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  1. Motoe Haus, born as Nathan Filby, is an accomplished Dj, Producer and Songwriter originally from Victoria, Canada has been ripping up dance floors in Ibiza since 2014. Motoe Haus has done many benchmarks in his career, and now he is being heralded as the 1st Blockchain Techno music producer. With The Node ep due for release by Haustronaut Recordings on 19.02.19 on the infamous Beatport as an exclusive for 2 weeks before the worldwide release. Please enjoy this preview of the third of 3 tracks compiling this historic EP, which is dedicated to KYCBench. https://www.youtube.com/watch?v=LXDeUmjTZao KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  2. 1st of December 2018 G20 had another meeting in Arginetina, Buenos Aires. There have been several issues that were agreed upon in a joint declaration and one of the points of declaration included consensus on dealing with crypto-assets. Probably the most interesting point in the list, specially for those who are looking to use crypto-assets or diversify their wealth into these, talked about an agreement on the need for the finalization of regulations surrounding cryptocurrencies and relevant technologies. The section pin-pointed the need for an open and resilient financial system, but only one that meets agreed international standards. “We look forward to continued progress on achieving resilient non-bank financial intermediation. We will step up efforts to ensure that the potential benefits of technology in the financial sector can be realized while risks are mitigated.” – G20 statement found in the original report. First and foremost the G20 agreed on regulating crypto-assets for anti-money laundering (AML) and countering the financing of terrorism according to the Financial Action Task Force (FATF) standards, which is an inter-governmental body established in 1989 by the member states. The progress mentioned here is already showing globally with every business that is dealing with crypto-assets as most exchanges and crypto handling services already implemented very strict Know-Your-Customer (KYC) and AML measures to identify their customers. Several major exchanges have already went forward with their regulatory compliant customer monitoring measures. The latest one to implement such a solution was Binance, the frequently number one exchange by daily volumes, which announced a partnership with Chainalysis to provide its KYC compliance software to monitor asset transactions in real time. There are some outliers in the crypto-space compared to the pseudonymous Bitcoin and its great number of forks. There are coins such as Monero and Zcash that offer built-in privacy measures to prevent the identification of its users even with tools that Chainalysis offers, but not every one of these alternatives offer cloaked transactions by default. Coinbase just recently added Zcash as the first privacy focused asset to its exchange portfolio, but not without a twist. Deposits can be made by both transparent and shielded addresses, but the exchange only allows withdrawals to transparent addresses in order to stay compliant to regulations as the movements of these can be verified during the process. The same can’t be done with Monero as transactions and addresses are private by default, but this also means that the project might have to look for decentralized exchanges and P2P trading in the future in case the government bodies see it as a potential tool for illicit activities. Bitcoin on the other hand, while having transparent addresses and being subject to such monitoring activities, is being helped out by independent startups such as the recently released Wasabi Wallet. The new wallet allows users who hold their Bitcoin’s in it to make use of a trustless P2P coin shuffling feature that makes it almost impossible for governmental bodies to track the origin of the assets. Most of the problems come from actually exchanging crypto-assets. Most traders and investors will be subject to these regulations as the easiest way to buy/sell crypto is through exchanges. There are of course various alternatives emerging that allow the bypass of these centralized and regulated platforms. We gave a short list of alternatives back in April for those who wish to do their trading on trustless and/or fully P2P platforms, these included HodlHodl, Paxful and Bisq. While some of these suffer under problems such as being a bit more technical or low liquidity, we feel that these will be sorted out as soon as more people migrate towards these options and of course new one will emerge with time as well. ANDRASB walletinvestor.com KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  3. Over the last months there where many posts of people that reported about their funds being stolen from exchanges. Also many ICO's coming up, asking for KYC before getting "free" tokens airdropped. The KYC procedure requires sending a passport scan and/or selfie. In late September 2018, Comparitech searched listings on several illicit marketplaces to find out how much passports are worth on the dark web. Those black markets include Dream Market, Berlusconi Market, Wall Street Market, and Tochka Free Market. A typical dark web listing includes a passport scan with a selfie of a person, holding a passport. These real scans of actual passports cost around $10 each and are often sold in bulk. They are available for several countries and are fairly common. If proof of address or proof of identification is added to a passport scan, the average price increases above $60. That's one way for people to make money using your information. The next step however could have far bigger consequences when they use the info to steal your funds from exchanges. Behind each ICO and exchange there is a KYC provider or platform, which is hired to perform KYC verification, as usually the amount of registrations is so high, that professional KYC specialist company is required to process all these data. In this case ICOs and exchanges even don't have access to your personal documents - they get KYC approval and the users can proceed. Reliable companies as KYCBench are extremely looking after security of data processing and storage, spending time and money to apply best international practices, like ISO27001 certifications, security and making sure that they are compliant with various legislations, including GDPR. As a customer before uploading your documents you can always ask for info about KYC processing provider and make your own decision if it is trustworthy. As well as request your data to be deleted immediately after verification. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  4. KYCBench is proud to announce strategic collaboration with INXY.IO! INXY Ltd is a group of projects with the first project starting in 2006, offering advertisement network, marketing, web and blockchain services. Following all recent technologies and constantly developing their knowledge, INXY provides products that meet the current and future demands of customers, making business easy and enjoyable. One of its projects is blockchain services provider – INXY.IO, which creates access to the best-practice solutions, such as marketing for blockchain projects, their development, audit, listing on exchanges, investments attraction and PR. KYCBench, as an outstanding and fully compliant with GDPR and ISO27001 platform for KYC verification, brings a lot of attention to the problems of data security and prevention of account takeover and online fraud. KYCBEnch and INXY share the same main goal - providing the best solutions for any problem for the customers. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  5. For years there have been requirements for necessary Know Your Client (KYC) and Anti Money Laundering (AML) procedures in place for financial services companies i.e. banks, stockbrokers, fund managers and insurance companies. In 1993 in Europe was accepted legislation in an attempt to combat “Money laundering” which was designed to prevent wrong doers from enjoying the proceeds of their nefarious activities. Following a G7 meeting, the Financial Action Task Force (FATF) published international standards to combat money laundering. After 9/11 terrorist attack, these were reviewed further. Thirty-four countries, between them representing the major financial centers around the world, signed up to these standards. In the USA, as a result of 9/11 and political pressure, KYC/AML legislation was strengthened to ensure once again that companies could prove that they knew who their clients actually were and how they had acquired their capital. However, such rules and regulations have not stopped organizations being fined — indeed the amount of money laundered by criminals is estimated to be as high as £100 billion a year. In the UK unlawful tax avoidance costs British taxpayers as much as £2.7 billion (€3.2 billion) in lost revenue, according to Transparency International. Initially it was proposed that Blockchain technology would enable one to be able to transact i.e. buy or sell with a stranger and maintain anonymity. Therefore many of the early Initial Coin Offerings (ICOs) did not bother with KYC or AML checks as organizations where able to typically receive Bitcoin or Ether and paid little regard to existing regulations. However, firms that carry out ICOs and have not carried out KYC and AML checks are finding it difficult to even open a bank account now. In late 2017 even the exchanges that trade Cryptocurrencies insist that their clients have to be verified i.e. had KYC/AML checks carried out. Failure to comply is likely to mean that you can no longer use an exchange and in the short term the amount of capital that you are able to with draw is being significantly reduced to encourage clients to comply, like Poloniex and other exchanges, which announced that they will be asking all their clients to be verified. Meanwhile, mobile technology which is already in most consumers’ hands, like smartphones, means that the cameras they have in their pockets are now so high-spec that they can be used to scan documents and take photographs of the user. Selfie’ photographs can even be combined with verified passport data to confirm that the individual using the mobile device corresponds to the identity document presented, like in KYCBench. This approach has many benefits beyond what being readily available. It allows KYC to be tightly integrated into existing digital marketing and communication channels, rather insisting consumers send copies of original utility bills to their service providers. It removes the costs and errors associated with manual processes. By using advanced machine learning techniques, accuracy can be greatly improved and the risk of fraud (and therefore fines) dramatically reduced. KYCBench, GDPR and ICO27001 complaint platform, is aiming to help both consumers and organizations to do business faster and more efficiently in complainant manner as it is replacing manual paper checks with digital authorization. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  6. After the boom of 2017 and the beginning of 2018, the ICO market shows disappointment in traditional ICOs as a means of venture financing. A bearish market trend and a lack of new ideas to implement the blockchain in the traditional market, as well as the fact that investors became more experienced and prudent in their decisions are the main reasons for this. by ICORating Also, the increase of regulatory activity, especially in the US and major European countries like the UK, Germany and France, has started a new class of fundraising on blockchain – security token offering, or STO. STO, as a mean of digital representation, refers to capital markets through issuance of regulated digital shares of equity or rights for profit sharing. Addressing the lack of transparency and regulation issues, STO could provide a smarter and more innovative approach to capital funding, attracting more of both private and institutional investors. Although there is currently no generally accepted regulation in terms of security token offering (STO) and digital assets, some regulators have already made some steps toward creating more favourable regulations for security tokens. Accordingly, it could be assumed that the interest in the STO, as an investment instrument, will be growing in the near future. ICORating’s analysts have released their quarterly report for Q3 2018, which is built on comprehensive analytical data and insights. The average funding attracted by the top 3 ICOs was $33 million. EOS still tops the list of ICOs in terms of funds raised in 2018, followed by Telegram. by ICORating ICO organizers offered different types of crypto assets for sale with service tokens (49.05%) and utility tokens (25.3%) continuing to lead the way. The majority of projects were based in Europe (43%), which became the leader in terms of fundraising as well (48%, or $663 million). Asia showed a 65% decrease in funds raised and a 10% drop in the number of projects launched. Taking into account the fact that the most popular industries by number of projects are energy & utilities, financial services and trading, while financial services, blockchain infrastructure and banking & payments were the industries where the largest funding amounts were raised, necessity and compliance with existing legislation and implication of Know Your Client (KYC) and Anti Money Laundering (AML) procedures is becoming a usual practice nowadays, where KYCBench, being GDPR and ISO 27001 compliant platform, is an ultimate solution for an outsourced KYC. Regardless to the ICO’s size KYCBench provides customized and tailored approach on KYC and AML checks, as the platform is designed to perform automated data processing, followed by manual checks, KYCBench also provide enhanced due-diligence reports, as there is another tendency, where ICOs are looking to raise capital mostly from professional investors, as there is less potential liability for the founders/directors in the future. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  7. STIPS|FinTech sets partnership with KYCBench, as KYCBench is currently one of the most reliable KYC/AML providers. Salina Bo, CEO and Founder of KYCBench and VP of AA Union Capital, is currently a valuable appointed advisor of STIPS|FinTech. STIPS|FinTech is a decentralized crypto finance ecosystem designed for smart investing and asset management to make information simple and accessible; it also seeks to make investments smart and reliable. Additionally, STIPS seeks to create a community that is interested in searching and providing information on cryptocurrency assets and teams that are responsible for the assets. The ecosystem will then create a means to provide the created community with unbiased, relevant, and complete information on assets that interest the community. STIPS is a utility-token and the core of the STIPS|FinTech ecosystem. The project’s economy, based on the token, is aimed at the project’s constant development and ensures the decentralization of incoming information, which, in turn, minimized damages and manipulations common for centralized data aggregators. Tokens will be continuously traded in the system, and users will be able to spend tokens inside the ecosystem and receive them for their support in project development. The most important function of the token is stimulation, which allows for unlimited ecosystem development. Know Your Customer policies are not just regulatory boundaries; they also act as competitive factors. KYC yields insightful data on company’s services and customers. Partnership with KYCBench, compliant to the maximum required industry standard -ISO27001 and GDPR, helps STIPS|FinTech to establish a reputation as a secure and trustworthy company. And trust is likely the most valuable asset for any financial business today. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  8. Last week marked the six-month anniversary of the implementation of the General Data Protection Regulations, but despite the regulations being in force for half a year, experts have warned that some businesses still have work to do before they're compliant with the rules. The new regulations drew much attention for the heavy potential fines they introduced - up to 4% of a company's annual turnover or €20 million, whichever is higher - and left companies scrambling to implement new policies and procedures in order to bring their business in line with the updated laws. Businesses have now had six months to meet the new standards, but in spite of this, industry experts have stated that many businesses still aren't prepared to cope with GDPR. "Today, there is still a strong chance that a number of organisations could be struggling with issues around data sprawl, the volume of personal customer information and uncertainty around data ownership," said Citrix's chief security architect Chris Mayers, "as our research from around a year ago suggested." "The poll also found the average large UK business was reliant on 24 systems to manage and store personal data, with one in five (21%) using over 40 systems to do so. Tackling such data sprawl wasn't easy then and won't be now if still the case." Although the Information Commissioner Office has thus far failed to issue one of the dreaded maximum fines, some organisations have already been penalised under the new rules, including Brexit data analysis firm AggregateIQ and a Portuguese hospital. AggregateIQ is a small Canadian data firm, which has been linked to data firm Cambridge Analytica (CA), was the target of the first GDPR fine in September 2018. AggregateIQ had 30 days to "audit, assess, implement and document" its data processing practises or face the maximum fine of £17 million or 4% of its annual global turnover. The Portuguese Data Protection Authority (CNPD) imposed the Barreiro Hospital with two separate penalties after the data watchdog inspected the hospital in early July, with a €300,000 fine applied for failing to respect patient confidentiality, and limiting inappropriate access to patient data. The second fine of €100,000 was imposed for the hospital's inability to ensure the integrity of data security in their system. The hospital is appealing the fine and may even launch a judicial challenge, according to Portuguese publication Publico. Public awareness of an organisation's responsibilities around data protection has never been higher - with breach complaints to the Information Commissioner's Office on the increase. Reputations and revenues are on the line, and KYCBench is one of the leading companies which have a long-term GDPR compliance strategy is in place. KYCbench was created to ensure that our customers can appropriately process their data and documents in a safe secure and private way and they know that their information is secured up to the maximum required industry standard -ISO27001 and GDPR. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  9. 2018 looks like a big year for information security. With major questions being raised about cyber security initiatives such as the EU’s General Data Protection Regulation (GDPR) brought into effect in late May this year, International Organization for Standardization with ISO 27000 family of standards has come at just the right time. ISO 27001 is one of the most popular information security standards in the world, with certifications growing by more than 450% in the past ten years. The ISO 27001:2013 (also known as BS EN 27001:2017) is the international standard which is recognised globally for managing risks to the security of information a company holds. This standard provides a framework for an Information Security Management Systems (ISMS) that enables the continued confidentiality, integrity and availability of information as well as legal compliance with regulations such as the European Union GDPR. The standard adopts a process based approach for establishing, implementing, operating, monitoring, maintaining, and improving the company’s ISMS. ISO 27001 certification is essential for protecting of the most vital assets. ISO 27001 implementation is also an ideal response to customer and legal requirements and potential security threats including: • Cyber crimes • Personal data breaches • Vandalism / terrorism • Fire / damage • Misuse • Theft • Viral attack Information security is at the heart of KYCBench operation and our customers can be confident that we have the necessary controls in place to protect their sensitive personal and identification data. The protection of this data is critical to all KYCBench customers – ICOs, exchange markets, health care institutions, online casinos and gambling companies, who are all under increasing pressure to ensure the right controls are in place. Our Information Security Management System is tailored to the provision of online solutions and services to the KYC market. Achieving ISO27001 accreditation demonstrates commitment of KYCBench to maintaining the highest standards of data security and provides an independent, expert assessment that information security is managed in line with international best practice and KYCBench business objectives. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  10. As one of the largest crypto exchanges, Coinbene is the brainchild of an elite group of major platforms in China. The three companies merged to form one of China's most secure trading and conversion platform to provide customers with high-quality digital assets in the blockchain world. The CoinBene exchange headquarters are based in Singapore with offices also in Hong Kong, Malaysia, India, Brazil, and more. The exchange launched on November 20, 2017, making its rapid rise to a consistent top 30 exchange by 24-hour trade volume an impressive feat. As one of the largest cryptocurrency exchange, Coinbene has a lot to desire. The platform is a leading exchange due to its wide variety of options. Traders have access to a large number of cryptocurrency pairs unlike most of the trading exchanges. Any client has the opportunity to plenty of currencies that they can quickly pick from and begin their trade. Additionally, this broker has a lot of experienced developers and researchers who help maintain and upgrade the site to prevent issues with customers and downtime. Furthermore, the withdrawal fees are readily available, and clients get excellent transaction volumes with minimal costs to their advantage. This is unlike most of the proficient crypto exchanges out there in the market. Also, it’s important to note that CoinBene is a centralized exchange. Partnership with KYCBench is aimed to straighten cooperation with Coinbene in Asia as the demand for good compliance continues to increase year on year in key markets globally, but especially in Singapore, Hong Kong, China and India as compliance issues, such as anti-money laundering (AML), fraud and policy review, remain hot topics there. The required standard for 'Know Your Customer' (KYC) and due diligence practices has risen as regulators take a more proactive approach. KYCBench is absolutely compliant with GDPR and ISO27001 and meet highest AML standards to minimise reputational risk by implying an exceptional KYC procedures, taking action to address territorial KYC deficiencies. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  11. Laws that prevent financial crime are needed by any society. But there is one problem - these laws sometimes have consequences for law-abiding citizens. Regardless of your beliefs, to know and understand the facts is essential, as ignorance is no excuse. This problem dates decades back. An article by The New York Times from 1989 estimated that $100 billion in revenues from cocaine sales in the US alone were ending up in the hands of a violent drug cartel in Colombia. The advent of electronic wire transfers was to blame, with one politician warning: “The bankers are unconsciously and haphazardly and lazily acting in complicity by failing to do enough.” In late 2012, HSBC was in hot water and fined almost $2 billion because it had failed to prevent criminals from using its infrastructure. Its division in Mexico had inadequate money laundering controls, with a US senate committee report accusing it of being reluctant to close suspicious accounts. The report also concluded it had circumvented strict rules to do business with the likes of Iran, North Korea and Burma, which the US defines as “rogue states.” Two of HSBC’s divisions were found to be altering transaction details to remove references to one forbidden nation. On top of this, it was claimed HSBC had links to organizations that funded terrorism. On November 28, 2017, the US Senate, Committee of the Judiciary held a hearing regarding bill S.1241: Modernizing AML Laws to Combat Money Laundering and Terrorist Financing. Anti-money laundering laws in US were originally created to prevent cocaine barons from legalizing their money. S.1241 is intended to modernize the law, which will provide law enforcement agencies with more tools for prosecution and closing loopholes in the law. S.1241 also adds section 13 on cryptocurrencies, bill S.1241 itself would amend the definition of ‘financial institution’ in the United States Code to include to include “an issuer, redeemer, or cashier of prepaid access devices, digital currency, or any digital exchanger or tumbler of digital currency.” This could have alarming consequences for users of cryptocurrencies both in the US and abroad. Namely, the law increases the term of punishment from 5 to 10 years for persons who smuggle more than 10 thousand dollars in the United States and abroad; clarifies the rules for moving money to and from the United States for tax evasion; changes the status of “digital currencies” and defines it as a “financial instrument” (section 13). In Russia, interest in someone else's wealth is not as stable as in the West. But laws also exist. It is engaged in struggle by the Federal Financial Monitoring Service, which complies with the principles of the FATF Global Organization. The main law of the country: "On countering the legalization (laundering) of criminal proceeds and the financing of terrorism." How global is the problem of money laundering? Senators at a hearing in the US Congress provided convincing statistics on the ineffectiveness of existing anti-money laundering laws in the United States and around the world. 99.99% of illegal money laundering bypasses the investigation. The International Monetary Fund estimates that money laundering is about 2–5% of global GDP each year, or about 1.5 to 3.7 trillion dollars in 2015: almost the size of the US federal budget. Similarly, the United Nations Office on Drugs and Crime conducted a study to determine the extent of trafficking in illicit funds. According to the Office, the income from criminal activities in 2009 amounted to 3.6% of global GDP, approximately 2.7 trillion US Dollars. The World Bank and the IMF believe that each year from 2.17 to 3.61 trillion dollars is laundered. Criminals are ready to test new methods of money laundering and are among the first users of new technologies. Because of this, anti-money laundering laws should evolve. When it comes to anti-money laundering, implementation of KYC for ICOs is critical. It aims to minimize the number of criminal acts and ensure the safety of token sales. Figuratively speaking, it’s a protective measure for ICО projects and their backers allowing them to run business in a transparent way. The stakes are high, and what everyone really need is trust. KYCBench was created to offer an outstanding KYC platform, which increases international AML and legal compliance with the potential to speed up registration process without increasing costs or reducing transparency for any blockchain solution. KYCBench is helping its customers with their AML and KYC compliance needs. The main aim is to cut the risk of fraud and reduce the costs of compliance by using comprehensive ID verification and AML watchlist monitoring technology with the highest security standards and integrated same automation technologies that leading financial institutions and fintech companies are using. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  12. In general, the procedure “Know your customer” is a concept that comes from banking and stock trading, the world of finance. It means that any company working with private individuals’s funds must identify the counterparty and establish his identity before carrying out a financial transaction. Initial Coin Offering, is a relatively new phenomenon in the world of finance, with the help of which developers launch new cryptocurrency projects and raise funds for their creation and development. In 2017, for example, through ICO, various teams collected a total of more than 6 billion USD (according to ICOData). Such high revs could not fail to attract attention of state regulators around the world. As we have already mentioned, financial institutions verify customers whose funds they manipulate: local laws on countering fraud and money laundering may require this; financing of terrorism. ” In addition, the KYC procedure in ICO opens up a number of additional possibilities for the organization conducting it and makes it more reliable in the eyes of state regulators. Identification answers the questions: who brings money to the project; what this money is paid for; where they came from. The KYC procedure allows to solve several problems: 1. Increasing the credibility of the banking system. Implementing KYC during the generation and sale of tokens makes it easier for the project team to work with banks and to comply with legal norms against money laundering. Compliance with the laws in the ICO procedure gives the project a sign of “legality” and attracts investors who are willing to invest money when the KYC requirements are met. 2. Distribution of the investment platform. Cases should be conducted transparently, especially in those regions where there is a potential opportunity to fall under local laws. Since the power structures of large regional markets (Asia, USA, Europe) converge in the classification of ICO as securities transactions, the ICO itself (and their authors) should be proactive and bring the projects into line with the laws of the respective countries and markets. 3. Legalization in the long term. Any successful business aiming at a long existence must take into account existing laws and comply with them. The legality of the project is based on how well-designed and protected cryptoactive assets and such management contracts are. 4. Improving public acceptance of a project. Despite the general hype around cryptocurrency and ICO, the lack of norms and methods of regulation, general information about these phenomena makes them potentially vulnerable to fraudsters. The more the team informs the public about its overall plans, financial structure, the use of the funds raised, the associated risks and other aspects of the project, the better people can appreciate the significance of the offer for themselves. 5. Coverage expand. Voluntary implementation of KYC procedures helps ICO projects reach a wider audience and increase the number of jurisdictions where a particular platform has the right to operate. This allows you to attract new investors, especially from Canada and the United States with their strict laws. 6. Tracking of the funds. If ICO is open to US investors, you need to consider how to prevent the sale of the tokens they bought over the next 12 months. And if American investors are not allowed to the project, how to prevent them from buying in the future? Synthesis of KYC procedures and anti-money laundering legislation will allow you to better track money flow and connect with investors. 7. Avoidance of sanctions and fines. In many jurisdictions, authorities impose severe fines on ICO projects, if they are regarded as selling securities, in accordance with local finance laws. KYC allows you to fulfil legal requirements and avoid penalties and sanctions. KYCBench platform, as an outstanding KYC service procider, directly for the ICO means and solves following questions: verification and confirmation of the identity of the investor; analysis of his personal data, financial and business activities; risk assessment of fraud, theft or money laundering. There is a new practice, which comes in palace - a Know Your Customer procedure for the ICO team. Many authoritative experts of the cryptocurrency world consider this critically important for assessing the reliability and success of a project; therefore, developers themselves are often identified. KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  13. Companies that are looking to complete an ICO have an incredible task of performing their due diligence on their investors. To realize how significant performing due diligence is, imagine a scenario where an ICO has raised funds and is about to reach the end of its crowdfunding successfully. The project is solving a real world problem, there is mass appeal and strong partnerships already announced. The company executives are rejoicing and the bottles are popping. Plans are being made on the upcoming tasks of managing the funds, assignment of workloads, new employees to interview etc. Join our Telegram Groups: KYCBench Announcement | KYCBench Community Right at that moment imagine now the SEC (or any other governmental regulatory enforcement body) serves a Cease and Desist order on that ICO because of a lack of KYC (Know Your Customer) and AML (Anti Money Laundering) processing. This is the nightmare all ICO owners face if they do not perform their regulatory due diligence when crowdfunding. As one of the gatekeepers for ICOs, KYCbench works to ensure that ICOs can appropriately process their investors data and documents in a safe secure and private way. ICOs do not have access to the personal data of their investors and investors know their information is secured up to the industry standard (ISO27001 and GDPR compliant). So in the future a legitimate ICO is one that takes the necessary steps to ensure that their ICO will stand the test of time and the test of regulatory compliance. Read on our website: What are the legitimate ICOs currently on the market? - KYCBench Companies that are looking to complete an ICO have an incredible task of performing their due diligence on their investors. To realize how significant performing due diligence is, imagine a scenario where an ICO has raised funds and is about to reach the end of its crowdfunding KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  14. The orders of the Russian president to the government and the Central Bank to introduce the concept of “crypto-currency” into Russian legislation, given in October 2017, sparked optimism in the crypto community. However, the bill prepared by the Central Bank and the ministries is based on the false belief that it is possible to regulate crypto-economy as a new oil and gas field: impose restrictions on raising funds, motivating it with concern for future deceived investors, while removing restrictions for foreign investors. For example, it is proposed to introduce taxation for miners, although mining is a process of generating program codes (crypto-currency), and if it does not exchange for classical (fiat) money, it is impossible to tax the process of mining with taxes. Taxation can only be a process of exchanging crypto-currency for fiat money. It is for this that the race of regulators is going on all over the world. The one who will offer the best conditions for this, meeting the requirements of anti-laundering legislation, will also collect financial and intellectual capital of the new digital economy in his country. In addition, it is necessary to understand that mining is not so much a process of producing crypto-currencies, but rather a support for the operation of block-chain chains around the world. The country that will provide the best conditions for mining, for example, will gather 30-40% of its capacity, will receive a strategic win. A transaction can be initiated from anywhere in the world, but the provision of a chain lock depends on the resources of a particular country, not only about cheap electricity, but also about good laws. The country that will maximize this process will win. In the world, there is a flow of miners from China to Canada, the United States, Japan and South Korea. Russia is still losing this competition, although electricity is cheaper. Chinese miners often want to work in Russia, but they are stopped by the lack of clear rules and guarantees. Industrial mining could load our energy capacities, additional budget revenues and substantial investments in regions where there is a shortage of highly qualified jobs. Russian Opportunities A positive example of the regulation of the new sector of the economy is given by Belarus, where the decree “On the development of the digital economy”, defining the conditions for crypto-investors and the long-term responsibilities of the government, was issued. Physical persons in Belarus got the right to extract, store, exchange, buy, bequeathed and give to the crypto currency, and also engage in mining, which is not classified as an entrepreneurial activity and does not require a special license. Russia could go the same way: to allocate several special economic zones, and enable them to create digital territories by the same rules. And create the appropriate infrastructure, of course, under the supervision of the Central Bank and with the participation of the Ministry of Finance. Precedents for such solutions in the world already exist: Malta, Switzerland, Cyprus, Singapore, Estonia. These special digital territories do not presuppose the participation of crypto-economics in domestic life, but they will allow investors from all over the world to transfer their operations to them and pay taxes fairly, taking into account all requirements of anti-laundering legislation. The problem of anonymity, which is so worried about the state, is solved very simply – by passing the authentication procedures of KYC by the owners of wallets, which in general is already an everyday practice for the crypto industry. KYCBench is one of the largest KYC players today, which is trusted not only due to compliance to the latest personal data protection regulations, but due to security and reliability in terms of anti-money laundering. Learn more: Crypto- industry regulations in Russia - KYCBench The orders of the Russian president to the government and the Central Bank to introduce the concept of "crypto-currency" into Russian legislation, given in October 2017, sparked optimism in the crypto community. However, the bill prepared by the Central Bank and the ministries is based on the KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community
  15. Here are 4 reasons why KYCbench should be considered by any project that is looking to raise funds as an ICO or CDE are as follows. GDPR and ISO 27001 Compliance, KYCbench understands the need to protect personal data and has been preparing for the GDPR for the last 6 to 8 months. KYCbench also recognizes that if ICO’s and CDE’s do not comply with the GDPR and ISO 27001 that not only can they personally be held liable but also it will have a negative impact on the entire blockchain ecosystem. The media is quick to showcase blockchain projects that get shut down by a regulatory body and this may have a short term effect on price of cryptocurrencies as a whole (especially if the ICO has raised substantial amount of money) and long term investors may be hesitant to invest more in good ICO/CDE projects. Join our Telegram Groups: KYCBench Announcement | KYCBench Community Why KYCbench’s solution Cryptocurrency exchange platforms are starting to exclude some cryptocurrencies that have not properly implemented the KYC processes. Not running these checks poses a great risk to a project long term. Just recently the Financial Times had reported that the Exchange-backed GDAX says that it “plans to list only a fraction of the hundreds of new digital coins that have been invented this year”. Future ICO projects As noted by CCN cryptocurrency exchange platforms are starting to exclude cryptocurrencies that have not implemented KYC due diligence procedures. CCN also mentioned how an ICO called protostarr was shut down. Due to incorrect KYC procedures (amongst other issues). In protostarr’s case funds needed to be returned to investors. Blockchain projects and the banking sector Until a regulatory framework is created banks will continue to be hesitant to consider ICO funded projects as legitimate investments for their clients. By at least showing GDPR and ISO 27001 compliance projects that receive funds through the ICO funding process can at least show they are aware of the need to be somewhat regulated and this can only be a positive improvement for the ecosystem. KYCbench provides a customized solution which can be plugged in to an existing ICO’s website or an ICO can register and its users and investors can login directly through the KYCbench’s platform. KYCbench’s platform has been designed on GDPR and ISO 27001 requirements. KYCbench strives to be the main go to platform for all parties to ensure KYC procedures are met with limiting the risk of any complications for the ICO providers and ICO investors into any particular fund raising project. KYCbench has worked on ensuring that the services offered are easy to access, safe and are always complaint to regulatory needs. If you are an ICO that requires KYC/AML checks or you are an investor that is looking to process your personal data to be vetted for a project feel free to contact KYCbench. KYCbench provides 24h support via telegram where you can let KYCbench know your requirements. Read full article on our website: 4 Reasons why you should consider KYCbench - KYCBench Here are 4 reasons why KYCbench should be considered by any project that is looking to raise funds as an ICO or CDE are as follows. GDPR and ISO 27001 Compliance, KYCbench understands the need to protect personal data and has been preparing for the GDPR for the KYCbench, your reliable KYC partner www.kycbench.com GDPR & ISO/IEC 27001:2013 compliant Please contact KYCbench today, the most reliable ID verification processor at: [email protected] Join our Telegram Groups: KYCBench Announcement KYCBench Community

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