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Media

Blockpass Accepted to FCA Regulatory Sandbox for Testing Reusable Digital IDs

Matthew Warner | June 2021

We’re very excited to be able to reveal that Blockpass has been accepted into the latest cohort of the Financial Conduct Authority’s (FCA’s) regulatory sandbox. The regulatory sandbox allows businesses to test innovative propositions in the market with real consumers.

Blockpass is proud to be one of 13 firms that have been accepted from a pool of 58 of the regulatory sandbox to test innovative products and services (https://www.fca.org.uk/firms/regulatory-sandbox/regulatory-sandbox-cohort-7).

As an identity management platform and provider of KYC and AML solutions, the Blockpass sandbox test will support businesses with their KYC and AML due diligence requirements when onboarding customers. Blockpass will assess the ability to reuse digital ID credentials for already onboarded customers, as well as the ability to update existing Blockpass businesses where customers update their digital ID profile during a subsequent onboarding process.

Blockpass has grown significantly in size and use since its inception, both in the number and range of users and organizations it has partnered with, and the scope of its work. Blockpass continues to develop its digital identity protocol with updates and additions to improve the compliance experience. The existential need for DeFi projects to be regulatory compliant and the recent integrations have led to a surge in interest for Blockpass’ On-chain KYC™ solution which promises to change the way blockchains enable compliance. Its recent integration with TrustSwap expands Blockpass’ services to a whole new raft of businesses and solutions.