Blog

Onboarding and Compliance Needs Grow Worldwide

Matthew Warner

October 10, 2024



Countries across the globe are strengthening their crypto and blockchain regulations as the technology becomes more embedded into society and the need to combat potential fraud and bad actors grows. As regulatory oversight expands, it creates a feedback loop by fostering a more secure and transparent environment, attracting institutional investors and blockchain innovation. This regulatory evolution increases the demand for solutions which specialize in Know Your Customer (KYC), Anti-Money Laundering (AML) services, and other compliance tools, especially those which can both scale and fit in with modern standards and sensibilities.

Onboarding and Compliance Needs Grow Worldwide

One jurisdiction that is expanding its crypto scene is Hong Kong, with an announcement this week that will see new crypto exchange licenses issued by the end of 2024, which is expected to lead to a significant boost to the local cryptocurrency ecosystem and could have a wider implications for crypto adoption. By issuing more crypto exchange licenses, the government aims to solidify its standing as a global financial hub, particularly in the burgeoning blockchain and crypto sectors.

As exchanges and other crypto services are introduced to a wider audience and their need to scale grows, compliance solutions become indispensable for customer onboarding, and security. Recently, the Hong Kong Securities and Futures Commission (SFC) has been actively reshaping the landscape for digital assets with a clear focus on compliance and security. Along with the continued expansion of crypto’s reach, new regulations bring institutional interest, opening doors to broader use cases for digital currencies and decentralized finance, fuelling the traction such solutions and developments are gaining around the world.

For crypto exchanges and businesses, all this attention and support creates a golden opportunity to operate in a well-regulated, high-trust environment, appealing to investors wary of the industry’s previously lax oversight. However, with this comes stricter regulatory requirements, particularly in areas like KYC and AML protocols. These regulations are essential to ensure that exchanges comply with international financial standards and protect their users from fraud or illegal activities.

This is where Blockpass, a company that has roots in Hong Kong, is indispensable. As a digital identity verification solution with a focus on KYC and AML, Blockpass is positioned to help exchanges and crypto businesses navigate complex regulatory frameworks. As exchanges scale and more users onboard, streamlined, secure, and compliant verification processes are crucial. Blockpass allows for quick and easy user verification while ensuring full compliance with global standards.

Moreover, as regulatory frameworks tighten, compliance becomes a competitive advantage: exchanges that use Blockpass can position themselves as trustworthy, ensuring not only compliance but also providing an enhanced user experience by simplifying identity verification. This is backed up by the manner in which Blockpass enables onboarding, with users being in full control of their own data, changing the way personal information is dealt with for the better.

This surge in licensing signals a broader trend in the crypto and blockchain industry. Regulatory clarity will likely lead to a wave of innovation, particularly in DeFi and tokenized assets. As these markets grow, the need for regulatory-compliant solutions only increases and Blockpass is the perfect solution to help.

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]

Matthew Warner

Matthew Warner is a content producer and researcher at Blockpass, focusing on writing and community engagement while exploring the potential of blockchain, AI, and IoT technologies.