SoftDAO seeks a compliance provider

compliance

What

The SoftDAO seeks a long-term integrative partnership with a compliance provider for token launches and any other compliance needs. Compliance providers will need to be able to accomplish the following tasks:

  1. Safely and securely collect, analyze, and evaluate user’s personal identifiable information to determine eligibility to participate in regulated, compliant token sales. These tasks include but are not limited to:
  • ID/Document verification
  • Selfie Verification
  • AML/Sanctions Screening
  • Sybil resistant user management
  1. Abide by and enforce all GDPR compliance procedures and laws.

  2. Produce access lists for sales based on token issuer’s risk tolerance.

  3. Perform Proof of Address verification as needed.

  4. Perform Accreditation verification as needed.

  5. Perform Entity/Institutional verification and beneficial owner verification as needed.

  6. Have a legally acceptable AML manual and any accompanying procedures required to complete manual verification as needed.

  7. Any compliance provider will be integrated with the core service provider for SoftDAO


Application

  • Applications should provide a detailed proposal including:
  • Specific deliverables: What will the compliance provider do?
  • Time line for deliverables: when will this happen?
  • Qualifications: why is this team the best choice? Provide references or past projects the compliance provider has managed.
  • Alignment: how will both the compliance provider and DAO benefit?

Approval

Once approved, the Compliance Provider is responsible to operate as identified in the Compliance Provider Agreement.

Action

If an application is approved, the SoftDAO will select a compliance provider to integrate with the service provider and implement compliance KYC/AML services.

Why

Token sales, airdrops, and NFT sales are all highly susceptible to sybil attacks where one user or group of users is able to commandeer a larger allocation of an asset than is intended by the issuer. This has longterm negative impacts on the success of the token and project and keeps the asset out of the community members that matter most to the project. Compliance and KYC/AML processes aim to verify the identity and detect similarities between applications and groups of applications to reduce the preponderance of sybil attacks. Therefore, the most important part of the token sale is who is able to participate! Compliance and KYC/AML processes allow projects to ensure the best possible and most dedicated users are able to obtain the issued asset instead of bots or misaligned syndicates.

The compliance provider will be the front door to all of the SoftDAO projects and will need to maintain a vigilant eye out for bad behavior. Further, in order to hold compliant token events, it is prudent and necessary in most legal jurisdictions to Know Your Customer (KYC) before any funds can be transferred. Other jurisdictions also deem some parts of the world, countries and/or regions to be outside of their risk tolerance for conducting business. The Compliance provider will need to be able to filter all of its users for a given even through these criteria to ensure the issuer holds a legally compliant event.

Compliance is the backbone upon which successful sales are built.

49 Likes

imgonline-com-ua-Resize-ghDtJfvye2S

11 Likes

:eyes: Another step towards true decentralization! :fire: :facepunch:

2 Likes

Very good, should still need more support

4 Likes

Get those applications in guys! Exciting stuff!

3 Likes

We are getting closer to decentralization, is this success? What do you think?:saluting_face:

5 Likes

@Stupoorcycle Here you need to turn to Joe Parys he is a major youtuber and what is the best thing he is a top token analyst is without a doubt, after his analysis any token will be a diamond + he has a considerable audience and you will attract a lot of people, he can advertise SoftDao and Tokensoft, can attract programmers, compliance providerov or become one he has a team the surest way😃

3 Likes

If we have a need for AML and KYC, then maybe it’s worth using the services of professionals? I don’t think they will be able to provide their services for free… I have experience working with guys from sumsub (https://sumsub.com/)
If the volume of inspections is large (from 500 per month), the cost of one inspection varies around 0.5-1 euro. In addition to KYC, sumsub is able to check sanctions lists, mentions in the media, sources of income, etc.

3 Likes

Good demands!
Decentralization is cool!

3 Likes

:rocket: :rocket: :rocket: We fly to the moon.

3 Likes

@memeka Cool idea mate! But a little bit wrong in the topic :grin:

3 Likes

Real steps for real decentralization!
Igor693#6211

4 Likes

As always, I move on with you !!! I’m sure we’re on the right path to the future ))Real steps for real decentralization!:smiling_face_with_three_hearts:

3 Likes

that’s good to implement compliance KYC/AML services and oftDAO projects and will need to maintain a vigilant eye out for bad behavior. Further, in order to hold compliant token

4 Likes

I would like to see in crypto fully decentralization withouth KYC and other stuff… Let’s see where this take us in future

4 Likes

the importance of kyc for sustainability and long term it is important to form a large community. in prayer it is also important for continuous voting

3 Likes

Excellent. I will support all the time. I really appreciate the team and Nick And I think that it must be successful for sure. Thank you… :smiling_face_with_three_hearts: :sparkling_heart: :heart_eyes:

1 Like

KYC is a good option for sybil attackers. I know people really don’t like it but it’s needed to be fair with everyone.

1 Like