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The cryptocurrency sector is growing rapidly worldwide. The revolutionary market is causing great disruptions in the financial sector. This is often witnessed on the daily news as it’s dominated by something new happening in the space almost every moment.
Cryptocurrency regulation on the rise
Since the middle of 2017, there have been renewed government efforts to regulate the market. On the 3rd of April 2018, the cryptocurrency sector – Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Ripple (XRP) Cardano (ADA) and Bitcoin Cash (BCH) etc. – became regulated under the Australian AML/CTF Act. Cryptocurrency business’ in non-regulated countries are now seeing this as a time to pre-emptively implement identity verification processes before regulation is imposed.
To align with future AML/CTF regulations, many cryptocurrency exchange platforms now have strict rules concerning account verification. Customers may have to verify their accounts before they can even begin to trade on these platforms.
Ensure your business is AML/KYC Compliant
greenID™ will help you remain compliant as the cryptocurrency industry becomes more regulated and widely known.
KYC and AML rules form a big part of the efforts being made to regulate the cryptocurrency space. With billions of dollars being poured into the market from various sources, government and financial institutions feel the need to closely monitor the space.
Keep your business on the path to success
With greenID™ you can make sure that you are only onboarding legitimate customers and in turn minimising the risk of any legal problems associated with money laundering.
The greenID™ online id verification system can be easily integrated into your own onboarding process thereby helping you meet growing demand and improving the customer experience on your exchange platform.
To discuss the verification requirements for your cryptocurrency business, contact us here.