Skip to content
Crypto News Focus logo CNF_CRYPTO_NEWS_FOCUS_LOGO 8

Crypto News Focus

your day to day crypto news site

Primary Menu
  • Home
  • News
    • Bitcoin News
    • Ripple XRP news
    • Ethereum News
    • Cardano News
    • Shiba Inu News
    • Pi Network News
    • More
  • Analysis
  • PR Desk
  • About Us
  • General Policy & Privacy
  • Guides
    • Bitcoin Guides
    • Pi Network Guide
    • Cardano Guide
  • Politics
  • Tech
  • Home
  • News
  • IOTA’s Influence on European Banking Regulations Cost-Saving on KYC
  • News

IOTA’s Influence on European Banking Regulations Cost-Saving on KYC

vivian 19 February 2024
Iota in space
  • European banks, in collaboration with IDnow and the IOTA Foundation, are adopting Soul-Bound Tokens (SBTs) to enhance KYC compliance, potentially saving significant costs.
  • This innovative approach aims to streamline regulatory processes while protecting user privacy in the crypto space.

In a landmark collaboration, European banking giants join forces with tech innovators to revolutionize Know Your Customer (KYC) compliance, potentially saving millions in the process.

The Consortium’s Bold Move

Led by IDnow, a leading identity verification platform, a consortium comprising the IOTA Foundation, walt.id, SPYCE.5, and Bloom Labs has made waves in the financial world with its pioneering approach to KYC compliance.

Redefining Compliance in the Crypto Space

The European Union’s stringent regulations, particularly the Anti-Money Laundering (AML) and Transfer of Funds Regulation (TFR), have posed significant challenges for Crypto Asset Service Providers (CASPs). These regulations demand the inclusion of identifying data for both sender and receiver, a task made complex by the need to comply with the General Data Protection Regulation (GDPR).

Enter Soul-Bound Tokens (SBTs)

The consortium’s solution involves the creation of Soul-Bound Tokens (SBTs) for identity verification, a game-changer in the world of compliance. These tokens, developed by the IOTA Foundation and verified by walt.id’s trusted witness service, enable seamless compliance without compromising personal data.

IOTA’s Role in the Revolution

Utilizing an Ethereum Virtual Machine (EVM)-compatible IOTA Smart Contract Chain, IOTA provides the infrastructure for SBTs, promising efficiency, privacy, and compliance. IDnow’s expertise in identity verification is crucial for user onboarding, while Bloom Labs ensures secure storage and proof of ownership of SBTs. SPYCE.5 facilitates efficient interchain communication and transaction validation, completing the ecosystem.

The Financial Implications

🔍💡 IOTA's making strides in the KYC arena, with potential to save European banks millions! ABN AMRO's €100M KYC costs spotlight the need for a shift. IOTA steps up as the golden solution, shaping the future of compliance and cost-efficiency.

Retweet #IOTA and #Shimmer fans… pic.twitter.com/8dV8mLHlZE

— Collin Brown (@CollinBrownXRP) February 15, 2024

Renowned blockchain researcher Collin Brown underscores the financial impact of IOTA’s advancements. With banks grappling with skyrocketing KYC compliance costs, IOTA’s technology offers a lifeline, potentially saving millions while ensuring regulatory adherence.

A Glimpse into the Future

As this consortium paves the way for a new era of KYC compliance, the financial landscape stands to benefit immensely. With innovative solutions like SBTs, the once-daunting task of compliance may become a streamlined and cost-effective process, heralding a brighter future for European banking.

In a world where technology and regulation collide, collaborations like this demonstrate the power of innovation in overcoming challenges and driving progress.

Continue Reading

Previous: XRP Turbulence: SEC Faces Backlash Amidst Ripple Lawsuit
Next: VeChain’s Rally Sparks Investor Excitement Amidst Bitcoin Surge

Related Stories

Ripples's XRP COIN
  • News

Ripple Legal Win Falls Flat as XRP Slips 3% Amid SEC Disappointment

vivian 27 June 2025
Ripple LOGO and price analysis
  • News

Ripple Lawsuit Update: SEC Case No Longer Targets XRP, Legal Experts Confirm

vivian 27 June 2025
Pi Network PI Logo image on black background
  • Analysis

Pi Network Jumps 38% on AI Integration Hints and Google Rumors

Cal Evans 26 June 2025

For general inquiries, please email us at Info@cryptonewsfocus.com

Crypto news focus is your day-to-day crypto news site. Get all the latest News and trends in the crypto, blockchain, and DeFi space. For more info and inquiries, reach out via email at info@cryptonewsfocus.com

You may have missed

Ripples's XRP COIN
  • News

Ripple Legal Win Falls Flat as XRP Slips 3% Amid SEC Disappointment

vivian 27 June 2025
Ripple LOGO and price analysis
  • News

Ripple Lawsuit Update: SEC Case No Longer Targets XRP, Legal Experts Confirm

vivian 27 June 2025
Pi Network PI Logo image on black background
  • Analysis

Pi Network Jumps 38% on AI Integration Hints and Google Rumors

Cal Evans 26 June 2025
Chainlink LINK Image via Cryptonewsfocus.com
  • Analysis

Chainlink Hits Record 769K Holders as MVRV Ratio Signals Opportunity

Sean Williams 26 June 2025

Social Media

Crypto News Focus © All rights reserved | MoreNews by AF themes.
Go to mobile version
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok