Blockpass Unveils Unhosted Wallet KYC Solution For Crypto | Fintech time
The identity verification provider block pass launches its latest service to help the crypto industry comply with new regulatory know-your-consumer (KYC) standards.
Blockpass’s new “Unhosted Wallet KYC” enables businesses to comply with new regulatory laws due to take effect next year.
Non-hosted or “non-custodial” wallets are those where individuals, rather than financial organizations, control the keys.
Portfolios managed by companies have always been prone to fraud, terrorist financing or other illicit activities. To avoid such inherent risk, many prefer to keep wallets under their own control.
To combat these risks, regulators are developing KYC checks for non-hosted wallets that verify wallet ownership.
In anticipation of a more regulated crypto marketBlockpass has developed the first unhosted wallet KYC solution.
The solution enables professional customers to ensure compliance of withdrawals to non-hosted wallets.
Users create and store a data-secure digital identity that applies to an ecosystem of services, token purchases, and regulated industries.
For businesses and merchants, the company’s KYC and Anti-Money Laundering (AML) software as a service (SaaS) requires no integration or setup costs.
“The growing trend of cryptocurrency regulation is something we have always known to come and welcome in order to see a stronger and more widely accepted crypto market,” says Adam vaziriBlockpass CEO.
“We closely monitor the state of regulations around the world to prepare, adapt and develop our products to meet or exceed upcoming regulatory standards before they impact businesses. We ensure that everyone has the time to adapt to the new requirements.
Blockpass continues to develop its digital identity protocol with updates and additions to improve its compliance capabilities.
The need for compliant decentralized finance (DeFi) alongside recent legal developments, has sparked interest in Blockpass’s on-chain KYC.
Currently, the solution is the only zero-knowledge live solution for crypto KYC. The Unhosted Wallet KYC solution enables blockchains and DeFi platforms with a compliance layer.
Through his work with Animoca brandsBlockpass provides a service where the verification result delivery is sent and displayed in a proven manner on a blockchain without sharing the underlying data.
This represents an important step towards the future that Blockpass hopes to bring where identity verification can be proven without revealing personal information.
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