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.