VeChain, one of the leading blockchain-powered platforms for supply chains has announced their latest update. With this update, they have now made it possible to seamlessly transfer and verify a user’s KYC information in order to facilitate trading with VeChainThor NFTs on the platform.
The “veve update” is an app that allows users to transfer and verify their VeVe tokens. The app also has KYC features, which allow users to verify their identity before making a transaction.
Regulatory compliance is a critical step for worldwide acceptance of the digital asset market, and one of VeVe’s primary priorities.
The regulatory environment around NFTs is continuously changing, and with the increased interest in this field over the last 12 months, regulatory agencies are paying more attention to NFTs. Anti-money laundering (AML) rules may apply to virtual assets like NFTs, and these regulatory agencies are in charge of enforcing them.
Peer-to-peer Gem transfers have been blocked inside the VeVe app to preserve compliance, and know-your-customer (KYC) protocols will be implemented, both of which will provide a fairer and more democratic experience for our VeVe collectors.
What exactly is AML/KYC?
Regulatory compliance is a critical step toward worldwide acceptance of the digital asset sector, and it is a major concern for us at VeVe since we have international stakeholders and a global audience.
Companies that provide certain goods or services are required by anti-money laundering (AML) regulations to create and maintain reporting standards and processes that monitor and protect against money laundering, fraud, and anonymity.
Know Your Customer (KYC) is a procedure that verifies a customer’s identification and is a vital aspect of anti-money laundering (AML) compliance.
As of March 24, 2022, gem transfers are no longer possible. While we recognize that many people employed gem transfers for genuine purposes, it is also a channel that bots, fraudsters, and other unscrupulous actors might use to continue their criminal actions.
We’ve determined that turning off the ability to transfer gems is in the best interests of VeVe and the community as a whole, as part of our proactive efforts to control and remove these people while remaining compliant with AML requirements.
We’ve also temporarily blocked monetary transfers between accounts in an attempt to prevent illicit activity on VeVe. This took effect on April 1, 2022, and will be in force until KYC is completely implemented.
Additionally, any connected live Market listings from suspected bot accounts will be submitted to a queue for nightly removal when they have been completely examined and/or deactivated.
For all users, VeVe will establish a “Know Your Customer” (KYC) procedure. We’ll be collaborating with a prominent worldwide KYC provider that use cutting-edge technology to quickly and efficiently verify the identities of authorized users while also detecting fraudsters.
Both existing and new VeVe users will be required to complete KYC. Before the upgrade goes live, we’ll give you plenty of warning, including what information you’ll need to provide and when/where KYC is really needed.
KYC is a critical step in future-proofing our company, enabling the Payout function for all users, and meeting the expectations of our increasing number of brand partners, as well as the #VeVeFam!
We recognize that not all platforms in our business need KYC at this time. We can’t comment on specific cases, but we anticipate worldwide legislation to tighten much further, and for these techniques to become routine.
KYC will benefit our VeVe collectors by assisting in the elimination of fake/scam accounts and improve the collecting experience for all of our customers. We appreciate your patience as we continue to lay the groundwork for a long-term company.
Transactions that take place outside of the app
We do not authorize, arbitrate, or provide any help for transactions that take place ‘off-app,’ as stated in the VeVe Terms of Service. Any transactions performed outside of the VeVe platform are done at your own risk, and if they are determined to be in violation of the VeVe Terms of Service, you may face account limitations, including permanent disablement.
The “veve kyc process” is a new update for the VeVe App. The update includes transfers and KYC capabilities.
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