ICO/Tokens/Exchanges - Meeting regulations and knowing your customer?

[robertarnesson]

Wether you are doing an ICO, selling tokens or building an exchange, it's likely that you must meet regulatory requirements such as KYC (Know Your Customer) and AML (Anti Money Laundering).

Myself and my team have been working on a smooth solution to this problem. By utilizing the infrastructure behind modern passports, users can simply tap their passport to their phone, and their personal data is instantly delivered and verified. Similar to how you would tap a card to pay.

This is made possible by communicating with the secure chip embedded inside the passport using the phone's NFC capabilities. All passports are digitally signed by their respective issuing country which guarantees that the data is always correct and that the document is not fraudulent, cloned or tampered with. A document and its data can be verified instantly by verifying the public key that was used to sign the document. The personal data on the chip includes document number, full name, date of birth, nationality and personal number (if applicable), which is enough to meet the regulatory requirements in most jurisdictions. All in all this allows for a very secure and smooth user experience.

This can be compared with what is currently the standard solution on the market, where you take a picture of your passport or driver's license, and also a picture of yourself, then that is sent somewhere for manual review which can take hours. If you have opened e.g. a Coinbase or Binance account I think you know what I mean.

Our product comes as an SDK for iOS and Android (if your business is app based), but we can also offer a solution for web.

The business model is pay as you go (per verified document), everything is fully cloud based and managed through our self-service portal.

We are just rolling out the service, talk to me if you are interested or have questions! Website: https://business.passportreader.app

[1714298393]

1714298393

[1714298393]

1714298393

[1714298393]

1714298393

[1714298393]

1714298393

[robertarnesson]

The same type of technology is powering UBIC if you are familiar with that

[Theb]

How legitimate is your business? I've visited your website and it lacks a lot of information regarding the identity of your company and it is hard to verify if you are legitimately running a KYC service. Basic company information must be provided as a business as sensitive as what you have is something that you need to have attention to, just to make sure that you are indeed in compliance with the law as well as assurance that you won't do anything else with the private information you will be getting from these passports.

[robertarnesson]

What kind of information do you think is missing? Most if not all of what you ask for is outlined in the terms. We operate as an incorporated business with HQ in Sweden (and as such under Swedish/EU legislation). If you are genuinely interested and have a business case, just contact me/us to schedule a meeting

 

[joniboini]

According to the reviews of your app, it looks like most users can't even get it to work. I think you should solve that first before looking for clients. Btw I tried to find your company on Bolagsverket but unfortunately, the website failed to load. Don't know the exact problem, but do these links show the correct info of your company?

- https://www.allabolag.se/5567557201/bokslut
- https://www.bolagsfakta.se/5567557201-Robert_Arnesson_AB

[robertarnesson]

If you are truly interested in the service and need a DD process then schedule a meeting with us.

Remember that today if you are an owner or operator of a regulated business, in terms of user registration you typically put all your trust into an image of a document that is reviewed manually. This is costly because human labor is needed, it's bad for user conversion because your users have to wait for a review when it could be instant, and it's also not very secure because images can be easily manipulated.

You can be skeptical and you don't have to buy our solution, but hopefully we can agree that tapping a chip is a superior solution. The same technology is being adopted in other ID documents as well, the direction is clear. We are trying to stay at the forefront of it

[vintages]

You can be skeptical and you don't have to buy our solution, but hopefully we can agree that tapping a chip is a superior solution.

It may sound harsh to you that fellow users here are questioning your business without testing it but it's normal for every new business. Especially one that has to do with sensitive users informations.

The users above are right. You should add more informations about your service so people can have more trust.

According to Google play your app review is 1.0 with 1k downloads. This only can put new users off.

From your Google play review, it seems you have fixed the errors as per the comments below the reviews, but there is no positive review(s) that support the changes.

I suggest you should have few people test run your service, if things are fixed and right, their positive review  can boost your Google ranking, and eliminate skeptical minds.

When a service is good, it markets itself.

[robertarnesson]

Fair points I suppose - Here is an update ~6 months later.

I believe we have addressed most of the issues pointed out here and elsewhere. Stability on Android is a continuous challenge, but has improved a lot since last time.

We have added ID card support (alongside passports) for 15+ countries (e.g. Germany, Spain, Italy, France, UK), making our offering a lot more potent in those markets. Our passport coverage spans about 200 countries.

We have also added a selfie process with liveness detection. This can be used in combination with the chip reading for an extra layer of security. It prevents someone from using e.g. a stolen passport.

Integration options have expanded. Previously we only offered our technology in the form of an iOS or Android SDK, meaning you need to have your own app in order to use it. Now it is possible to integrate with our hosted apps, allowing this technology to be used also for web based businesses. The SDK remains an option too of course.

We operate primarily in travel and finance, where common use cases are self-checkin for hotels and airlines, or remote account opening. But I think this can be a great solution for crypto as well

[icopress]

Have you tried publishing your project on Product Hunt? If you fixed the problems mentioned above, then you should think about making an announcement here, firstly, you will get targeted traffic; secondly, you will receive feedback, (of course, if this is the reason why you published an announcement on the forum). In short, you get my point, if you're interested, just google it ... but keep in mind the publication on Product Hunt has a very powerful but short-term effect.