Squire Patton Boggs, a global law firm, partners with the Astra Protocol. The move aims to give assurance and confidence in DeFi compliance. The decentralized finance (DeFi) ecosystem needs this to increase adoption.
Squire Patton Boggs has many big-name clients in the cryptoeconomy. The law firm has 1,500 lawyers in 45 offices spread over 20 different countries on four continents.
The Astra Protocol works with other public blockchains. Astra supports these chains with a layer to enable DeFi. The protocol’s “legal layer” plugs into existing DeFi platforms. It’s like a Layer 0. Its purpose is to ensure that funds arrive at their intended destination.
Astra has international patents on this technology. The design is to protect funds. The protection comes from preventing insecure or invalid smart contracts from executing.DeFi platforms use the app for services like:
- managing the onboarding process
- KYC & AML
- and regulatory reporting.
Legal Protection for DeFi
Astra resolves disputes from fraudulent transactions. It can restore funds sent to the incorrect address. Former New York congressman, Joe Crowley, a Senior Policy Advisor at Squire Patton Boggs, stated:
“ASTRA IS THE PREEMINENT COMPLIANCE PROTOCOL BUSINESS WITHIN THE DEFI INDUSTRY THAT IS ABLE TO GIVE ASSURANCE TO REGULATORY AGENCIES AS WELL AS INDIVIDUAL CLIENTS, WHICH IN TURN WILL HELP BOOST CONFIDENCE IN DEFI’S LEGITIMACY AS A GLOBAL INDUSTRY.”
Sakhib Waseem, Chief Innovation Officer at Astra Protocol added that “this partnership is another affirmation we have the latest understanding of regulatory enhancements around the world and can provide an industry-leading standard to our customers and clients,”
Squire Patton Boggs is global. They have offices in North America, Europe, Asia Pacific, the Middle East, and Latin America.
The two are aiming to provide legal assurance for the burgeoning DeFi sector. It’s DeFi compliance. Currently, DeFi is unregulated and unprotected. This prevents institutions and corporations from taking part. Astra’s legal layer and Squire Patton Boggs’ international expertise will provide the assurance that DeFi needs. Waseem added:
“WE’RE ALSO INCREDIBLY PROUD OF THE FACT THAT WE HAVE PARTNERED WITH SOME OF THE MAJOR BUSINESS ADVISORY FIRMS, AUDIT FIRMS AND LEGAL FIRMS IN THE WORLD TO CREATE THE VERY FIRST DECENTRALIZED LEGAL NETWORK.”
Additionally, the law firm will accept the ASTRA token as its first DeFi payment method. DeFi platforms and users can accelerate their compliance checks by submitting their native token.
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