Japan crypto exchange SBI VC Trade adopts CoolBitX technology for user KYC
CoolBitX, a blockchain security company and creator of a bluetooth-enabled mobile hardware wallet for digital assets, announced today the successful adoption of its technology by leading Japanese exchange SBI VC Trade Co., Ltd. (SBI VC) and the launch of Sygna, a first-to-market KYC/AML compliance-focused virtual asset transaction and security solution for Virtual Asset Service Providers (VASPs), individuals, and institutions.
“The FATF has now set firm KYC/AML guidelines for the virtual asset industry, regulating VASPs in the same way as financial institutions. Central to the FATF guidelines is the Task Force’s anti-money laundering mandate and FATF Recommendations 15 and 16, already highlighted at the Private Sector Consultation Forum hosted by the FATF in Vienna. In a major step towards safer and more wide-spread cryptocurrency adoption, we are proud to have partnered with SBI VC on CoolXWallet, a KYC/AML solution based on CoolBitX’s technology.”
– Michael Ou, Founder and CEO of CoolBitX
SBI VC was one of the early adopters of the first wallet developed by CoolBitX in 2018, the CoolWallet S. SBI VC uses a customized version of the flagship wallet, named CoolXWallet, where users store their private keys. SBI VC addresses are linked to the users’ exchange accounts, allowing customers to only withdraw digital assets to their wallets following multiple layers of KYC.
“Back in 2017, Japan was the first jurisdiction in the world to define Virtual Currency (Crypto-asset) as a legal term and establish clear regulatory guidance for Virtual Asset Service Providers. Very early on, the Financial Services Agency wanted to provide protection to crypto-asset service customers and to combat money laundering and terrorist financing. Using CoolBitX’s technology, CoolXWallet has given SBI VC an easy way to protect our customers while complying with Japanese and international KYC standards. The borderless nature of digital assets requires a solution that isn’t bound by geographical boundaries, and because of that, we are excited to implement the wallet as a secure system to drive cryptocurrency adoption forward.”
– Yoshitaka Kitao, Representative Director, President & CEO of SBI Holdings
Back in May, CoolBitX CEO Michael Ou was invited to closed-door FATF private sector discussions on virtual asset KYC. Sygna is one of less than a handful of solutions that are FATF compliant around the world, amidst growing calls for KYC/AML compliance from crypto service providers.
Back to the list