The Importance Of KYC And AML For The Growth Of Cryptocurrencies
As interest in cryptocurrency continues to grow, bitcoin, ethereum, and other cryptocurrencies / altcoins become more widely traded, there is a growing conflict between users of cryptocurrencies and regulators. Demand for regulation of cryptocurrency is growing — but legislators remain divided on how these hard-to-trace currencies can be regulated, and each country has a different set of rules regarding crypto.
KYC And AML Compliance Will Be Key Regulatory Hurdles For Crypto
One thing has become clear as interest in cryptocurrency has risen — it’s no longer the “Wild West” in the crypto space. The rise in value that bitcoin and other cryptocurrencies experienced in the latter half of 2017 brought it into the spotlight.
Many people are under the impression that bitcoin and cryptocurrencies are primarily used for illicit activity. And while it’s true that the relative anonymity of crypto could enable crime, the same could be said of cash. So, what’s the difference?
The difference is that crypto banks, exchanges, and most other crypto businesses have not implemented KYC or AML-compliant policies. Know-Your-Customer (KYC) and Anti-Money-Laundering (AML) policies are used by all major financial institutions to flag suspicious transactions, and prevent the illicit usage or distribution of funds obtained by illegal means, or identify Politically Exposed Persons (PEPs).
The next step for bitcoin and other cryptocurrencies will be compliance with KYC and AML. If cryptocurrency exchanges and banks are ever to truly become a mainstream medium of exchange, they must meet the same regulatory standards to which traditional financial institutions must conform.
Verifer — AML And KYC For The Future Of Crypto
At Verifer, we use a proprietary KYC, AML and PEP platform — which can be used by both traditional financial institutions, and crypto companies such as exchanges. Our product conforms with all required multinational verification methods — and is capable of processing thousands of transactions at once.
We believe in the power of KYC and AML, and that the world of crypto must find a better way forward in order to be accepted by the public. With nearly a decade of experience in the field of Know Your Customer and Anti Money Laundering compliance and a deep knowledge of cryptocurrency, we’re the ideal choice for any company who needs to abide by KYC and AML regulations.
If you’re ready to get started with Verifer, or participate in our ICO, head to our website now. You can learn more about our products and what we do, and get started with our unique KYC system today.
Verifer is offering 1 month of Free KYC for all companies, read more here: https://verifer.io/kyc_1month_campaign .
Try a month for free. Contact at sales@verifer.io
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