Potentially incorporating digital identification credentials directly into the code of DeFi protocols is one of the concepts proposed.
This approach proposes integrating KYC and AML measures into blockchain infrastructure via the use of smart contracts.
An alternative being considered by the US Department of the Treasury is incorporating identity verification into decentralized finance (DeFi) smart contracts; nevertheless, there are other potential uses for digital identification tools and other new technologies in the battle against criminal financing in cryptocurrency markets.
Recently passed into law, the Genius Act (Guiding and Establishing National Innovation for US Stablecoins) is the source of the consultation that was made public this week.
The Act mandates that the Treasury investigate emerging compliance technologies, such as blockchain monitoring, digital identity verification, application programming interfaces (APIs), and artificial intelligence. It establi
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