Cardano gives token issuers power to freeze, seize and restrict assets
Source: CoinDesk ·
From the source
The new standard is aimed at regulated stablecoins, funds and bonds whose issuers need identity checks, sanctions controls and other transfer rules built into the asset itself. The Cardano Foundation has launched a token standard that lets issuers of stablecoins, funds and bonds decide who can receive their assets, and freeze or seize holdings when the rules require it. The foundation, a Swiss nonprofit supporting Cardano's development, announced Wednesday that the standard, a Cardano improvement proposal known as CIP-0113, is live on the network following independent security audits. Most crypto tokens can be sent by anyone who holds them to any wallet. Banks and fund managers putting regulated assets onchain cannot allow that. They have to keep tokens away from buyers who have not passed identity checks and from sanctioned addresses, and must be able to freeze assets when a regulator or court orders it. The new standard builds those controls into the token, so the network checks…