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
) and AML
compliance technology, Sygna
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
(The Financial Task Force) has now developed a meticulous KYC
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
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.