Crypto Talk: Increasing adoption of AI offers immense potential to transform the crypto market: Zoksh Pay

economictimes.indiatimes.com:

“The increasing adoption of Artificial Intelligence (AI) offers immense potential to transform the crypto market in various ways. AI technologies can significantly enhance security measures, improve fraud detection, and strengthen compliance with Anti-Money Laundering (AML) regulations,'' Ankur Grover, CEO of Zoksh Pay, told ETMarkets in an interview. Edited excerpts:

How can the increasing adoption of AI help transform the crypto market?
The increasing adoption of Artificial Intelligence (AI) offers immense potential to transform the crypto market in various ways. AI technologies can significantly enhance security measures, improve fraud detection, and strengthen compliance with Anti-Money Laundering (AML) regulations.

AI-powered systems can analyze vast amounts of data in real-time, helping identify suspicious patterns and potential fraud attempts. By automating the detection process, AI can minimize false positives while enabling faster and more accurate identification of fraudulent activities. This not only protects businesses and customers but also enhances overall trust in crypto transactions.

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Furthermore, AI algorithms can assist in monitoring transactions for AML compliance. They can analyze complex transaction patterns, identify potential risks, and flag suspicious activities. This helps institutions ensure compliance with regulatory requirements, mitigating the risk of illicit financial