Regulatory Compliance
Regulatory compliance, a robust legal framework, and strict Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures are critical aspects of Scrybit's operations to ensure a secure and trusted environment for its users. Here's an overview of these components:
Scrybit Wallet takes regulatory complince and user security seriously. We are proud to announce that Scrybit Wallet has already received in-principle approval from the Financial Services Commission (FSC) Mauritius. We are now awaiting the issuance of our wallet licence under the Virtual Assets and Initial Token Offerings Services (VAITOS) Act to become fully operational. This milestone demonstrates our commitment to operating within a structured legal framework, ensuring transparency and accountability in all our operations. Users can be confident that Scrybit Wallet adheres to the highest industry standards, providing a secure and compliant environment for managing their digital assets. We believe that this regulatory recognition sets a strong foundation for the trust and credibility that we aim to establish within the cryptocurrency and blockchain community.
Regulatory Compliance
Scrybit is committed to regulatory compliance and operates within the legal frameworks of the jurisdictions it serves. This commitment includes:
· Licensing: Scrybit Wallet has already received approval for its license from the regulatory authorities in Mauritius. This ensures that the platform complies with local laws and industry regulations in the regions where it operates.
· Global Compliance: Scrybit adopts a comprehensive approach to regulatory compliance, considering the legal and regulatory requirements across multiple jurisdictions to provide global users with a secure and compliant service.
· Ongoing Monitoring: Regulatory compliance is an ongoing process. Scrybit continually monitors changes in regulations and updates its policies and procedures to remain compliant with evolving legal requirements. Additionally, Scrybit will be using Chainalysis software, a leader in crypto compliance and monitoring, to ensure secure transactions and wallet operations.
Legal Framework
Scrybit Wallet implements robust KYC and AML procedures to prevent illicit activities, protect user funds, and maintain a compliant environment:
User Verification: To ensure user identities and maintain regulatory compliance, Scrybit requires users to complete identity verification procedures, which may include providing government-issued identification documents.
Transaction Monitoring: Scrybit actively monitors user transactions for suspicious activity, including large or unusual transactions, and promptly reports and investigates any suspicious activity.
AML Training: The Scrybit team receives ongoing training in AML procedures to effectively recognize and report suspicious activities.
Data Security: Scrybit employs advanced data security measures to protect sensitive user information collected during the KYC process.
AML Reporting: Scrybit complies with AML reporting requirements, sharing relevant transaction information with appropriate regulatory authorities as mandated by local regulations.
By implementing these KYC and AML procedures, Scrybit aims to create a secure and compliant environment where users can confidently manage their digital assets while adhering to global and local regulations. This commitment to regulatory compliance and user security is essential for building trust within the cryptocurrency community and beyond.
Scrybit is already collaborating with leading platforms like Sumsub and Chainalysis for user verification, transaction monitoring, and wallet screening.
KYC/AML Procedures
Scrybit Wallet implements robust KYC and AML procedures to prevent illicit activities, protect user funds, and maintain a compliant environment:
· User Verification: To ensure user identities and maintain regulatory compliance, Scrybit requires users to complete identity verification procedures. This may include providing government-issued identification documents.
· Transaction Monitoring: Scrybit monitors user transactions for suspicious activity, including large or unusual transactions. Any suspicious transactions are reported and investigated promptly.
· AML Training: The Scrybit team receives training in AML procedures to recognize and report suspicious activities effectively.
· Data Security: Scrybit employs advanced data security measures to protect sensitive user information collected during the KYC process.
· AML Reporting: Scrybit complies with AML reporting requirements, sharing relevant transaction information with appropriate regulatory authorities as mandated by local regulations.
By implementing these KYC and AML procedures, Scrybit aims to create a secure and compliant environment where users can confidently manage their digital assets while complying with global and local regulations. This commitment to regulatory compliance and user security is essential for building trust within the cryptocurrency community and beyond.
Scrybit is planning to work with the leading KYC platform provider namely, Sumsub and Chainanalysis for transaction and wallet screening.