The year 2017 was a phenomenal year for cryptocurrencies and 2018 has been said to be the year of regulations. A meteoric rise in price, coupled with an increased focus from mainstream media, has resulted in varying responses from regulatory bodies across the world.
The Monetary Authority of Singapore (MAS) recently released A Guide to Digital Token Offerings, that outlines the legalistic procedures that must surround Initial Coin Offerings (ICOs). This document clarifies that digital tokens do constitute a product, and therefore they fall under MAS regulatory law. Articles 3.2 and 3.3 require companies to conduct diligent and continuous KYC checks, and report any suspicious or unlawful activity.
With Blockchain, Knowing Your Customer (KYC) Is More Important Than Ever
With blockchain, it is apparent that a new world order has dawned upon the financial industry. A reliable decentralized KYC utility platform that promotes regulatory inclusion for cryptocurrency spaces is much needed at the moment.
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