Initial KYC
How to Begin the Initial KYC for Verified Minters
Ensuring Trust and Compliance in the USDV Ecosystem
As part of our commitment to maintaining a secure, transparent, and compliant environment within the USDV ecosystem, undergoing a Know Your Customer (KYC) process is a mandatory initial step for all potential Verified Minters. This process is necessary for several reasons:
Enhanced Security: KYC verifies the identity of each minter, ensuring that the USDV network is free from malicious actors. This is necessary to protect the integrity and stability of USDV transactions.
Regulatory Compliance: Adhering to KYC regulations is essential for USDV to operate within the legal frameworks of various jurisdictions. This compliance helps in building trust with users, regulators, and partners.
Maintaining Transparency: KYC ensures that all participants in the USDV network are accountable and traceable, fostering a transparent and responsible blockchain ecosystem.
Starting the KYC Process
USDV includes the following two privileged (KYC) roles in addition to regular users who can send and receive USDV:
| Role | Conditions | Functions |
|---|---|---|
Verified Minter | USDV KYC passed Whitelisted & Color assigned | Transfer, Color, Mint, Redeem
Claim rewards |
Minter | STBT KYC passed Whitelisted, NO color assigned (i.e STBT approved users) | Transfer, Color, Mint, Redeem
No Claim rewards function |
To be granted Verified Minter status, the partner protocol must:
Pass USDV KYC
Get whitelisted by the USDV Operator
Get assigned a unique color by the USDV Operator
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