A conversation with Sakhib Waseem of Astra Protocol on why regulatory compliance is both needed and a positive development for the Web3 space as a whole. - by dan_jgs compliance web3
I recently caught up with Sakhib Waseem, the Chief Innovation Officer at. Astra is building a decentralized compliance layer for crypto, DeFi, and Web3 firms. In our conversation we go into what compliance truly means, why it needs to be pursued vigilantly, and how regulatory compliance is a positive development for the Web3 space as a whole.Good question.
Hence, governments choose the easier way out, i.e., to outlaw cryptocurrencies. They feel that not only is the cost too high to have these regulations in place, but it is also a logistical nightmare. Because the pace of innovation in crypto or Web3 is far greater than how quickly regulations can be planned and implemented.
By employing compliance measures, we are not only protecting users but also providing a safety net for other players to rely on in this barely-regulated space. We are marrying decentralization with compliance, and their coexistence shall give our users the best of both worlds. They constitute a holistic security layer to weed out unlawful participants or brewing illicit activity. It starts with identity compliance using KYC and enhanced vetting. This is done while preserving user privacy on a trustless system. Nowhere during this process of authenticating users is anonymity compromised.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Founders of short-lived NFT investing game Visionrare raise $1.5 million for web3 job network: ExclusiveThe founders of Visionrare, a controversial NFT investment game, have raised $1.5 million for web3 employment network Job Protocol.
Read more »
Sport Infinity (ISPORT) Pre-Sale Attempts to Attract Chiliz (CHZ) Fans and E-sports InvestorsSponsored: Sport Infinity (ISPORT) pre-sale unlocks new opportunities for Chiliz (CHZ) supporters
Read more »
Web3 gaming company Eterlast emerges from stealth with $4.5 million raiseWeb3 gaming company Eterlast emerges from stealth having raised $4.5 million from investors to bring web3 games to sports fans.
Read more »
Japan Mobile-Phone Operator NTT Docomo to Invest $4B Into Web3Japan's largest mobile-phone network, NTT Docomo, pledges $4 billion to speed up Web3 adoption in the country. By lavender_au.
Read more »