Blockchain security auditor Hacken introduces a new tool to automate security and compliance for web3 companies as MiCA and DORA regulations loom.
Hacken, an international blockchain auditor with Ukrainian roots, is rolling out a new solution that allows web3 companies to automatically comply with standards such as the European MiCA and DORA.
In a press release shared with crypto.news, Dyma Budorin, co-founder and CEO of Hacken, said the company developed the so-called “Extractor” to address the “critical need for proactive monitoring and compliance in the crypto space.” According to the Tallinn-headquartered company, Extractor provides a compliance monitoring framework for web3 projects, making it easier to comply with regulatory standards such as MiCA, DORA and ADGM.
Unlike other solutions available on the market, Hacken’s solution would combine AML/CFT monitoring, transaction tracking, total value analysis and circulating supply detection into a structured compliance approach. It also integrates real-time threat detection, automated protections and post-incident reporting to ensure continuous protection and operational resilience, the press release said.
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Valentyna Kondratenko, Hacken’s legal advisor, noted that from January 17, 2025, DORA’s requirements “will become enforceable,” further adding that non-compliance “may result in severe penalties, such as fines of up to 2% of the total annual global turnover or 1% of average daily global turnover.”
It is understood that the solution is compatible with multiple blockchain networks, including Ethereum and BNB Chain (formerly Binance Smart Chain), expanding its potential use.
MiCA regulations have created challenges for crypto companies looking to expand in the European market. For example, crypto exchange Coinbase had to halt USDC rewards for EU customers due to MiCA, and later even dropped Tether (USDT) from its European platform.
Read more: MiCA: Winners and Losers of New EU Crypto Laws as Deadline Approaches