DeFi and Blockchain Gaming to Rise?

Decentralized Finance (DeFi) and gaming have long been applications for blockchain technology and cryptocurrencies, and with recent news and the growing value of crypto, prospects for DeFi and blockchain gaming have never looked more promising.

Speaking to Cointelegraph, co-founder of crypto gaming platform Sky Mavis, Jeffrey Zirlin said that the incoming Trump administration in the US being perceived as a pro-crypto scenario will lead to the growth of DeFi and blockchain gaming due to the greater freedoms people have to develop, and that these two areas hold the potential to be the most influential sectors in the crypto space in the long-term.

Despite the possible risks involved with the reduction in regulatory oversight that the Trump administration heralds, there is an undeniable benefit in the amount of innovation that a lighter regulatory touch engenders in an industry. Zirlin expected this to be seen particularly in novel token designs and in experimentation with how tokens can have utility (the question of which the SEC has been particularly hard on).

Whilst this is good for the development of blockchain and crypto, the convergence of finance and gaming introduces complexities that traditional regulatory frameworks can find challenging to handle. This can be seen in situations where, for example, the use of tokens, NFTs, and in-game assets as financial instruments creates a blurred line between gaming and investment activities. This ambiguity can give rise to concerns about consumer protection, anti-money laundering (AML) compliance, tax evasion, terrorism financing and more.

Moreover, the decentralized nature of some platforms often leaves developers and regulatory bodies alike grappling with questions about accountability and jurisdiction. Unlike centralized platforms, which have identifiable entities to regulate, DeFi and blockchain gaming operate across global, decentralized networks. This makes it harder to enforce compliance and identify bad actors, exacerbating the potential for fraud and misuse.

In order to deal with these issues, particularly when considering disparities in regulatory standards that are likely to arise in the next few years, there is a clear need for an identity verification solution that can cater to a wide range of jurisdictions and the requirements of an evolving industry.

Blockpass has been set up for precisely this sort of situation: to cater to any and all regulatory environments in as simple, efficient and unobtrusive manner as possible. In providing flexible, effective solutions for anyone operating in a regulated environment, Blockpass’ identity verification solutions are designed to facilitate KYC, AML and KYB standards and more - expanding and creating new solutions to meet the emerging needs of the blockchain and crypto industries as they evolve.

With Blockpass, blockchain and crypto companies are able to rest safe in the knowledge that they are compliant with the regulations they need to be, without having to deal with laborious or complicated procedures; Blockpass takes on the burden of compliance, ensuring that projects can be developed and released at the pace they desire.

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