Blockpass, pioneer Comprehensive on-chain KYC and AML Screening software as a service for blockchain, encryption and DeFi platforms, today announced that it has been accepted by the newest member of the Financial Conduct Authority (FCA) regulatory sandbox; a system that enables companies to try in a market ecosystem with real users Innovative new solutions.
The UK-based FCA is committed to establishing an honest, fair and effective financial market, monitoring and supervising nearly 60,000 financial service companies and financial markets.
To facilitate this and promote innovation, FCA provides a regulatory sandbox for companies to develop and test cutting-edge solutions. This has many benefits for related companies, including providing a controlled testing environment, assistance including necessary customer protection, obtaining financing, and potentially faster and cheaper time to market.
This queue, The seventh of the FCA regulatory sandbox, During the coronavirus pandemic, I am particularly interested in solutions that deal with the impact of the pandemic and its impact on people and businesses.
Some specific aspects FCA looks for in this queue include:
- The ability to detect and prevent fraud and scams.
- Provide support for the financial resilience of disadvantaged consumers.
- Improve financing channels for SMEs.
As an identity management platform and a provider of simple and effective KYC and AML solutions; Blockpass aims to solve all these problems. By allowing users to regain control of their data and promote fast, secure, and effective identity solutions, Blockpass not only eliminates repetitive and time-consuming verification aspects, but also cooperates with data protection and privacy standards around the world; for companies in the financial services industry Said that this is an important opportunity.
Since its establishment, the scale and use of Blockpass have increased significantly in terms of the number and scope of cooperative users and organizations, and the scope of their work. Blockpass continues to develop its digital identity protocol and improves the compliance experience through updates and additions
The DeFi project’s survival need for regulatory compliance and recent integration has led to a surge in interest in Blockpass’s on-chain KYC solution, which is expected to change the way blockchain achieves compliance. Its recent integration with TrustSwap will provide Blockpass’s services Extend to a new large number of businesses and solutions.