traceto.io at BlockShow Asia, Singapore 2018
Another successful exhibition is behind us, as the traceto.io team participated in this year’s Blockshow Asia conference in Singapore on the 28th and 29th of November.
The exhibition hosted over 3,000 blockchain enthusiasts from 50 countries and more than 100 speakers addressing a plethora of blockchain related topics including artificial intelligence, the impact of the Chinese crypto ban on the Asian crypto economy and blockchain technology in the gaming sector.
traceto.io opened its booth to all the Blockshow visitors and we are very grateful for the turnout and the interest shown for the project. We discussed with them how traceto.io’s decentralized network promotes regulatory inclusion, allowing our community to comply with ease and yet commit to the highest standard of regulation.
Many blockchain companies came to us in search of Know Your Customer (KYC) solutions and services. The majority of them recognized that regulatory scrutiny on virtual asset services providers is increasing. This was highlighted in the recent Financial Action Task Force (FATF) plenary in October.
As well as providing important clarity on how it defines ‘virtual assets’ and ‘virtual asset providers’, in this session, FATF also clearly set out its expectations that individual regulators will ensure that virtual asset providers are registered and licensed and that effective systems are in place for monitoring and ensuring compliance.
This is a step-change for the industry meaning that for the first time, Know Your Customer (KYC) processes are no longer a “nice-to-have” but now a “need-to-have” for virtual asset firms across the globe — as they have been already in traditional financial services for many years. It was clear from the people we spoke to at Blockshow that this message is getting through to those in the blockchain ecosystem and that getting to grips with KYC is now firmly on their agenda.
We talked to these delegates about some of the practical steps they can be taking right now to try to get ahead of the regulatory curve:
- Take stock of your current processes for customer ID verification, due diligence, ongoing monitoring, record keeping and reporting of suspicious transactions.
- Assess the extent to which the approach you are taking is risk-based and robust.
- Consider the potential for automating these processes and whether a software-as-a-service provider such as Cynopsis Solutions and Traceto.io could help ensure your KYC processes are robust but also cost and time-efficient.
It was especially exciting for us to be able to provide our guests with a first hand experience of the latest version of our recently released User KYC dApp.
Try out our user dApp here: http://user.app.traceto.io
We consider this a stepping stone towards building a virtual network aimed at helping users stay compliant in the virtual world.
We would also like to take this opportunity to thank all the teams that approached us with their interest for our KYC services in the light of the increasing regulatory requirements for virtual assets imposed by the Financial Action Task Force (FATF). We are looking forward to cooperating with you in the future!
ABOUT TRACETO.IO
traceto.io is a decentralised Know Your Customer (KYC) network that provides an inclusive KYC solution to cryptocurrency and blockchain product companies by fusing Smart Contract and Artificial Intelligence technologies. Leveraging on over 5 decades of experience in Compliance and RegTech, traceto.io’s vision is to bridge the gap between the real and virtual world KYC processes.
Telegram: https://t.me/tracetoio
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Website: https://traceto.io/
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