Conducting KYC/CDD on Decentralized Currencies: Challenges and Unresolved Issues
KYC is one of the biggest regulatory hurdles that crypto firms have had to clear in recent years. By its nature, the decentralized economy is prone to problems regarding KYC. Many decentralized exchanges (DEX) are designed to allow customers to remain anonymous and ensure their personal information isn’t shared with other parties — including central authorities. This means many crypto firms are not able to identify who their customers actually are, something regulators do not find acceptable. The fast growth in DeFi applications operated through smart contracts via decentralized autonomous organizations (DAOs) only adds further complexity. This webinar will look at whether KYC can be performed on decentralized cryptoasset services — the options, the challenges and considerations for compliance professionals.
Analyzing how enforcing KYC on decentralized cryptoassets can prevent criminality and strengthen cryptoasset providers reputation
Learning various ways of conducting KYC on cryptoasset traders and service providers to ease the process
Understanding the requirements of regulators, policymakers and standard setters when it comes to KYC/CDD through decentralized finance, as well as potential legal challenges
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