How is a centralized set of rules fit in a decentralized ecosystem? Crypto and KYC guidelines are like water and oil, but it seems they'll have to share the same space for a while.
Generally, it includes an ID confirmation with the snap of a passport and basic data being compared against public and private records, as well as cross-checked with other data provided such as phone number or email address. A selfie with a handwritten note is also a common demand.
“Regulators provide guidance and guidelines, and companies interpret those guidelines for their own businesses. This leads to inconsistency across the industry and a somewhat natural effect of companies wanting to do as little KYC as possible to reduce costs as well as onboarding friction.” At first glance, the ball is on the side of the regulators, who are gradually moving to some kind of a holistic framework or at least several large ones — like the Markets in Crypto-Assets regulation in the European Union or a Lummis-Gillibrand “crypto bill” in the United States.
“As the recent developments in the crypto markets indicated, a number of participants may be underestimating the risks involved. A constructive regulatory framework could help manage such risks.”The good news is that there’s no lack of innovative solutions the industry could offer to bridge the gap between regulatory demands and users’ desire for privacy. One of them is verifiable credentials — an open standard for digital credentials that use an easily verifiable digital signature.
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