Original sourceBasis Desk
Summary
a16z Crypto is calling on regulators to adopt a reusable on-chain KYC framework under the Bank Secrecy Act structure, using cryptographic credentials, verifiable credentials, zero-knowledge proofs, and non-transferable tokens. This model would let a single identity verification be recognized by mul…
Key points
- For compliance and product teams, this offers a viable path to cut duplicate KYC costs with cryptography while protecting personal data.
- If reusable identity is adopted by regulators, it will change onboarding costs and data governance for crypto firms and banks.
- DeFi and tokenized product teams could complete compliant onboarding with lower friction, but 'Know Your Agent' rules and reliance on verification remain unclear.
Editorial note
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