As we prognosticated before (“On the Coming Crackdown on Cryptocurrencies without Identity”), there is a growing number of countries tightening their Know-Your-Customer regulations:
- China requires identity verification with National IDs for all blockchain users
- France will impose mandatory KYC for all crypto-to-crypto and crypto-to-fiat transactions of any amount
- The United States’ Financial Crimes Enforcement Network is lowering the threshold for Travel Rule information sharing from $3,000 to $250 for all cross-border payments involving US financial institutions and there are new proposed KYC rules for unhosted/covered wallets
- South Korea is banning privacy coins
- Singapore has been at the forefront of implementing KYC/AML measures
- Switzerland requires identification for all transactions, including unhosted wallets
As this trend continues, we would like to remind you that our blockchain is the only one built to avoid all these problems, since it includes identity within the core protocols.