Introducing KYC Solution With OneID

In the wake of regulatory requirements surrounding digital wallets and transactions, the Web3 space has been grappling with the need for streamlined KYC (Know Your Customer) procedures. The rise of stringent regulations has led to the imposition of certain measures by Web3-related projects to verify users' personal information, akin to traditional banking practices. This has caused concerns within the Web3 community, with some users being apprehensive about sharing personal data, which contradicts the decentralization principle fundamental to the Web3 ethos.

Overcoming the obstacles posed by traditional KYC processes, OneID offers a seamless and secure approach to identity verification. Before delving into the KYC solution using OneID, let's revisit the fundamental aspects together, to underscore the significance of KYC.

What is KYC? 

KYC stands for "Know Your Customer". It is used to verify the identity of individuals using your services. This is the process of collecting accurate information from individuals using your services to establish their identity according to legal standards.

This process involves gathering specific user details, such as their name, address, a selfie, and an image of their identification. In a business context, additional documentation may be required, such as articles of incorporation, corporate structure details, and information about company shareholders.

The underlying idea is that by knowing your customers, conducting identity checks, reviewing their financial behaviors, and evaluating their risk levels, we can, in certain cases with support from law enforcement, prevent money laundering, terrorist financing, and other unlawful financial activities.

Why should users KYC?

KYC plays a crucial role in adhering to anti-money laundering and anti-bribery standards, at both global and national legislative levels. Overall, the goal of KYC is to prevent financial/non-financial businesses from being intentionally or unintentionally used by criminal organizations for money laundering, terrorism financing, and other unlawful purposes. The four main essential elements of KYC include:

1. Preventing criminal activities

2. Building trust and transparency for customers

3. Promoting healthy competition for the cryptocurrency market

4. Providing a means to legitimize cryptocurrency

It could be said that KYC is a top priority in online trading platforms, especially in cryptocurrency markets. As with many other major projects in the market, the introduction of KYC features through OneID will be a solid step forward for the development of the Ninety Eight ecosystem as well as for future partner collaborations.

Users are not required to perform KYC on OneID. KYC is part of new products, projects, and partners set to be launched. They aim to ensure that their genuine users are protected and receive the best possible benefits. Therefore, if you are interested in experiencing these products and want to prepare in the best way possible, you can KYC on OneID from now on.

How to KYC with OneID?

To be able to use the KYC feature, you will need to prepare the following items beforehand:

OneID. Haven't got one? Check out the instructions for registering OneID and get yours now.
Identification documents, for example, National Identity Card, Residence Permit, Passport, Driving License, etc. Please note that users must be at least 18 years old.
KYC fee: 20 C98 (VRC25/ BEP20). Note that if you want to pay fees with C98 BEP20 (BNB Smart Chain), you must prepare a little BNB to pay the gas fee (network fee).

Access https://kyc.oneid.xyz/ 

Kindly visit these pages for detailed instructions on the KYC process on:

Website
Mobile (Coin98 Super Wallet)

FAQs

1. How long does it take to get the KYC approval?

Once the KYC process with complete identity documents and personal verification information is finalized, your OneID will be approved within 24 hours.

2. How many times can each account perform the KYC process? What should I do if the permitted number of KYC attempts has been used up?

Each OneID is allowed to undergo the KYC process 3 times. If the allowed number of KYC attempts has been exhausted, users need to contact OneID via email at [email protected] for assistance.

3. Is it possible to modify the KYC wallet address?

KYC with OneID involves the user undergoing KYC through OneID, not the wallet address. What matters is which address is linked to OneID.

4. Important notes to prevent loss of KYC data: 

OneID KYC data for users will be lost under the following circumstances:

 When the ID has completely expired (after the Grace Period)
 If the ID is transferred to another user, when the new owner claims ownership to use the ID, all data stored within the ID, including KYC data, will be completely lost.

In case of loss of KYC data, the user will need to pay and undergo KYC again from the beginning. Therefore, to prevent this from happening, users should:

Timely renew the ID to avoid expiration
Migrate OneID data (you can find this option in Profile) to a new ID if the old ID is no longer in use.

About OneID

OneID is your universal identity to the digital world, offering a unified multichain identity across 80+ blockchains. In addition, our OneID SDK & API empowers developers to build on-chain identities with ease. We're committed to simplifying access to diverse networks and managing Web3 identities, thereby improving user convenience. Our focus extends beyond creating on-chain identities; we're passionate about empowering users to explore the digital world effortlessly with a single, universal identity.

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