Setting a new standard for crypto regulation, the Bank for International Settlements (BIS) has rolled out a proof-of-concept for Project Atlas, an innovative concept that will help improve crypto monitoring. This program seeks to shine a light on both on-chain and off-chain transactions from public blockchains and crypto exchanges.
Project Atlas stands as a collective effort by various European Central Banks. It'll help banks understand the economic shifts brought about by Bitcoin markets and DeFi protocols.
The project merges off-chain data from crypto exchanges with blockchain info publicly available. This approach offers valuable insights into how crypto flows geographically.The project’s interface features interactive dashboards with summarized stats. The goal is to give central banks tools to understand the regional economic impact of crypto ecosystems.
Project Atlas shows a considerable shift towards tracking cross-border Bitcoin transactions. This could enhance regulatory efforts, boosting investor confidence and market stability. Project Atlas also aims to add more data sources like Ethereum network nodes and DeFi protocols.
Finally, Project Atlas highlights the essential evolution of financial structures and regulatory tools for an ever-evolving crypto economy in a world that is becoming increasingly reliant on digital currency.
