Why It’s Critical for Business?
Privacy and anonymity when executing financial transactions are among the key attractions to cryptocurrencies, thanks to the decentralization feature of blockchain technology. That’s why, despite the promises of discretion, crypto payment platforms will still ask you to fill in your details when you want to begin trading or withdrawing your funds. Those platforms are simply complying with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, something most of them implement grudgingly.
Today, KYC and AML are a minimum in most sectors where trust is a core element in business relationships. From telecommunications to insurance, fintech, banking, and now crypto, verifying the identity of your customer is considered a…
