Cardano CEO Charles Hoskinson says that a cross-blockchain decentralized identity layer will be crucial to the survival of crypto.
In a recently-published Q&A session at the 2022 Web Summit held in early Nov. 2022, Charles Hoskinson said that decentralized identities (DIDs) were critical to ensuring compliance without falling victim to exchanges’ interpretations of anti-money laundering laws.
Decentralized identity will prevent loss of crypto
Because centralized exchanges like Coinbase and Kraken need to comply with policies put forth by the international anti-money laundering watchdog the Financial Action Task Force, including the so-called Travel Rule, they may be able to restrict the movement of your crypto off their exchanges, Hoskinson said.
The Travel Rule compels virtual asset service providers to “hold, and transmit required originator and beneficiary information, immediately and securely, when conducting VA…
