#THXChain #Mainnet2020 KYC Update 2/3

THXChain #Mainnet2020 KYC UPDATE

Total Registration Received 2710*

Total KYC Email sent 722

KYC Data Received 128*

500 More emails will be sent next week

KYC Clearance start from 15 March 2020 Phase wise*

The Fifth Anti-Money Laundering Directive (AMLD5) was officially signed into law in July 2018 and came into force on Jan 10 of this year. It groups all virtual assets and their providers as ‘obliged entities.’ this places the cryptocurrency sector in the same legal category as banks, payment processors, gaming, and gambling-related services. In effect, this means that cryptocurrency-related businesses will be treated like any other

KYC importance

1 Single KYC Unlocks

Token SWAP

Token Purchase/sell

THXChain Build

THXChain Custodian wallet access

Thore Network Exchange Infra access

Security Token Access

TCHApp Wallet & Assets+Trading Access

Fiat lending

Digital Asset Distribution Network

Thore Network is in the process of establishing strategic partnerships with other platforms and systems to support fiat Lending, and are obtaining financial licences in EU jurisdictions

We have decided to comply and fulfill these requirements because the partnerships on offer are hugely important for the future scaling and development of Thore Network

Bafin considers crypto custodial providers like financial institutions, it also states that these platforms must obtain a license to continue operating their businesses in the country. More so, it also notes that platforms operating within the country without a license are advised to secure one by the end of November 2020. However, these platforms should also ensure their readiness to apply for a license by the end of this month.

Furthermore, we can say the AMLD5 is a very positive development for the virtual assets space. It is of utmost importance now for the founders and developers to work with EU regulators and even others to build a working relationship that works for everybody. Although the AMLD5 has its own disadvantages, it is a start for the digital currency industry to put a foot inside the mainstream economy positively. This will enable the industry to expand, grow and even flourish.

In Conclusion

AMLD5 should be a message to financial institutions that the virtual currency industry should be treated in the same way as all other business sectors.

Important

We all aware CoronaVirus & its Impact Our KYC 3rd party Provider is EU Based only (Cyprus & Swiss) & at this moment we are going as per Pre defined schedule but as we can see Many offices & organisation decided to shut operations and work from Home. stay home as the risk of contracting the novel coronavirus increases anywhere there are gatherings of people so if our KYC & legal partners decided to take break from work we have to wait for KYC approval and rest process https://www.washingtonpost.com/world/europe/coronavirus-in-europe/2020/03/06/57428d5c-5c9d-11ea-ac50-18701e14e06d_story.html

Keep checking your Registered Email ID ONLY for updates

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www.thorenetwork.com

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