Neo Joins the Web3 KYC Alliance as a Bold Move Toward Innovation and Regulatory Compliance

We are thrilled to announce that Neo, a trailblazer in the Web3 landscape since 2014, has formally joined the Web3 KYC Alliance on January 22, 2023, becoming one of the first entities to join the Alliance’s effort in bringing compliance to the blockchain space.

The strategic involvement aims to drive innovation in the Web3 space by leveraging joint efforts to implement KYC solutions across ecosystems shared by the members of the Alliance, now including Neo, future-proofing them through regulation compliance. Joining the Alliance underscores Neo’s dedication to both complying with regulatory frameworks and enhancing user experiences through innovative KYC solutions.

What is the Web3 KYC Alliance?

Spearheaded by the Bifrost Foundation, Web3 KYC Alliance is dedicated to advancing RegTech solutions with a primary focus on Know Your Customer (KYC), and preparing users of Web3 for any changes on the regulatory horizon. The Alliance is also powered by top-tier compliance expertise and backed by a robust 20-million user base from KICA and CODE.

Together, these entities envision a digital asset ecosystem where the amalgamated strengths of the Alliance pave the way for progress, committed to bringing an enhanced, regulation-compliant Web3 experience with streamlined asset flow.

An array of benefits to the members of Web3 KYC Alliance includes is but not limited to:

• Collaborative authentication encompassing Web2 and Web3, powered by KICA and CODE
• AML-responsible base authentication facilitated through essential infrastructures
• Provision of indispensable infrastructures to partners and applications within the members’ ecosystems
• Potential business collaborations among alliance members

Moving forward, the Alliance aims to expedite its efforts by creating an innovative Web3 identity authentication service that integrates KYC authentication (customer information verification) with the Financial Action Task Force (FATF) Travel Rule requirements. This integration can facilitate a smooth transition for additional Web2 companies and services into the Web3 domain.

Neo’s Strategic Move in Joining the Alliance

Founded in 2014, Neo is an open-source, community-driven blockchain platform designed to welcome developers into the Smart Economy. By enabling developers to digitize and automate the management of assets through smart contracts, Neo is built to realize the optimized digital world of the future.

In response to the rising demand for KYC across various countries and regions, Neo has strategically joined the Web3 KYC Alliance. The Alliance’s innovative KYC solution is poised to streamline digital asset management, delivering an improved user experience within regulatory frameworks. This move aligns perfectly with Neo’s commitment to being the most developer-friendly blockchain.

Neo’s Founder, Da Hongfei, shared his expectations for this strategic decision: “As Neo continues to expand its global presence, we anticipate that joining the Alliance will grant us the advantage of mass onboarding loyal Web3 users. With our extensive experience in the Web3 industry, we are fully committed to making every effort to enhance trust and security within this domain.”

Dohyun Pak, the founder of Bifrost Foundation, also expressed his anticipation for the future this decision will bring: “Neo joining the Alliance will undoubtably be of immense importance, as the combined capacity and the reach the Alliance has for onboarding Web2 users will be greatly amplified. With an unified goal of bringing regulatory compliance to the Web3, we look forward to the next chapter in global adoption of blockchain.”

As the next phase of Neo’s involvement in the Alliance, both Neo N3 and Neo X (Neo’s EVM-compatible sidechain currently in development) will have access to the innovative KYC solution offered by the Alliance. All projects and individual users within Neo’s blockchain ecosystem will have the autonomy to decide whether to utilize the KYC solution provided by the Alliance or opt for an alternative approach according to their preferences.

About Neo

Founded in 2014, Neo is an open-source, community-driven blockchain platform designed to welcome developers into the Smart Economy. By enabling developers to digitize and automate the management of assets through smart contracts, Neo is built to realize the optimized digital world of the future. As the most developer-friendly blockchain, Neo meets developers where they are by integrating seamlessly with the world’s most widely used languages and tools and providing the most feature-complete blockchain platform for building full-stack decentralized applications. With native support for powerful infrastructure including decentralized storage, oracles, and domain name service, Neo is the ideal foundation for developers to build the next generation Internet.

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About Bifrost Foundation

Bifrost Foundation is an entity that launched Bifrost Network, an EVM-compatible network dedicated to cross-chain compatibility, in early 2023. Focused on mass blockchain adoption, Bifrost Foundation developed cross-chain solutions that would allow users to transverse easily between different chains, as well as creating KYC solutions designed to be maintain decentralization while being effective in regulation compliance. Bifrost Network serves as a central backbone for all of these efforts, to provide infrastructure to the services, and to provide dApps an environment where they can utilize cross-chain functionality while maintaining regulation compliancy.

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