IOTA and Partners Develop KYC Solution That Incorporates Tokenization + More Crypto News
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The IOTA Foundation announced that it is collaborating with a walt.id, IDnow, Bloom Wallet, and Spyce5 to develop a Know Your Customer (KYC) solution that “incorporates tokenization for efficient and secure user authentication in Web3 applications, both on- and off-chain.”
According to the blog post, the team aims to provide a solution that meets strict authentication requirements, respects user privacy, and minimizes the burden on decentralized apps (dapps).
Per the post,
“This tool enables users to verify their identity in Web3 applications while maintaining control over their information.”
Upcoming EU and global crypto regulations will require obliged entities to implement strict KYC and anti-money laundering (AML) measures. But tools for authenticating users in Web3 applications, argues IOTA, lack the strong guarantees necessary to identify the person behind a blockchain address.
As regulatory requirements in the crypto industry increase, the demand for easy and simple identity verification tools for Web3 apps will likely increase as well.
“Our solution aims to protect personal data and ensures that it is never recorded on-chain.”
Also, users maintain complete control over their data. They can identify themselves with various Web3 applications.
Therefore, the partners have designed a reusable KYC system, fully compliant with regulatory standards, to onboard users to dapps and apps, said the blog post.
Asset manager WisdomTree has released monthly metrics for January 2024, including assets under management (AUM) and flow data by asset class.
It reported
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