Whoever took part in an ITS or ICO project knows that this is a challenging undertaking. You have to achieve a lot in a very short period of time.
On one hand, you need to finish your product. Unlike the years before, in 2018 the norm has become to have your product up and running before you can sell any (utility) tokens in an ITS. On the other hand, you need to run your ITS. From governance and token structure via tokenomics up to business development, marketing & sales. You need to ramp up your team. You need to speak to lawyers, regulators, tax advisors, crypto exchanges and many other stakeholders.
All those actions need to create trust. Trust of the potential token buyers and users of your product that you will deliver. As well as trust of authorities that you will follow the rules. And all those actions take time. You want to excel in running them smoothly and efficiently. You need to have experienced partners and the right tools for automating as much as possible.
Taken all that into account, the last thing you want to worry about are KYC and AML processes. We all know that they are necessary in most cases. In our well regulated world, regulatory and tax authorities want to know who you are and where your money is coming from and going to. Whether we like it or not.
Those processes can be very messy, if you do them manually. Thousands of passport scans piling up on your desk waiting to be checked doesn’t seem to be the right approach. If an authority or a bank want to see those documents, you want to have them ready for immediate inspection. And don’t forget, in many jurisdictions you need to do more than taking passport scans. You might need video authentication or deal with national id cards, like in Estonia or other EU countries. Last but not least, you need to be aware of any limitations for a certain token buyer e.g. in the amount he or she can spend on your tokens.
Last but not least, failed KYC and AML processes means you have to return the crypto or the cash. This is the last thing you want to do, aiming for certain funding goals you have published before.
What if there is a service handling of this on behalf of you? Taking into account regulatory, legal and data protecting requirements. And what if this service even finds new token buyers for you?
Welcome to “Generation ICO”, the world of HELIX Orange! We help you to fulfil your KYC and AML requirements. Means you have more time to finish your product and let it shine!
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This article has also been published on LinkedIn.