According to Trulioo, crypto companies should set new requirements to be able to conduct better anti-money laundering and Know Your Customer practices. Cryptocurrencies and assets tend to cross many borders, quickly and enforcing regulatory requirements can be difficult.
Speaking to Cointelegraph, Trulioo's vice president of growth, Anatoly Kvitnisky said:
“It is a good idea to improve the crypto world’s approach to compliance, especially as exchanges become more and more common. Definitely something like document verification is very much a differentiator and that’s something we’ve seen a shift in the past two years or so. The crypto world is really looking at these solutions.”
To help the sector achieve its goals, Trulioo will rely on a special EmbedID which allows crypto companies to run a quick and intuitive KYC and AML checks using a special API. The company will try to keep track of exchanges and parties that operate on exchanges.
The team will then use the information to run compliance checks much in the same way established companies such as Dow Jones do compliance checks for their clients.
Trulioo believes that if crypto and gaming companies are willing to work with regulators, this would help give the sector gain some credibility and help establish operators as trusted parties.
Several companies in the crypto gambling sector have taken it on themselves to deliver first-rate AML and KYC processes, including FunFair Technologies, Bitcasino and BitStarz. They are at the forefront of driving decentralised gaming to the regulated space, and with partners such as Trulioo, they will be one step closer.