1. Market Analysis: Compliance Drives Trust Enhancement
With global regulations tightening for Virtual Asset Service Providers (VASPs), particularly in Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) requirements, Taiwan officially revised its anti-money laundering laws by the end of 2024. (Read More: AML Registration Guidelines for Taiwan’s Virtual Currency Companies). These revisions reinforce the responsibility of businesses to implement eKYC (electronic identity verification), not only improving market transparency but also making compliance a core element of competition.
To gain trust in the highly competitive international market, businesses must adhere to the Financial Action Task Force (FATF) recommended standards, ensuring technological compliance and reliability.
2. Customer Service: Building Global Trust with a One-Stop Solution
Company G is a blockchain-focused virtual currency enterprise, with a strong emphasis on international markets while offering a user-friendly entry point for global cryptocurrency newcomers.
1.International Market Expansion:
- Operations and Licensing Across Multiple Countries: Company G highlights its operations in numerous countries and regions globally, obtaining local regulatory approvals. Acquiring multi-national licenses is a critical step in its global strategy.
- Target Markets: Beyond Taiwan, the company actively expands into emerging markets such as Southeast Asia, where there is a high demand for cross-border financial services, making these regions key focus areas.
2. Core Services:
- Cryptocurrency Trading and Custody: Provides real-time quotes and liquidity services to meet diverse needs.
- Performance Guarantee Services: Supports verified merchants, enhancing transaction security and transparency.
- Crypto Wallet Custody: Ensures comprehensive protection for digital assets with top-tier cybersecurity technologies.
3. Challenges and Solutions: Overcoming Language and Compliance Barriers to Boost Trust
Amid rapid development and increasingly stringent regulatory requirements in the virtual currency industry, Company G faces the following challenges:
1. Technical Bottleneck in Language Recognition
Previously, while using services from European and American KYC providers, Company G discovered that their recognition accuracy for Asian-language identity documents was insufficient, leading to slow verification processes and higher error rates, ultimately affecting user experience.
2. Variability in Compliance Requirements
The company needs to quickly adapt its systems to meet the evolving regulatory requirements of different countries and regions, ensuring processes comply with the latest standards.
Solutions:
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Support for Traditional Chinese OCR Recognition: Authme’s OCR recognition engine, trained with over 30,000 Chinese character sets, achieves a recognition accuracy rate of up to 99%.
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KYC Compliance with International Standards: Authme’s identity verification solution includes forgery detection, liveness detection, and face matching, adhering to international standards such as ISO 29115, GDPR, and CCPA, ensuring compliance across multiple jurisdictions.
4. Market Reputation: System Integration Surpasses 1,000 Uses, Setting a New Benchmark for Industry Trust
After implementing Authme’s eKYC solution, Company G not only surpassed 1,000 uses but also effectively intercepted several high-risk transactions, significantly improving platform security and trustworthiness. By leveraging Traditional Chinese OCR technology for efficient and accurate identity verification, Company G has attracted more compliance-oriented clients, further solidifying its leading position in the virtual currency market.
This collaboration has not only satisfied regulatory requirements but also demonstrated how technological innovation enhances corporate competitiveness, laying a solid foundation for future market expansion.
