At the French Crypto summit in early April, we spoke with many leaders in the crypto-currency space and found many exchanges both concerned and interested in future European legislation, and what impact it will bring to the industry.
What will the future hold for projects established in the European space?
We have conducted several interviews with exchanges and projects and concluded the importance of following regulation was the prevailing worry amongst our interviewees.
One issue mentioned which particularly interested us at CheckDot was KYC, encouraging us to work toward a solution.
The need:
Exchanges are, and will continue to be in the forefront of European regulation. They will be the first to lead the industry into compliance with industry standards.
CZ, CEO at Binance, made it clear that Binance will maintain it’s market leading position in Europe and more particularly in France where they plan to invest and expand their office space.
CZ highlighted the most important regulation will be to KYC user wallets transferring cryptocurrency from an internal CEX wallet to a non-custodial (DEX) wallet.
The task looks difficult.
The CheckDot solution:
We are working with a certified organisation who specialise in identity verification within EMEA. this collaboration will see a unique service that will deliver a user certification in the form of an NFT.
This NFT will serve as an identity certificate to ensure exchanges will be in compliance with regulations.
This NFT will not contain any personal information, only an identifier allowing Exchanges to communicate and interact with a secure service to obtain the necessary information needed to provide in states where KYC regulations will be applied.
CheckDot will be an essential player in this regulatory revolution.
Watch.this.space.
Other links about KYC regulation:
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