Cryptocurrencies have been part of our lives for the past seven years and since then the industry has been developing with rapid speed. With over 1000 cryptocurrencies available currently, there are both amazing opportunities for innovation, but there are also cases hinting that, in general, cryptocurrencies are also uniquely suited to facilitate dubious behavior.
Regulatory challenges related to cryptocurrencies are mainly linked to the anonymity of transactions and the decentralization of financial dealings. The authorities' goal is to prevent the possibility of using cryptocurrencies as a means for criminal activity.
Considering the fact that each cryptocurrency has unique traits, CryptoBridge Africa believes that every cryptocurrency on the market should be assessed by regulators based on its unique traits.
To prevent individuals from engaging in criminal and unwanted behavior, CryptoBridge Africa monitors its clients and implements rules aligned with the legal development. For example, to prevent money laundering, identity theft, financial fraud and terrorist financing, CryptoBridge Africa has implemented KYC (know-your-customer) rules, thus disrupting any possible misconduct by its users and all our clients.
By requesting documentation that proves the identity of each user, CryptoBridge Africa makes sure that each transfer made using the protocol is not anonymous. Since global business opportunities demand a sophisticated international customer identification and verification solution, the KYC policy adopted by CryptoBridge Africa database includes identifying the user and verifying the identity by examining reliable and independent documents. And by dealing with cryptocurrencies that use a KYC protocol for easy tracing in case of any arise criminality during any transaction.
All submitted documents of identity remain confidential. Each user must go through a verification procedure every time his or her identity information is changed.
The KYC information requested includes name, residential address and date of birth/country, as provided to CryptoBridge Africa upon account registration and any transaction performed.
CryptoBridge Africa company has internal and external auditors by an external, independent auditors. The objectives of the audit are to assess the consistency of our database and to verify that no transactions outside of the company database. This proves that all existing transactions are included in the database and are consistent.
The procedure of verifying the transactions requires that a number of automated tests are performed in order to comply with the objectives. The first procedure has to prove that all transactions are included in the database and no transactions are made outside of the company database. The second procedure has to prove that the database is consistent, meaning that each transaction's inputs and outputs correspond and could be tracked back to the very first transaction.
The procedure of verifying the database has been designed to confirm that all transactions are consistent, i.e. that each transaction follows a previous one and that there are no errors in the transaction sequence. Secondly, the database must contain the transactions validated in the tests from the previous paragraphs.