Different countries all over the world are working in order to regulate the cryptocurrency market. Enterprises that offer exchange solutions to individuals must follow strict Know Your Customer (KYC) rules if they want to keep operating.
In those countries where this is not needed, cryptocurrency exchanges are trying to improve their KYC policies in order to comply with future regulations. That’s what Waves African Exchange is doing by signing a partnership with Civic.
Waves African Exchange Partnership
Waves African Exchange (WAXEX) is a Fiat gateway solution for a platform known as DEX (Waves Platform Blockchain Decentralized Exchange). Waxex has partnered with Civic, one of the most important businesses that control and protects identities.
The main intention, and what Waxes is searching for, is to have an improved KYC policy on the platform. With Civic, users and accounts will have to comply with strict KYC policies and provide a multi-factor user authentication for their accounts.
Monika Van Zyl, CEO and Director of Waves African Exchange, commented:
“We are very excited to announce this new partnership as it greatly improves our service offering to our clients, by providing a more secure, and safer way to share sensitive information. It gives us a great sense of relief knowing that we are protected from data breaches associated with traditional centralized customer information management.”
In this way, Waves African Exchange mitigates a very important risk for the platform. By outsourcing its KYC services to CIVIC, hackers and identity thieves will have no chance to steal the data of the users registered in the platform.
At the same time, Civic assures the authenticity of customer data using secure blockchain information management services. That makes the identity verification process more reliable and cost effective.
Civic Keeps Growing
With this partnership, Civic platform keeps growing by adding new partners to Civic’s Partner Network. Civic allows consumers to authorize the use of their identities in real time. Civic has developed an ecosystem that facilitates on-demand, secure and low-cost access to identity-verification services using blockchain technology.
Civic CEO, Vinny Lingham, said about this partnership with Waves African Exchange:
“We are pleased to welcome Waves African Exchange to Civic’s Partner Network. This collaboration marks another milestone for Civic’s ecosystem and for on-demand, secure, and low-cost access to identity verification services.”
With this partnership, Civic will help enable Secure Sign-On and Reusable KYC services across fiat gateway services. This will allow Waxex to reduce risks related with identity thefts. Furthermore, users would be able to customize access control for specific gateway services based on different parameters like age or country.
Waxex and Civic are cooperating so as to reduce future problems related with future worldwide regulations in different countries and regions. By implementing this KYC system, Waxex is moving ahead of some competitors that did not implement similar KYC, AML (Anti Money Laundering), and ATF (Anti Terrorist Financing) policies.
As discussed in the G-20 meeting some days ago, countries will have to follow FATF standards in order to protect consumers and comply with the current international regulatory framework.