Most blockchain users favor the use of non-custodial wallets for their day to day use. Let's face it, the initial purpose of blockchain was to allow a user independence from centralized service providers and reliance on large-scale organizations.
Government all over the world are implementing increasingly stringent laws and regulations that will make it harder and harder for a merchant to accept crypto as a payment instrument and the merchant to accept crypto from non-custodial wallets.
Concurrently, governments are implementing rules and regulations as it regards to the protection by merchants of their user private information. Compliance to those privacy protection laws comes at a cost and require additional processes and resources to be dedicated by the merchant to compliance to those new rules and regulations.
The blockchainID.me solution allows both custodial and non-custodial wallets to fully comply with the latest KYC/AML regulations while providing the wallet owners absolute ownership and control over their personal information thus reducing the volume of personal information the merchant must handle and store.
As frauds have seen a continued increase throughout the blockchain industry, the blockchainID.me solution also allow an unprecedented level of protection to both merchants and users.
We use the term merchant broadly. In these pages, the term merchant includes any service-providers and third-parties to which you would agree to provide proof of your identity or a KYC/AML compliance certificate.