How Can SelfKey Help in Regulating Web3 ??
Dear SelfKey Astronauts,
The crypto community has always been skeptical about regulations and compliance for the crypto industry.
However, policymakers need to embrace the fact that crypto is fundamentally different from the traditional financial industry. Proper regulations that are user-centric and offer clarity for users and platforms will be good for the industry.?
The latest version of the Internet, Web3, aspires to be a better version of its previous iteration, Web2, which was centralized and dominated by a few large corporations.
Web3 is envisioned as a more decentralized version of the Internet, which will put users’ interests first and, ideally, not be controlled by a few corporate giants. Their common embrace of this fundamental property makes Web3 and the crypto industry closely aligned. In parallel, regulations and policy-making aimed at the crypto industry should subsequently affect Web3 too.
Regulations and compliance will primarily focus on Know Your Customer (KYC) and Anti-Money Laundering (AML) policies, which can help secure users and platforms against exploitation by fraudsters and financial criminals.?
The SelfKey ecosystem, with its decentralized identity verification mechanism, can also help Web3 users and platforms in this regard. The SelfKey ecosystem offers users a way to securely verify, store and use their identity on Web3. In parallel, Web3 platforms can allow verified users to use their services.
This approach can facilitate regulation of the crypto and Web3 space that respects the privacy of users, bringing peace of mind to users and platforms. It can also effectively make offenders accountable for their offenses.
With the SelfKey ecosystem, regulations and compliance do not need to equal a violation of privacy.?
The SelfKey mobile wallet has undergone a design refresh and bug fixes. Make sure to check the latest version out.