As interoperable blockchain solutions gain traction, many believe that the technology is still relatively nascent and needs more polishing.
Know your customer or KYC is a process of identifying and verifying identities of customers by businesses. The term is commonly used to refer to governmental anti-money laundering regulations in banking, financial and stock market activities. KYC mostly incorporates four key elements: acceptance policy, identification procedures, transaction monitoring and risk management. The growing concern about the use of cryptocurrency for money laundering led authorities to apply KYC on the cryptocurrency market and services. Most of these platforms will have to adopt cryptocurrency KYC and require clients to get through verification procedure in order to operate within their platform. KYC has its advantages as it can help with fighting the funding of terrorism and money laundering. However, complications within the crypto-market may slow down its development.
Sri Lanka’s central bank has selected a shortlist of three firms to develop a proof-of-concept for a shared Know Your Customer facility using blockchain.2502
LocalBitcoins reported a 10% increase in annual revenue for 2019 despite the platform's KYC overhaul impacting trade volume on the platform.2265
The lack of progressive jurisdictions in which a particularly attractive regime for regulating derivatives exists keeps crypto in a gray area, and it has to be changed.4170
After the great rise in national crypto regulation in Estonia, the new European Union laws have forced the crypto industry to leave the country.5512
LocalBitcoins claims that darknet-related transactions on the platforum dropped 70% after it adopted AML and KYC regulations in September 2019.5034
Abramoff and the founder of AML Bitcoin face charges for fraud in misrepresenting the token’s compliance, with the founder himself facing jail time for money laundering.1866
A crypto crackdown in Estonia sparks debate on how to create crypto-centric Anti-Money Laundering and Know Your Customer policies.3366
A crypto platform has been built using technology familiar to forex traders, potentially injecting new capital into the market.6098
The website Kycnot.me has compiled a list of cryptocurrency exchanges that do not require identity verification to preserve the independence of crypto.12938
Crypto pundits believe that central bank digital currencies based on public-private partnerships could see the light of day much sooner, as many solutions under development use the approach.7054
Binance Korea will be using an Anti-Money Laundering solution developed by Coinfirm, as the country requires a high level of regulatory compliance for crypto.5664
Using regulation to one’s advantage is the main factor of an innovative fintech business. The best way to achieve it is closely monitoring the shifting regulatory landscape.6508
A U.S. think tank working towards a digitized dollar has released a white paper detailing inaugural aims and use cases for a central bank digital currency.12300
The head of the agency that enforces the Bank Secrecy Act and KYC requirements in the U.S. says the agency aims to help crypto innovate responsibly.1580