Tether Limited, a provider of tokenized traditional government-backed currencies, has appointed Leonardo Real as chief compliance officer.

An experienced professional within the traditional finance and funds compliance industry, Real was previously AML Quality Control Manager at the Bank of Montreal where he was responsible for establishing best practices, policies, and procedures in line with regulatory requirements to enhance the quality of the bank’s AML investigations. Prior to holding positions at the Bank of Montreal, Real was employed by Bridgeforce Financial, one of Canada’s leading Managing General Agents (MGA).

Launched in 2014, Tether was the first blockchain-enabled platform to allow traditional currencies to be tokenized, enabling users to transact with fiat currencies across the exchange without the relative volatility associated with digital currencies. Tether Limited holds 1:1 reserves for all Tether generated in its contract, where each Tether is backed by its corresponding currency on deposit. A total list of balances issued to all Tether can be viewed, verified, and checked against the on-chain deployments of Tether contracts by any interested party.

“We are particularly excited to announce this key hire at a seminal point in the life of the blockchain and cryptocurrency sector. As the industry matures, all actors within the space shall be expected to meet a higher standard of industry best practices,” said Tether Chief Executive Officer Jean-Louis van der Velde. “As Tether continues to work to realize our vision of total transparency and unparallelled security within the cryptocurrency market, we will always endeavour to set the gold standard in regulatory compliance.”