IDnow joins a consortium to make Crypto Asset Service Providers and self-hosted wallets adhere to EU’s Anti-Money-Laundering and Transfer of Funds regulations.
The consortium proposes a system using soul-bound tokens for identity verification, addressing both regulatory compliance and privacy concerns.
In a groundbreaking move, IDnow, a prominent European identity verification platform provider, has announced its collaboration with a consortium of industry leaders aimed at aligning Crypto Asset Service Providers (CASPs) and self-hosted wallets with new European Union regulations. This consortium, which includes the IOTA Foundation, walt.id, SPYCE.5, and Bloom Labs, is set to navigate the complex landscape of EU’s Anti-Money-Laundering (AML) Regulation and the Transfer of Funds Regulation (TFR).
Regulatory Challenges and Innovative Solutions:
The TFR regulation in the EU mandates that all cryptocurrency transactions carry identifying data of both the sender and receiver. This rule r

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