Civic Compliance: A Natural Evolution
The regulators are coming. The regulators are coming.
Whether it’s FATF, FinCEN, CFTC, or one of many other governing bodies, lawmakers have been incrementally shaping new legislation aimed at further regulating centralized finance and DeFi. Most recently, the World Economic Forum published a white paper to help policy makers understand DeFi, so that better guardrails may be designed for the ecosystem.
A confusing regulatory landscape
Companies in this new ecosystem, though, remain unclear on how to lawfully proceed. As we talk to companies about Civic age verification, log-in and KYC, we continue to hear a similar message from them: what should we do about compliance?
As an advisor offering identity services, it’s become clear to us that Civic can bring greater value to our existing and potential customers by offering more of what we do well.
That’s why we’re proud to share a window into the future of digital identity’s role in the DeFi ecosystem.
Civic Compliance is coming soon
The new DeFi ecosystem makes it possible for anyone to trade using simply an internet connection and open-source code. The fact that these new marketplaces have proliferated illustrates the need for next generation financial services, but these solutions must begin to operate within the context of necessary compliance guardrails. Fortunately, digital identity with built-in compliance will help blockchain protocols, liquidity providers, and individuals create trust and comply with evolving regulations all at the same time.
More specifically, our newest offering, Civic Compliance, will help DeFi companies and individuals know their counterparties, so that all parties can ensure KYC, AML requirements are met.
Civic is uniquely positioned to create decentralized identities, putting users in control of their own personally identifiable information (PII) so they can access compliant DeFi services. Users of Civic Compliance may sign up once and then re-use their “attestation” again and again. This gives protocols and liquidity providers visibility into each and every user transaction. And, it gives users more control over their PII.
Partners in compliance
Whether it’s KYC, AML or regulations not yet in place, Civic is a partner in meeting DeFi regulatory requirements, all while putting users back in control over their unique digital identities. We’re looking forward to sharing more about Civic Compliance.