The guide aims to help crypto businesses resolve compliance issues and build effective user verification in the Web3 space
London — March 7, 2023 — Sumsub, a global tech company that provides customizable KYC, KYB, AML and transaction monitoring solutions, has partnered with Mercuryo, a global payments infrastructure platform, to publish User verification in Web3. How to solve key challenges and manage user data. The guide covers everything the crypto industry needs to know about KYC checks, AML compliance and verification based on the current regulatory landscape.
The guide combines Sumsub and Mercuryo’s expertise to reveal the main verification and data control challenges of Web3 and how to resolve them. It also offers an outlook on what user verification in Web3 could ideally look like in the future.
As the crypto ecosystem grows and regulations mature, the Web3 space is slowly establishing relationships with mainstream finance. Still there is some uncertainty. Compliance is a big issue for crypto, and while some regulations like the Travel Rule already exist, many more are yet to come. Whichever way the regulations go, crypto companies need to know the fundamentals: 1) how to properly verify users and 2) how to store and transfer user data.
Drawing from their vast industry expertise, as well as the Singapore Personal Data Protection Commission’s (PDPC) guide to data protection in blockchain, Sumsub and Mercuryo recommend best practices for handling user data to make onboarding secure and compliant with existing and upcoming regulations.Sumsub and Mercuryo advocate for reliable, convenient and reusable verification in Web3. Reusability is especially important in the crypto sphere, as user overlaps between platforms can reach up to 75%. Also, Reusable KYC can boost verification pass rates tenfold, as Sumsub’s results with Mercuryo have shown.
“At Mercuryo, we have partnered with leading CeFi and DeFi companies and successfully onboarded over 3 million users to Web3 since our inception. Unlike others, we understand the challenges associated with facilitating payments while complying with regulations when it comes to user onboarding. And making Web3 more accessible requires solving these challenges – which is why we have partnered with Sumsub.
This collaboration allows us to provide a seamless user experience. Leveraging advanced compliance stack and unique Reusable KYC feature, we have gained the trust of Web3 providers such as MetaMask, TrustWallet, and Ledger, which have integrated Mercuryo fiat-on-ramp into their products.”comments Andrew Ilinsky, Chief Product Officer at Mercuryo.
“In Web3, personal data is supposed to be controlled by users themselves. At Sumsub, we’re constantly working to meet the verification challenges of Web3. We believe that this can be achieved by building an entire ecosystem on the soulbound token (SBT) approach, ensuring trust between users and verified companies and maintaining data security both for users and crypto platforms. We appreciate our partnership with Mercuryo for the outstanding opportunities it creates, amplifying our crypto expertise and allowing us to contribute to the future of Web3 verification,”adds Tony Petrov, CLO at Sumsub.
To learn more about the Web3 onboarding, you can download the guide for free via this link: https://sumsub.com/guides-reports/user-verification-in-web3/.
Sumsub is an all-in-one verification platform that secures every step of your customer’s journey. With Sumsub’s customizable KYC, KYB, KYT, and AML solutions, you can orchestrate your verification process, welcome more customers worldwide, speed up onboarding, reduce costs and steer clear of digital fraud.
Sumsub has over 2,000 clients across the fintech, crypto, transportation, trading and gaming industries including Mercuryo, Bybit, Huobi, Unlimint, DiDi, Poppy and TransferGo.
Mercuryo is a global payments infrastructure platform, reinventing the ease of making payments by providing businesses from both the fiat and crypto worlds with a wide range of financial services and products, accessible through single API integration.
Since its inception in 2018, Mercuryo has been developing a holistic fintech platform with several products including BaaS (Banking-as-a-Service), CaaS (Crypto-as-a-Service), On-Off Ramps, Fiat Pay In-Out; and secured partnerships with over 200 crypto companies, working with leading industry players such as Trust Wallet, Ledger, Trezor, 1inch, Gate.io, Nexo, OKX, Bitcoin.com and Bybit.