Why do cryptocurrencies require real-name authentication (cryptocurrency exchange real-name authentication)
Why do cryptocurrencies require real-name authentication? We know that there ar
Why do cryptocurrencies require real-name authentication? We know that there are three types of business models for domestic cryptocurrency trading platforms. One type is the use of blockchain technology to realize digital assets (tokens), and the other type is traditional fiat currency exchanges. Bitcoin, Ethereum, and other digital financial products that utilize blockchain technology for circulation and storage are examples of these transaction methods. There have been many similar cases in China, such as major commercial institutions like Bank of America, Industrial and Commercial Bank of China, and China Construction Bank issuing virtual currencies, but they do not have any specific regulations or requirements for their own activities or commitments to abide by national regulations.
So what exactly is cryptocurrency? What does it provide? Its value lies in being able to offer a secure and reliable digital payment system. If a project does not comply with regulatory regulations, it can sell the project’s tokens to the market and collect a certain percentage of management fees from users. This achieves trust in the platform. This work is also known as “risk control”. Therefore, for most ICOs, due to their high risk and fraudulent nature, investors cannot participate. On the other hand, in order to avoid possible financial losses, cryptocurrencies must strictly carry out corresponding activities in accordance with relevant laws and regulations. (Tencent News)
Cryptocurrency Exchange Real-Name Authentication
According to the latest data released by the National Internet Information Office, a total of 65 cryptocurrency exchanges worldwide have completed the real-name authentication process. Among them, 25 have obtained the certification and operating licenses of financial institutions such as China Bank and Agricultural Bank of China for real-name digital asset trading platforms (such as the People’s Bank of China). In addition, there are currently many domestic digital currency platforms that have not undergone real-name authentication. From the test cities mentioned above, the Jianggan District Government of Hangzhou, Beijing Hongzao Technology Co., Ltd., and Shanghai Xinxiwang Network Technology Co., Ltd. have all conducted relevant project promotions.
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