HONG KONG, Apr 29, 2019 - (ACN Newswire) - OAX Foundation and Blockpass have today announced an agreement that will see the firms join forces to promote advanced compliance controls in the digital asset industry. The agreement reflects the shared goal of the firms to create an industry that is open, transparent and committed to the highest governance standards.
Blockpass has developed a RegTech platform that offers shared regulatory and compliance services for individuals, companies, and devices. Blockpass is a digital identity application and service which brings control back to the user. Blockpass provides a streamlined and cost-effective user onboarding process for regulated industries and any kind of online service. From the Blockpass Application, users can create, store and manage a data-secure digital identity that can be used for an entire ecosystem of services or token purchase..
OAX Foundation is developing and promoting digital asset trading for the mainstream. It is working with several leading organizations to help make digital assets a mainstream part of the financial system. Strong compliance controls, particularly for Know Your Customer (KYC) screening, are a critical part of this process.
Together, OAX Foundation and Blockpass will promote each other's products and services, leading to improved adoption of the standards needed for a secure and sustainable industry. This has become increasingly important as the industry has evolved.
In particular, the emergence of securities token offerings (STOs) has given policy, legal and regulatory compliance issues renewed prominence. Security tokens are regulated investment contracts which represent legal ownership of physical or digital assets such as real estate, ETFs or corporate stocks. Educating the industry and the wider financial community about these and other developments is critical to helping digital assets achieve mainstream adoption.
Amanda Liu, General Manager of OAX Foundation, said, "In order for the digital asset industry to fulfil its potential, it needs to demonstrate that it has adopted world class compliance systems. By promoting best practice in this area, partnerships like the one we're announcing today with Blockpass will help the industry mature."
Adam Vaziri, CEO of Blockpass, said, "The digital asset industry needs to have a keen focus on compliance. Our partnership with OAX Foundation will help promote the high standards that are required to create the trust and security needed for digital asset trading to grow."
About OAX Foundation
OAX Foundation Limited is a Hong Kong-based entity set up to develop and promote digital asset trading for the mainstream. It aims to build a sustainable digital asset industry based on principles of openness, transparency, and strong governance.
About Blockpass IDN
The goal of Blockpass IDN (http://www.blockpass.org/) is global realization of identity for the Internet of Everything. Through the use of blockchain technology and smart contracts, Blockpass is a production ready Regtech platform offering shared regulatory and compliance services for humans, businesses, objects and devices. As this identity system supports verification of humans (KYC), objects (KYO) and connected devices (KYD), it will enable the development of new applications that rely on a trusted connection between human, corporate, and device identities. Registered in Hong Kong, Blockpass IDN is a joint venture of Infinity Blockchain Labs and Chain of Things. Blockpass IDN licenses its technology from the non-profit Blockpass Foundation, registered in the Isle of Man.
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Apr 29, 2019 16:00 HKT/SGT
Topic: Press release summary
Sectors: Cards/Payments, Security/Biometrics, FinTech/Chains, Legal & Compliance
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