Cardano Integrates on-Chain KYC Compliance with Regulations

Blockpass, a digital identity verification provider partnering with various crypto wallets and exchanges, has started offering KYC services to Cardano’s commercial arm, EMURGO. Cardano-based address will be added in the Blockpass App. If required, projects can access on-chain KYC service to meet regulatory requirements.

  • Positioned as the axis of the Cardano ecosystem, EMURGO is responsible for developing the community’s NFT marketplace Fibo, Yoroi Wallet, and its subsidiaries EMURGO Ventures, dedicated to investing in Cardano-based startups and projects.
  • EMURGO’s CEO Ken Kodama revealed via a release that tapping Blockpass as its collaborator is the project’s latest move toward optimizing KYC requirements.

“As a founding entity of the Cardano blockchain, EMURGO is committed to ensuring decentralized applications on Cardano have the tools readily available to enhance compliance when necessary.”

  • The CEO added that as more projects are getting developed on the Cardano blockchain and the ecosystem is shifting towards an emphasis on DeFi and NFT, enterprises residing on top of it at one point may need to offer “quick and easy KYC services on their applications for their users to access regulated industries.”
  • Blockpass has used the example of its past collaboration with Animoca, a blockchain game giant, to defend its efforts in protecting the merits and benefits of cryptocurrencies.
  • The company said it is “developing the ability to provide KYC where the delivery of the verification result is provably sent and shown on a blockchain without sharing the underlying data.”
  • Blockpass’s CEO Adam Vaziri believes that the firm’s on-chain KYC is “revolutionary,” capable of changing how blockchains enable compliance.
  • As reported by CryptoPotato last December, Charles Hoskinson, the founder of Cardano, projected to expand the blockchain’s footprints in Africa and emphasized the importance of the NFT revolution and the DeFi boom continually bringing in new projects.
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