Neo has been a pioneer in the Web3 realm since 2014. It has officially become one of the first members of the Web3 KYC Alliance on January 22, 2024. This strategic move aims to revolutionize the Web3 landscape. This collaboration with the Alliance will implement Know Your Customer (KYC) solutions.
Bifrost Foundation Leads Web3 KYC Alliance for Regulatory Innovation
The Bifrost Foundation leads the Web3 KYC Alliance. It focuses on advancing RegTech solutions. Especially in KYC, it is to prepare Web3 users for upcoming regulatory changes. The Alliance is backed by top-tier compliance expertise and a robust 20-million user base from KICA and CODE. It envisions a digital asset ecosystem that enhances the Web3 experience with streamlined asset flow.
There are some benefits for Alliance members which include collaborative authentication spanning Web2 and Web3, and AML-responsible base authentication. It also provides essential infrastructures, and potential business collaborations among members. The Alliance aims to expedite efforts by creating an innovative Web3 identity authentication service integrating KYC with travel regulations.
Neo’s decision to join the Alliance aligns with its commitment to regulatory compliance. It will improve user experiences through innovative KYC solutions. Neo facilitates the digitization and automation of asset management through smart contracts. It also contributes to the development of a Smart Economy.
Web3 KYC Marks a Milestone with Neo’s Involvement in Regulatory Compliance
Neo strategically joined the Alliance to streamline digital asset management. Da Hongfei, Neo’s Founder, expressed that Joining the Alliance will grant them the advantage of mass onboarding loyal Web3 users. With their years of experience in the Web3 industry, they are fully committed to enhancing trust and security within this domain.
Dohyun Pak is the founder of Bifrost Foundation. He anticipates the immense importance of Neo joining the Alliance. He stated that with the unified goal of bringing regulatory compliance to Web3, they look forward to the next chapter in the global adoption of blockchain.
As part of Neo’s involvement, Neo N3 and Neo X will have access to the Alliance’s innovative KYC solution. Projects and individual users within Neo’s blockchain ecosystem will have the autonomy to decide whether to utilize the KYC solution provided by the Alliance or choose an alternative approach based on their preferences. This strategic move marks an exciting chapter for Neo and the Web3 KYC Alliance. It will pave the way for a more regulated and user-friendly Web3 experience.
