Sumsub , a provider of security and transaction monitoring solution, has partnered with Mercuryo , a global payments infrastructure platform, to launch a user verification guide for crypto businesses. The guide combines Sumsub and Mercuryo’s expertise to reveal the main verification and data control challenges of Web3 and how to resolve them.

It also offers an outlook on what user verification in Web3 could ideally look like in the future. It teaches companies thw to solve key challenges and manage user data. The guide covers the aspects the crypto industry needs to know about KYC checks, AML compliance and verification based on the current regulatory landscape.

As the crypto ecosystem grows and regulations mature, the Web3 space is slowly establishing relationships with mainstream finance. Still there is some uncertainty. Compliance is a big issue for crypto, and while some regulations like the Travel Rule already exist, many more are yet to come.

Whichever way the regulations go, crypto companies need to know how to properly verify users and how to store and transfer user data. Drawing from their industry expertise, as well as the Singapore Personal Data Protection Commission’s (PDPC) guide to data protection in blockchain, Sumsub and Mercuryo recommend best practices for handling user data to make onboarding secure and compliant with existing and upcoming regulations. The two companies advocate for reliable, convenient, and reusable verification in Web3.

Reusability is important in the crypto sphere, as user overlaps between platforms can reach up to 75%. Also, Reusable KYC can boost verification pass rates tenfold, as Sumsub’s results with Mercuryo have shown. About the companies Mercuryo, has partnered with CeFi and DeFi companies and onboarded over 3 million users to Web3 since their inception.

They want to understand and overcome the challenges associated with facilitating payments while complying with regulations when it comes to user onboarding. Making Web3 more accessible requires solving these challenges, as they see it. This is why they have partnered with Sumsub.

In Web3, personal data is supposed to be controlled by users themselves. Sumsub is working to meet the verification challenges of Web3. They believe that this can be achieved by building an entire ecosystem on the soulbound token (SBT) approach, ensuring trust between users, and verified companies and maintaining data security both for users and crypto platforms.

The partnership with Mercuryo can create new opportunities, amplifying their crypto expertise and allowing them to contribute to the future of Web3 verification, as Sumsub representatives see it. .