If you are a business requiring compliance with the Crypto Travel Rule, it is essential that you research and opt for an effective method to identify customers. Having an appropriate procedure makes it easier to ensure that there is full compliance with regulations, while also providing security benefits when completing customer transactions. One of the most reliable methods of identifying customers who use virtual assets is ARGOS ID.
In this blog post we will look at the three different types of ARGOS ID available and their associated benefits for businesses ensuring Crypto Travel Rule compliance and their own policy.
Safeguard Your Blockchain Business with ARGOS ID:API and Web SDK-Based Solution
ARGOS ID is an API and Web SDK-based solution that helps businesses to verify unhosted crypto wallets. Businesses that involve blockchain technology would benefit a lot from the ARGOS ID. It helps not only to stay compliant with Crypto Travel Rule, an essential regulation applied to the blockchain industry but to help companies to provide a reliable environment for their end users. It may be identifying users(KYC) or verifying individuals’ one or more crypto wallets.
There are three types of ARGOS IDs –Full Authentication, ARGOS ID Only, and Blockchain Only – each suited for different profile types and security requirements. Let’s go into detail.
1. Full Authentication KYC + ARGOS ID)KYC + Crypto Wallet Verification (Possessing Customer’s Privacy Data)
The Full Authentication category requires users to present personal identification documents and face photos to process. This is due to the KYC process. Businesses that need to comply with Crypto Travel Rule, a global recommendation on virtual assets transactions by the FATF, would need to verify ‘WHO’ and ‘WHAT’ on crypto-asset transactions.
Also, after the KYC process, users would need to verify their unhosted wallets, namely well-known as MetaMask. Due to the anonymous factor, the Crypto Travel Rule aims to identify the wallet information. Information related to the crypto wallets would be accessing the personal data: name, email address, gender, date of birth, nationality, and residence address. The details may differ by country as each nation’s interpretation regarding the recommendation varies. However, what stays pretty much similar is on knowing personal information data.
2. ARGOS ID Only KYC + Crypto Wallet Verification ( Possessing Customer’s Privacy Data)
What ‘ARGOS ID Only’ differentiates from ‘Full Authentication’ is that it does not possess customers’ personal data. This acts as a crucial point for operators who do not wish to handle private data. Argos KYC Inc. will be handling customer privacy data.
For users, what they do both on ‘1. Full Authentication’ option and ‘2. ARGOS ID Only’ option is actually the same. It only differs for ARGOS ID clients, mostly business operators using and applying ARGOS ID on their services. ARGOS ID Only is highly recommended to customers needing KYC and crypto wallet verification but DO NOT wish to possess and control users’ personal information.
3. Blockchain Only Crypto Wallet Verification Only (NO KYC)
The ‘Blockchain Only’ type requires less information from the users as single information is needed: the crypto wallet address. Users only need to verify that the owner of the crypto wallet (e.g., MetaMask, Phantom, and WalletConnect) is actually the users themselves.
No KYC is asked on the ‘Blockchain Only’ ARGOS ID option. Blockchain Only option can be applied to the existing system that needs a little extra verification. VASPs that provide users their’ own wallet(=hosted wallet) do not need additional KYC as they already did the verification process on their users. In this case, ARGOS ID can be implemented for third-party verification. With ARGOS ID Blockchain Only option, business operators that just needed extra verification for the nonbusiness customer would get the most benefits from the service.
Why you should consider using an ARGOS ID for your business
ARGOS ID is an essential tool for businesses in today’s digital age, especially with the rise of virtual asset usage. It offers secure and reliable ways to store, manage, and access confidential data. Not only does it give businesses greater control over the data they possess, but it also increases speed and efficiency by reducing the number of people who have access to this sensitive information.
As well as securely storing credentials and other user information, ARGOS IDs can be used for authentication purposes and to automate processes related to permissions within your business. Furthermore, with more organizational control and better security measures in place to protect user’s personal data, using an ARGOS ID for your business can help you build trust amongst current and future clients alike.
How To Choose The Right Type Of ARGOS ID For Your Business Needs
By understanding the different types of ARGOS IDs, researching which type is the best fit for your business, and taking full advantage of its benefits, businesses can maximize their efficiency, streamline operations, and ultimately gain a competitive edge in their field or industry. Moreover, it is crucial for companies to consider if incorporating an ARGOS ID into their everyday operations is right for them. After considering all factors involved, businesses should decide whether or not implementing an ARGOS ID is able to benefit them in the long term by safeguarding sensitive information and expanding core operations.
If you are not sure which type of ARGOS ID to apply, please contact and discuss with our sales representatives regarding your concern. ARGOS team works hard on guiding the most adequate type to each customer. Make Unhosted Wallets Compliant with ARGOS ID!