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Blockpass Accepted To FCA Regulatory Sandbox


HONG KONG, June 23, 2021 – (ACN Newswire) – We’re very
excited to be able to reveal that Blockpass has been
accepted into the latest cohort of the Financial Conduct
Authority’s (FCA’s) regulatory sandbox, a system which
enables the ability for businesses to try out revolutionary
new solutions in a market ecosystem with real users.
Blockpass is proud to have made it through a selection
process where fewer than 25% of applicants were successful,
being one of 13 accepted from a pool of 58.

Dedicated
to establishing honest, fair and effective financial
markets, the UK-based FCA (https://www.fca.org.uk/firms/innovation/regulatory-sandbox)
monitors and regulates nearly 60,000 financial services
firms and financial markets. To promote this and foster
innovation, the FCA provides a regulatory sandbox for
companies to develop and test cutting-edge solutions. This
has a number of benefits for the companies involved,
including providing a controlled environment for testing,
assistance in including the necessary customer safeguards,
access to finance and potentially a faster and less
expensive time-to-market.

This cohort, the seventh of
the FCA’s regulatory sandbox (https://www.fca.org.uk/firms/regulatory-sandbox/regulatory-sandbox-cohort-7),
comes in the middle of the coronavirus pandemic with a
particular interest in solutions that deal with the effects
of the pandemic and its impact on people and businesses.
Some specific aspects that the FCA were looking for in this
cohort included:

– The ability to detect and prevent
fraud and scams.

– Providing support around the
financial resilience of vulnerable consumers.


Improving access to finance for small and medium sized
enterprises.

As an identity management platform and
provider of simple and effective KYC and AML solutions,
Blockpass aims to address all these issues.

Previously
over the course of the pandemic, Blockpass has been working
on solutions and partnerships for various sectors and use
cases, including the healthcare industry (https://blockpass.org/2020/05/24/kyc-for-healthcare/)
and for ‘Covid passports’ (https://blockpass.org/2020/04/17/kyc-digital-certificate-service-for-covid-19-testing/).
In addition to this, Blockpass is perfectly situated to
cater for remote verification (https://blockpass.org/2020/04/08/building-trust-through-reusable-kyc-in-the-covid-19-remote-world/)
as people adjust to working in lockdown situations and new
remote-working practices that will no-doubt continue after
the pandemic has subsided. By putting users back in control
of their own data and facilitating fast, secure and
effective identity solutions, Blockpass not only removes the
repetitive and time-consuming aspect of verification, but
works with data protection and privacy standards around the
world – vital opportunity for companies in the financial
service industry.

Blockpass has grown significantly in
size and use since its inception, both in the number and
range of users and organizations it has partnered with, and
the scope of its work. Blockpass continues to develop its
digital identity protocol with updates and additions to
improve the compliance experience. The existential need for
DeFi projects to be regulatory compliant and the recent
integrations have led to a surge in interest for Blockpass’
On-chain KYC(TM) solution which promises to change the way
blockchains enable compliance. Its recent integration with
TrustSwap expands Blockpass’ services to a whole new raft of
businesses and solutions.

About
Blockpass

Blockpass, the pioneer of On-chain KYC(TM),
is a fast, fully comprehensive KYC & AML screening
software-as-a-service for blockchains, Crypto, Defi and
other regulated industries. With Blockpass, you get an
unmatched set of benefits for any compliance service that
includes pay-as-you-go, no setup cost, no integration
necessary, free testing, immediate launch and at the lowest
cost. Blockpass’ KYC Connect(TM) platform enables businesses
to select requirements for customer onboarding that can
include ID authentication, face-matching, address checking,
AML ongoing monitoring and/or screening of sanctions lists,
politically exposed persons (PEP), and adverse media.
Through Blockpass, end-users easily create a verified
portable identity that they can control and re-use to
onboard with any service instantly. By integrating with
Chainlink Network – a decentralized oracle solution – in
early January, Blockpass introduced the first On-chain
KYC(TM) solution that will service many blockchains in the
years to come. The Blockpass App is available from the App
Store and Google Play.

For more information and
updates, please visit and sign up to the
following:

Promotional video: https://youtu.be/SvO2cw3e-SI

Website:
http://www.blockpass.org

Email:
sales@blockpass.org

© Scoop Media

 



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