DASHUB teams up with blockchain KYC / AML firm Clears for landmark deal
Welcome back to our publication! Maybe you’re following our project the Automotive eXchange Platform (AXP) and its token sale for AXT, or maybe you’re just curious to learn a bit about KYC / AML regulations. Sounds pretty dry, doesn’t it? Turns out it’s pretty cool. Let’s get started.
Actually, before we jump right in, I’d like to add a disclaimer. We’ve gone to great lengths to secure our legal team and advisory board. And given the current climate surrounding blockchain projects, cryptocurrencies, and ICOs in general, it’s important to note that our official website (https://axt.io) and official White Paper (linked via the website) remain the only official sources of information about this project. This article, and other articles released by this publication are for entertainment purposes only. Thanks for understanding! Okay, let’s continue.
To handle KYC / AML DASHUB has decided to team up with the experts at Clears
DASHUB has brought Clears onboard to assist with all of their KYC / AML needs. You can read the press release here, over at Coinspeaker. We were impressed with Clears right away. Not only is there service fast and secure, they also focus intensely on data security and have a unique blockchain-based angle to their solution. Because DASHUB is producing their own blockchain project and token sale, this seemed like a natural synergy between the two businesses.
When asked about the deal, Max Kane, CEO of DASHUB said, “Compliance is a top priority at DASHUB. The automotive sales industry is a constant victim of fraud, and requires unique conditions to secure its marketing funnel.” He continued, saying, “Partnering with Clears was an obvious choice for both user protection and their unique blockchain approach.”
What is KYC / AML?
The acronym KYC stands for “Know Your Customer” (or “Know Your Client”) and is a basic and fundamental principle in many countries’ anti-money laundering (AML) / anti corruption rules and regulations. It’s essentially a detailed identify verification and cross-referencing process. Governments require certain companies to establish AML processes, which necessarily involves KYC, to help prevent criminal organizations from using legitimate services to launder money, fund corrupt entities, or otherwise transfer monies for illegal purposes. These laws have been on the books for ages, especially here in the United States, and are becoming increasingly important as the criminal element and the legitimate services surrounding financial transactions both get increasingly more complex and technologically sophisticated.
Why does KYC / AML matter to DASHUB or your blockchain project the Automotive eXchange Platform (AXP)?
The anti-money laundering (AML) laws — which KYC services are designed to prove compliance with — usually don’t kick in unless a certain dollar amount is exceeded in any given transaction. In the United States this threshold is $10,000 (or something right around that). This threshold makes it important for DASHUB in a number of instances: (a) we’re a licensed Florida automobile dealership, which means transactions exceed $10,000 all the time, and (b) we’re currently conducting a token sale to support the blockchain-based project AXP. However, the AML laws operate slightly differently when the sale of securities is involved, which is the case for DASHUB, because the AXT token they’re selling is a security token.
You might be wondering if this means that we’re going to conduct a KYC process on every token investor, and the answer is yes. And that’s one of the main reasons we brought on Clears for our KYC processes.
If you’re interested in learning more about Clears, visit their website: https://clea.rs/
To learn more about DASHUB: https://dashub.com/
AXP / AXT token sale: https://axt.io/
Thanks for reading!
