have created challenges for crypto companies aiming to expand in the European market. For example, crypto exchange Coinbase had to discontinue USDC rewards for EU clients due to MiCA, and later even delisted Tether (USDT) from its European platform.
Read more: MiCA: Winners and losers of new EU crypto laws as deadline looms
