AMLT: Frequently Asked Questions
Guide to AMLT token
To have answers available for the most frequently asked questions we’ve created this FAQ. This will be a living doc so things will be added as needed.
Please remember that Coinfirm and AMLT set and follow the highest regulatory compliance standards and we must be very precise with how we communicate. We’re here to be the global standard for AML for blockchain. And we’re well on our way.
- When exchange?
In the past several months we were approached by about 10 exchanges and after some early due diligence we have shortlisted a group of them that fit our standards. The key priority is the highest compliance standard. We’re currently advanced in the due diligence of the shortlisted exchanges. We don’t want to speculate about the timing of when it happens, but it’s max weeks not months. We can not name them at this time so please be patient and trust the process, announcements coming soon.
So far AMLT has been featured on Lykke.
2. What is Coinfirm planning to do with remaining supply of AMLT?
Remaining tokens are placed in a separate pool for future incoming Network Members. More in whitepaper. Details will follow on the official amlt.coinfirm.io website and related channels.
3. Am I an investor if I bought AMLT?
No, “investor” is a term that is tied to a certain position. AMLT purchasers are our contributors, customers, or backers. AMLT is an ERC-20 utility token that serves as prepaid access rights to our platform. It is a ready product that is used by our clients around the world on the coinfirm.io website.
4. Why would I use the platform?
Everytime you’re accepting any payment or money — whether it’s FIAT or cryptocurrency you should ask yourself a question — where is this money coming from. How can I manage the risk that it’s from illegal sources like drugs or terrorism?
In the FIAT space banks are responsible for AML & CTF procedures and they protect customers from such risk.
How to do that in the cryptocurrency space?
Coinfirm provides individuals and organizations with the leading solution for AML analysis of blockchain based transactions. Countless crypto companies as well as some traditional ones already use the platform for their AML compliance and risk management needs. One of the biggest roadblocks in mass adoption remains controversy around cryptocurrencies being used for money laundering and illegitimate purposes. With Coinfirm, traditional financial market actors can have insight into the market and cryptocurrency users and businesses can get a proof of staying clear of illegitimate uses. An average user can even use it to check the validity of a counterparty of a transaction to see if they are legitimate, telling the truth, or are tied to nefarious activities that you are not comfortable with.
5. “Why would I use AMLT payment option instead of FIAT?”
Choosing AMLT over FIAT to access the reports provides customers with a 10% discount among other benefits such as Network Membership so there is an incentive for the client base and entire legitimate cryptocurrency market. Our clients have the option to pay with Fiat and crypto. AMLT is incentivized, that’s why we’re going through Network Membership onboarding processes with a select group of our clients. If you run a business, the Network Membership mechanism model plus financial benefits creates a clear choice.
6. How Coinfirm’s clients acquire AMLT?
Through the options available on the market.
7. Does AMLT have any other applications, than to be used as a discount for Coinfirm reports?
Please read the WP, Network Members mechanism is the backbone and main purpose of AMLT.
8. How does Network Member mechanism work?
A basic summary is as follows. Amlt is the token of compliance and the native token for the Coinfirm AML/KYC Platform that is used by major crypto entities like dash and rsk, countless ICOs(were the only regtech provider for aml for ICOs) and Banks. To bring more transparency and effectiveness to the financial system, entities related to crypto such as our clients and the entire cryptocurrency market can provide data on market participants and their risk to the Coinfirm platform, for valid data provided they are rewarded with AMLT that they can then use for discounted services they need in our platform. This creates an incentivized network and crypto economy that is safer and more effective than available mechanisms. Please read the WP for a more detailed description and visit amlt.coinfirm.io website.
9. When will Network Member mechanism become active?
Currently we’re already in discussion with our partners and clients around refining processes for AMLT Network Members. We plan on launching 1.0 of the Network Member mechanism in Q2 2018.
10. On the Coinfirm platform, what is AMLT price tied to right now?
On the platform the fixed price of AMLT right now is the token sale price so 0.000338 ETH.
11. What will it be tied to in the future?
When solid market price is determined we will tie it to the market price.
12. What are the “regulatory reasons” based on?
Depends on what situation/context you’re referring to, could be AML/KYC/CTF regulations, or securities related ones such as the SEC.
For further questions join AMLT telegram community at https://t.me/AMLT_Coinfirm
