Marshall Islands mandated a sovereign cryptocurrency

Members of parliament voted for proceeding with the launch of the nation's virtual currency
28 February 2018   612

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 Join Forces With IdentityMind

IdentityMind provides exchanges with ability to comply with KYC\AML worldwide
26 March 2019   86

Binance announced an agreement with IdentityMind, which will help it ensure compliance with regulatory requirements and improve data security.

IdentityMind provides cryptocurrency exchanges with access to the platform, thanks to which they can monitor compliance with customer identification and anti-money laundering requirements in real time. This includes connecting new customers, managing their profiles and monitoring transactions.

The partnership between Binance and IdentityMind further strengthens our compliance capabilities and our commitment to re-invest in the blockchain ecosystem and grow it. We continue to evolve and enhance security systems while adhering to regulatory mandates in the countries we operate in. The goal is to foster greater trust among financial institutions worldwide.
 

Samuel Lim

Chief Compliance Officer, Binance

Last year, Bloomberg wrote about the Binance user identification system as the least strict in the entire industry, and linked the “level of anonymity” provided by the exchange with the risks of money laundering and market manipulation.

In October, Binance entered into an agreement with a supplier of transaction analysis software on the blockchains Chainalysis, and in November with Refinitiv, which developed an automated solution for client verification.

Whether the ordinary users of the platform will feel the impact of the integration of IdentityMind tools on themselves, the exchange does not specify.