Sometimes it takes days for crypto exchanges to verify their customer’s uploaded identity documents and photos before permitting them to trade, due to KYC and AML laws in the country. However, by using Australia Post’s ‘Digital iD‘service Australian crypto buyers can complete their registration procedures in just a few minutes.
Therefore, instead of having to share documents and personal details multiple times with different platforms, users only need to register once with Australia Post’s Digital iD, and then share identity verification from Digital iD with any platform that is integrated with it.
Users are also given the opportunity to decide how much of their identity information they want to share each time they link their Digital iD to a new platform, to reduce their exposure to security threats. Early adopter of this technology are Digital Surge, a Brisbane-based cryptocurrency platform that enables users to pay their bills with cryptocurrency as well as buy and sell it, and two other cryptocurrency platforms namely Coinjar and Coin Loft.
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