Crypto Price Boom Calls for Universal KYC & AML Compliance

Though it’s become known for its volatility, the cryptocurrency market had been through a particularly rough patch before the start of 2024, until the rise of Bitcoin ETFs coincided with the tailing off of the fallout from FTX and set the price of crypto squarely in the bullish market. Whilst there are still ups and downs as the ecosystem reacts to news and world events, most predictions for the price of bitcoin and other crypto are trending strongly upwards.

Of course, the continued rise of crypto has an effect on its adoption, and increasing numbers of people are preparing for greater crypto use. This can be seen in a number of areas but was highlighted in a recent Forbes article which led with a statement saying ‘‘Institutions Are Coming’. Whilst the article itself focuses more on the potential economic difficulties that might face the US dollar and how this can lead to an explosion in crypto prices, there are implications for businesses looking to take advantage of the cryptocurrency market.

The days of wild west crypto are vanishing into the annals of history as more and more regulations are put in place worldwide to ensure that the crypto scene is safe for users and secured against fraudulent actors and those seeking to finance terrorist activities. Compliance measures such as KYC, AML and KYB are being more stringently enforced (as can be seen in Blockpass’ articles and monthly regulatory updates) and there are eye-watering fines and prison sentences being levied against those that fail to meet regulatory standards.

Whilst crypto represents a multitude of positive options for users and businesses - whether by leveraging its global, borderless nature, its infinite divisibility, the potential of smart contracts, removing middle-men due to the trustlessness it provides, or even creating new opportunities and markets which weren’t there before - companies need to ensure that they are protected against bad actors and are able to show they are meeting the relevant compliance measures for their jurisdiction or the penalties will be severe.

Fortunately for those businesses, Blockpass is an established provider of compliance services, with solutions that cover KYC, AML and KYB for any jurisdictional requirements, and has built up a userbase of thousands of businesses and a million verified profiles that will be ready to instantly onboard with any new business in the Blockpass ecosystem that they choose to.

By creating a reusable, verified identity Blockpass speeds up the process of onboarding and brings previously impossible efficiencies to compliance that any business can benefit from. Not only does this help businesses to grow in a safe and secure manner, but it also eases the pain of KYC for users who don’t have to repeat the same process for each regulated service they sign up to.

As crypto continues to grow in value and adoption over the coming months and years, Blockpass is ready to help any and all businesses prove their legitimacy and to prepare for changes in markets, regulations and scope.

About Blockpass

Ditch tedious onboarding and say hello to seamless compliance with Blockpass, the ultimate turnkey solution for KYC, KYB, and AML. Experience the market's most efficient and cost-effective compliance suite, built by seasoned compliance veterans and crypto-natives. Automate compliance processes, eradicate fraud, and onboard globally with confidence. Verify businesses worldwide, launch bank-grade verification for your organization, and instantly activate compliant KYC/AML for DeFi, exchanges, token launchpads, NFT mintings and beyond. Through Blockpass’ decentralized network of a million pre-verified crypto-enthusiasts and a thousand pre-verified businesses, you can expand your reach effortlessly. Leverage Advanced KYC BotTM for intelligent remediation, On-Chain KYC® for data-free anonymity, and Unhosted Wallet KYCTM to meet Crypto Travel Rule regulations. Join Animoca Brands, Cardano, Polygon, Chainlink, Delta Exchange, National Geographic, TinyTap, Seedify, ChainGPT, Iskra and many more in partnering with Blockpass for compliance you can trust, growth you can accelerate and an experience you can enjoy. Join the cutting edge of secure, streamlined onboardings.

Learn more and engage the Blockpass team via the following:

Website: http://www.blockpass.org

Email: [email protected]