Blockpass, a pioneer in comprehensive on-chain KYC & AML screening software-as-a-service for blockchains, crypto, and DeFi platforms, announced today that it has been accepted into the latest cohort of the Financial Conduct Authority (FCA) regulatory sandbox; a system that enables the ability for businesses to try out innovative new solutions in a market ecosystem with real users.
Dedicated to establishing honest, fair, and effective financial markets, the UK-based FCA monitors and regulates nearly 60,000 financial services firms and financial markets.
To promote this and foster innovation, the FCA provides a regulatory sandbox for companies to develop and test cutting-edge solutions. This has a number of benefits for the companies involved, including providing a controlled environment for testing, assistance in including the necessary customer safeguards, access to finance, and potentially a faster and less expensive time-to-market.
This cohort, the seventh of the FCA’s regulatory sandbox, comes in the middle of the coronavirus pandemic with a particular interest in solutions that deal with the effects of the pandemic and its impact on people and businesses.
Some specific aspects that the FCA were looking for in this cohort included:
- The ability to detect and prevent fraud and scams.
- Providing support around the financial resilience of vulnerable consumers.
- Improving access to finance for small and medium-sized enterprises.
As an identity management platform and provider of simple and effective KYC and AML solutions; Blockpass aims to address all these issues. By putting users back in control of their own data and facilitating fast secure, and effective identity solutions, Blockpass not only removes the repetitive and time-consuming aspect of verification but works with data protection and privacy standards around the world; a vital opportunity for companies in the financial service industry.
Blockpass has grown significantly in size and use since its inception, both in the number and range of users and organizations it has partnered with, and the scope of its work. Blockpass continues to develop its digital identity protocol with updates and additions to improve the compliance experience
The existential need for DeFi projects to be regulatory compliant and the recent integrations have led to a surge in interest for Blockpass’s On-chain KYC solution which promises to change the way blockchains enable compliance Its recent integration with TrustSwap expands Blockpass’ services to a whole new raft of businesses and solutions.