🎻Financial Regulation

As the execution and administration of financial transactions has progressivelyadvanced into the electronic domain over the past 50 years, financial institutions, consumers and law enforcement have faced new challenges.

In the United States, the bank secrecy act of 1970 (the "BSA") first required individuals and financial institutions to keep records that would allow authorities to detect and prevent money laundering by verifying the provenance of financial transactions. More anti-money laundering ("AML") laws were introduced in the 1980s, followed in subsequent years by a series of laws aimed at combating financial crime and certain activities associated with it, including drug trafficking and terrorism.

The trend has been widely followed in almost every country, with consumers and growing companies accustomed to the needs of financial institutions to carry out Know your customer ("KYC") and IDV processes to verify a customer's identity and the authenticity of the information provided by that customer when seeking access to a new product or service, for example, when opening a new account or applying for a loan.

Blockchain has revolutionized the way we conduct transactions by eliminating centralized (intermediate) process bodies, ensuring the reliability and immutability of transactions, and eliminating the need to verify users' identity. It is the decentralization of power over resources.