Michael Ou, Founder and CEO of CoolBitX, said: “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.”

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.

Yoshitaka Kitao, Representative Director, President & CEO of SBI Holdings, Inc., stated: “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.”

“This partnership with SBI VC is a crucial aspect to having and maintaining better security on the exchange,” continued Ou. “Currently, most KYC/AML responsibilities lie with the exchanges to ensure all transactions and individuals are legitimate. CoolBitX is happy to work with SBI VC by providing the CoolXWallet, and help in SBI VC’s effort to implement best practices in the area of KYC/AML for digital assets.”

In an effort to continue to meet the demands of the market, the CoolBitX team is now announcing the launch of Sygna, a first-to-market KYC/AML compliance-focused virtual asset transaction and security solution for VASPs, individuals, and institutions.