The question for DeFi regulation: Is there an "owner" of the platform who can be held accountable for complying with the regulations?
Know Your Customer, or KYC, compliance means collecting certain information from customers to confirm their identities and to comply with any regulatory requirements. These requirements can include aspects such as restricting access to citizens of a certain jurisdiction. Depending on the involved country, laws and regulations often obligate businesses to complete KYC processes.
KYC has become more common in the crypto space, in line with increasing regulatory overwatch. Binance KYC became a more significant talking point after the exchange announced in 2019 that it would ban customers of certain regions, such as the United States. KYC and AML, or Anti-Money Laundering — the process of verifying customers and the source of their funds — often go hand in hand.
With the huge growth in the NFT industry, the time is right to take a look at NFTs from a compliance and regulatory perspective.1941
The exchange plans to verify users’ names and resident registration details to ensure crypto transactions were “not used for illegal activities such as money laundering.”8036
Crypto industry leaders need to self-regulate before public officials decide to take on the task themselves.4232
Civic’s Ignite Pass aims to combat bots targeting NFT drops on the Solana network by verifying video-based selfies using artificial intelligence.6945
Sri Lanka’s recent economic uncertainty seems to be the driving force behind its interest in cryptocurrency and the government's new exploration into KYC technology.8677
U.S. regulators are looking at crypto-related areas, touching on financial regulation, economic innovation and national security.11100
As the crypto industry continues to develop at a rapid pace, so do the ransomware attacks, but regulators now seem ready to step in.2169
Bithumb’s stricter KYC requirements come in line with South Korea’s tightened Anti-Money Laundering regulations regarding foreign users of crypto exchanges.3373
A decentralized exchange reckoning is coming — and it’s bigger than the infrastructure bill — thus, the DeFi community must be ready.7019
“Many BTM operators feel that merely asking for a cell phone number is enough due diligence to absolve them of their mandated KYC requirements,” a Coinsource exec said.6244
The rise of DeFi improves financial inclusion and should be allowed to flourish in a regulated, and thus protected, environment.7821
The crypto exchange will limit services for existing users unless they adhere to the new KYC and AML requirements.46738
An ecosystem where TradFi and DeFi coexist and bring their own merit as the world is entering the digital economy.2724
The decentralized industry has to spend additional resources to raise its standards and implement cybersecurity best practices.4127