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150 ICOs and STOs Adhere to KYC and AML Guidelines with the Help of IdentityMind Global

TheMerkle BitGrail KYC Extra-EU

KYC and AML procedures play an increasingly important role in the world of cryptocurrency. This is especially true when dealing with initial coin offerings. IdentityMind has already processed 150 client requests in the past few months. It’s a very positive trend that will bring more legitimacy to the ICO industry moving forward.

IdentityMind is on a Roll

While the number of initial coin offerings has not decreased by any means, the same old concerns remain in place. More specifically, a lot of projects can still be considered securities, and not all of these fundraising initiatives take the necessary KYC and AML procedures into account. This is quite worrisome, as such procedures are a mandatory requirement in most parts of the world.

Thankfully, there are services such as IdentityMind that make this process a lot more straightforward. The company specializes in AML and KYC procedures for ICO clients, ensuring all precautions are taken to comply with existing regulatory guidelines. Having a third party take care of legal matters while the ICO team focuses on what they set out to do can yield spectacular results in the long run.

So far, the company has provided these invaluable services to 150 ICO projects. That is a pretty remarkable milestone, as it shows a lot of initial coin offering teams want to comply with existing guidelines and rules. It is a tedious process, and without the necessary legal knowledge, there is very little teams can do in this regard. IdentityMind provides this service to key ICOs, including DataBroker DAO and Sparkle Coin. With the company being active in 25 countries, it is evident international and cross-border legal solutions are in high demand.

IdentityMind Global CEO Garrett Gafke commented:

We’re excited to announce that IdentityMind has helped 150 clients [who] are creating highly innovative, long-term ‘businesses of tomorrow’ using [an] initial coin offering (ICO) or a security token offering (STO) to fund their companies. IdentityMind is the preeminent know your customer (KYC) and anti-money laundering (AML) provider to some of the world’s largest ICO/STO clients and cryptocurrency exchanges. Our success is built upon our trusted reputation, a tried and tested platform that facilitates fast onboarding and time to revenue for clients, outstanding service and support, and our global domain expertise in digital currencies, regulatory and risk management.

It is quite interesting to see firms such as IdentityMind acknowledge the potential of security token offerings. Since virtually all new ICOs can be treated as securities, they may as well be issued as STOs from day one. The firm can help teams set up those projects according to the securities guidelines in place in their respective countries. By properly evaluating the participants in these ICOs and STOs, IdentityMind can ensure that there are no irregularities taking place along the way.

It will be interesting to see how the initial coin offering concept evolves. With so many companies potentially violating these laws, solutions such as IdentityMind are direly needed to ensure that investors are not the ones losing money in the end. If more companies go through such a vetting process prior to raising money, the industry will face less scrutiny from regulators as well. An interesting trend is taking hold, but there is still a lot of work to be done.

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