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With the recent cases against Binance and Coinbase and the tightening crypto regulations globally, Web3 teams better think twice before launching their crypto project.
Take, for example, the Markets in Crypto-Assets Act (MiCA), which is being finally launched in the EU. MiCA regulates how custodial wallets, crypto exchanges, trading platforms, and other crypto businesses must operate. In particular, it focuses on how their tokens have to function depending on their use cases, or which verifications users have to go through to access them: how KYC and AML checks need to be run, how the data must be stored and processed, etc.
Also, while MiCA doesn’t apply to dApps, building an app that would be considered decentralized by MiCA’s standards is a tricky task. Therefore, MiCA will likely apply to most crypto companies out there today.
But while it’s arguably good to have such detailed guidelines, the key question remains:
How can you stay abreast of all these regulations across the world and comply with them in your company?
Time to meet Swisstronik: the first platform that lets anyone build compliant yet private apps with minimum resources and easily adapt existing apps to these new regulations.
Swisstronik: where compliance, user privacy, and decentralization meet.
Swisstronik is an identity-based hybrid blockchain that lets Web 3.0 and traditional companies easily build compliant apps that protect user privacy. This is made possible through its on-chain KYC, AML, and DPR solutions, as well as its blockchain privacy features. To better understand how it works, let’s take a closer look at the two core features of Swisstronik:
1. First-of-its-kind Web3 Compliance Suite
Swisstronik’s Compliance Suite brings together regulators, KYC issuers, and other legal service providers in a self-regulating network similar to a DAO. This collaborative effort ensures that the Swisstronik system adapts to local regulations in real time and provides guidance to developers on internal compliance. As a result, apps developed with Swisstronik inherently comply with evolving regulations in the chosen locations, offering peace of mind to developers and users alike.
2. Combination of software and hardware privacy tech: ZK-SNARKs and Intel SGX
On the Swisstronik blockchain, KYC, AML, and other user verifications can be done on-chain in an ultra-private and secure manner. Thanks to the Swisstronik Digital Identities module that’s powered by zk-SNARKs and Intel SGX, even validators don’t have access to the actual users’ data.
So, how can Web3 startups and developers achieve compliance with Swisstronik?
Native Web 3.0 startups and developers can use Swisstronik to become compliant with KYC, AML, and DPR regulations in the chosen locations. To do this, they can choose between several options:
Integrating Swisstronik’s Digital Identity (DID) solution to their application to run KYC and AML checks at minimum cost and with increased user privacy.
Making their native tokens compliant by launching special versions of these tokens that would be compliant in specific regions. These tokens will still be linked to the initial versions but may be limited in their functionality and require KYC & AML checks to gain access to them. The exact requirements will depend on the laws in the chosen location and will be automatically implemented with minimum team involvement.
Deploying their existing apps on Swisstronik to make them compliant all at once. This is especially easy for Ethereum-based apps since Swisstronik is EVM-compatible so the code can be simply copied and pasted.
Developing a new, inherently-compliant app on Swisstronik with minimum coding and easy scaling due to Cosmos IBC, EVM compatibility, and bridges. Just use the customizable, open-source modules that run on Swisstronik nodes – DID, ZKP tokens, decentralized messenger, wallet, and other ready-to-use Swisstronik developments.
Additionally, startups can get legal advice from a selected group of legal service providers gathered in the Swisstronik Compliance Suite.
With Swisstronik, Web3 startups can also attract more users – including those outside of the crypto community.
How? By making their products more attractive to users since they’ll also address their own difficulties.
First, by using Swisstronik-based solutions, users can be sure that their personal and transaction data are protected by two of the most advanced data protection approaches at once: ZK-proof cryptography and Intel SGX hardware protection.
Second, with Swisstronik Digital Identities, they can pass KYC and AML checks without actually sharing their data with the company that requested it. Moreover, they can simply use their previous credentials instead of constantly passing new verifications.
Finally, they can be sure that they’re operating in a regulated environment where only “clean” money and reputable participants are accepted – that is what 84% of crypto users want according to some studies.
As a result, with Swisstronik, Web3 startups can not only address their compliance-related tasks but also enhance their reputation and enter new market segments.
Stand at the forefront of the blockchain industry – join Swisstronik Testnet and get rewards from a $70,000 Bug Bounty fund!
In addition to the mentioned offerings, Swisstronik is announcing its upcoming Testne launch. Developers are invited to participate and help identify bugs in the system. As an incentive, participants have the opportunity to earn rewards from a Bug Bounty fund worth $70,000 in stablecoins and Swisstronik’s native tokens, SWTR. Don’t miss out: the first 100 selected developers can get extra rewards!
To learn more, follow Swisstronik on Twitter.
Disclaimer
This article is sponsored content and does not represent the views or opinions of BeInCrypto. While we adhere to the Trust Project guidelines for unbiased and transparent reporting, this content is created by a third party and is intended for promotional purposes. Readers are advised to verify information independently and consult with a professional before making decisions based on this sponsored content.
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