Crypto identity contradiction: Blockchain anonymity meets KYC regulations
People value the anonymity of a decentralized blockchain. Each user has a pseudonym in the form of a wallet address, which is stored in a decentralized ledger for every cryptocurrency transaction. So why do crypto platforms need identity verification? Fraud and the potential for harm have become too great to ignore, and regulators are paying attention, according to Christy Goldsmith Romero, a commissioner at the U.S. Commodity Futures Trading Commission. The commissioner also noted that crypt...
Crypto identity contradiction: Blockchain anonymity meets KYC regulations
People value the anonymity of a decentralized blockchain. Each user has a pseudonym in the form of a wallet address, which is stored in a decentralized ledger for every cryptocurrency transaction. So why do crypto platforms need identity verification? Fraud and the potential for harm have become too great to ignore, and regulators are paying attention, according to Christy Goldsmith Romero, a commissioner at the U.S. Commodity Futures Trading Commission. The commissioner also noted that crypt...
