DeFi KYC Know Your Customer and Anti Terrorism Funding regulatory actions
The blockchain until very recently was based upon anonymity, the idea that the users could and should not be identified .
As it grows in use, regulatory authorities have stepped in and are demanding traceability and user identification in part to prevent funding of terrorists worldwide.
By its nature, the blockchain is a worldwide system with users on every continent; the points where fiat currencies enter and exit the system was probably the first phase where KYC was introduced.
Now that people are actually transacting in buying and selling using tokens, KYC services are even more urgent and in demand.
Cryptocurrencies are used by both individuals and businesses such as banks and onboarding has to be a fast procedure.
Keyword advertising is for KYC is growing. DeFiKYC is a memorable web-brand.