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VC Trade exchange adopts new KYC and AML technology

By

Agata Hofman

-

8 August 2019 22:22

2 min reading

vc-trade--adopts-new-kyc-and-aml-tech

An anti-laundering (AML) technology has been integrated into a Japanese crypto exchange - VC Trade. This technology was created by CoolBitX, a Taiwanese virtual currency hardware wallet company.

New KYC and AML technology from Taiwan

A well known Japanese financial giant, SBI Holdings, has founded VC Trade last June. The younger branch has adopted a know-your-customer (KYC) and AML compliance technology, Sygna. CoolBitX's CEO, Michael Ou, has explained, that Sygna allows withdrawals of the assets (cryptocurrency) to the user's wallet through a KYC checkpoint. The system can reject the transaction if one of the parties is unable to pass the certification. Ou commented on the partnership of CoolBitX and VC Trade, saying: FATF (The Financial Task Force) has now developed a meticulous KYC and AML specification for the virtual asset industry, managing VASP (Virtual Asset Provider) in the same way as financial institutions. We are proud to partner with VC Trade to provide CoolBitX services to VC Trade. VC Trade is an exchange regulated by the Japanese FSA - Financial Services Agency. The company needs to comply with the FATF's guidelines and thinks that Sygna will help with that.

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