Marshall Islands mandated a sovereign cryptocurrency

Members of parliament voted for proceeding with the launch of the nation's virtual currency
28 February 2018   480

A sovereign nation in South Pacific today has enacted a law that launches a legal process of establishing a nationwide legal cryptocurrency. SOV ("Sovereign") is meant to be circulated alongside with US dollar within the country. The virtual currency is based on Yokwe framework that provides an effective method for KYC and AML. Users of SOV will be able to confirm their identity and the platform thus will easily and quickly integrate services of financial institutions as the foundation for ID verification is already laid.

I’m especially proud of SOV since it is based on a new blockchain framework called ‘Yokwe’ that has all the benefits of bitcoin minus the anonymity. SOV makes cryptocurrency usable for the 95% of blockchain enthusiasts, who have nothing to hide. Every SOV wallet is associated to a real person, via verified government ID and fingerprint.

 

David Paul

Minister in Assistance to the President, RMI

The Sovereign will be distributed by means of ICO. All the funds raised will then be directed to the country's crucial areas of green energy, healthcare for those still suffering the consequences of the US nuclear bomb testing and climate change counter measures. RMI hired Neema for the management of the issuing process. This Israeli-based startup specializes in the integration of blockchain solutions into financial processes and is backed by Y Combinator accelerator.

The national virtual currency initiative is just the first step in a broader digital economy dubbed "E-conomy" vision with the incorporation of a blockchain technology and biometric IDs.

Binance to Partner with Chainalysis for AML

Use of Chainalysis KYT solution will allow to compile with KYC- and AML-norms and also simplify the process of opening bank accounts
18 October 2018   74

The largest exchange by daily trading volume Binance uses software from Chainalysis, called Chainalysis KYT [know your transaction], to monitor real-time transactions and identify transfers related to criminal activity. This is stated in a joint press release.

Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance's lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions.
 

Jonathan Levin

Co-Founder and COO, Chainalysis

Thus, the use of software from Chainalysis not only guarantee compliance with the KYC- and AML-norms, but also simplify the process of opening bank accounts.

By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth. Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries we serve.
 

Wei Zhou

CFO, Binance

Chainalysis KYT release was held in April.