From the very beginning, PLAAK’s company stature aimed to gain the attention of clients looking for a legitimate Blockchain company. Our forecast proved true, and K.Y.C. (Know Your Customer) compliance met by PLAAK is gaining weight in line with regulatory standards on their way.
To assure the highest level of customer security and satisfaction, PLAAK partnered up with Trulioo, a global leader in identity verification. Trulioo have two thirds of the world’s population covered, providing cross-reference check-ups between independent personal identity records from over 400 credible sources.
With a database obtained from credential issuers, credit score companies, social media advertisers and, mobile providers as of recent, enabling clients without a utility bill to their name to participate in our platform.
Trulioo’s solution is adaptable to local regulations, serving and sourcing 250 million companies all the while, making for more than a vetted associate for PLAAK. Their AI assisted verification methods assists in quick user enrollment without either entity using the submitted documents aside the purpose of security.
This allows PLAAK to create an environment with the right balance between our client’s privacy and dependability.
The Impact of KYC
The importance of assuring a company’s customer base isn’t involved in illicit activities extends beyond the Blockchain domain. Issues plaguing the banking system didn’t bypass cryptocurrencies as a form of transferring assets. As a result, the trust and interest of honest people for cryptocurrency was lost amidst market turbulence.
Blockchain technology has long surpassed growing pains and managed to persist by extending its use cases beyond currency transfers. Proposing solutions for institutional and practical use, it needs to gain integrity to keep its autonomy. Among debate on the regulatory standards, PLAAK welcomes them with open arms as a positive paradigm shift.
Money laundering regulations (A.M.L.) in banking terms translate to K.Y.C. in Blockchain. A non-invasive form of giving the ability to extend a companies user base, K.Y.C. will provide safe, trust-less direct user-to-user and company-client interactions. The K.Y.C. implemented in the PLAAK Ecosystem goes above and beyond simple identification compliance and disables cyber-criminal and money launderers from affecting our platform, isolating them from law-abiding users.
The initiative has significantly increased as of recent, with a Bitcoinist article stating that 2018 will be a year of regulations. Japan is at the forefront, with a legal virtual currency framework already in place and the trend spreading from South Korea with the U.S.A. and Europe next in line.
Cryptocurrency exchanges are most concerned with the forthcoming changes, with an estimate of 68% U.S.A. and Europe based platforms without full adherence to K.Y.C. regulations, according to a recent study.
The European Union started creating a legal framework for Blockchain, which implies cryptocurrency traders will eventually migrate to qualified exchanges. Non-compliant exchange platforms don’t have a contingency plan, leaving them at a disadvantage and their users at the mercy of hope.
The PLAAK Exchange, as an integral part of the Ecosystem, conformed to K.Y.C. regulations from launch date. Our users have the comfort of being backed by a platform taking care of legalities for them. As our legal efforts and global regulations come together, the K.Y.C. integration will enable PLAAK to extend services to users from over 200 countries covered by Trulioo.