Know your customer (“KYC”) procedure is a customer identification process to ensure that each customer is appropriately verified. It is not only a legal requirement to assess and monitor risks, to prevent doing business with a money launderer, terrorist or other criminal, even more importantly, KYC is a fundamental practice to protect a project and its supporters from fraud and losses due to illegal funds and transactions. Therefore, it is of vital importance to make sure any potential supporter is worthy of participating, already in the first stage of supporter enrolment.
Despite the fact that in most jurisdictions it is not mandatory to conduct KYC when issuing crypto tokens, ATRIX has a strong opinion that no token sale event should pass without these procedures. For now, we are seeing voluntary compliance with AML/KYC regulations. However, we believe that regulations are evolving in the clear direction of greater stringency regarding mandatory KYC and AML measures. At ATRIX, our desire is to get ahead of the compliance curve as our vision is to succeed in the long run.
So far, KYC within token sales was either completely ignored or was conducted in a way discouraging many potential contributors from supporting the project. As our team believe in simplicity, we are developing the user friendly blockchain based KYC procedure inside our ATRIX mobile and web app. Introduced ATRIX KYC solution will be structured as “one size fits all” service, meaning that other token issuers will be able to outsource this service to ATRIX. For those, acquiring tokens, this will result in simplified and quick contribution, while token issuers will be able to accurately and seamlessly know and trust their customers.