Self-custody, control and identity: How regulators got it wrong
The EU proposal requiring one to link a self-custodial wallet to their identity fundamentally misunderstands the concept of self-custody. The recent European Union proposal requiring centralized crypto exchanges and custodial wallet providers to collect and verify personal information about self-custodial wallet holders shows the dangers of recycling traditional finance (TradFi) rules and applying them to crypto without appreciating the conceptual differences. We can expect to see more of this as countries look to implement the Financial Action Task Force (FATF) Travel Rule, initially....
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It’s time to give control over personal data in megadatabases managed by a handful of corporations and governments back to the people. The regulators are closing in. It’s one thing to unbundle market functions to their parts ― custody, aggregators and Prime Brokerage ― to satisfy institutional compliance departments. It’s another to keep regulators happy.From the Financial Action Task Force pushing forward with its guidance for Travel Rule compliance to the still-evolving European Markets in Crypto-Assets regulatory framework, and the somewhat clumsily-handed U.S. infrastructure bill, the....
When you are a government as large, powerful, and desperate as the one that controls the United States, things many of us take for granted like freedom, ethics, and privacy can be easily crushed underfoot in an ongoing quest for control. Freedom and control are strange bedfellows, and rarely the two shall meet. Governments are all about control: control of their populace. Recently, the U. S. government has created many arms of regulatory government to gain more control of an evermore complicated world and its citizens. We'll leave their military exploits to another time and place for....
Onename, a blockchain technology startup, unveiled its new product called the Passcard. This makes use of a blockchain-tied profile to create a secure identity, which can possibly replace passwords, keys, or even ID information. The company makes use of blockchain technology, which is often associated to verifying bitcoin transactions and being stored in a public ledger, to create a digital identity with access control. Blockchain Technology Applications. "Passcards are a digital form of identity and access control designed to initially replace passwords, and in the future, replace forms....
A new kind of custody could help alleviate issues presented by third-party custody like exchanges and first-party custody like hardware wallets.
Leading identity and authentication provider SecureKey and a Canadian non-profit coalition have been granted funding from a research center within the U.S. Department of Homeland Security to build a digital identity network using blockchain technology. In a report from Reuters, the grant for up to $800,000 from the Command Control and Interoperability Center for Advanced Data Analytics (CCICADA) will help SecureKey and the Digital ID and Authentication Council of Canada (DIACC), the non-profit coalition, to construct a digital network. It is hoped that this digital system will permit the....