Polygon enhances KYC scrutiny on crypto investments and grants in India and requires extensive customer details for partners in the country as we can see more today in our latest blockchain news.
Layer 2 sidechain Polygon enhances KYC scrutiny details to provide funding, grants, investments, or other financial support to potential partners in India. Polygon has its system running on the Ethereum blockchain and looks to be extremely compliant at a time when there’s a rise in scrutiny from regulators. The person said that there would be no grants to anyone that is not willing to share full KYC details:
“Anybody legit should not be reluctant to share KYC details and therefore to avoid procedural delays. It’s a requirement going forward.”
The developers in India recently talked about the difficulty of acquiring funding or investments from Polygon and said that Polygon stopped funding projects altogether in the country. However, sources say that the move is not a complete pause on funding to the Indian projects but it is related to the increase in government scrutiny. The recent unfriendly crypto moves by the authorities included imposing a new crypto tax and cutting off the payment processors from local exchanges after the rough launch of Coinbase in India, which failed to support the industry after a crash in trading volume and went ahead with a new crypto tax of 1% deducted at source levy that is scheduled to start on July 1.
Tether as the company behind the world’s biggest stablecoin launched its premier Tether token across Polygon and this will bring utility to thousands of dapps that run on the blockchain. Polygon is a layer-2 scaling solution for the ETH network and allows for faster transactions with lower fees while also using technology like ZK rollups and optimistic rollups.
Over 19,000 dapps run on the network which is an increase from 3000 in October and was created by more than 8000 developer teams. Tether issued a variety of tokens backed by assets with a stable value like the US Treasury bills and commercial paper. The assets are used to keep the token pegged to a stable value. Tether’s USDT tokens are value pegged to the dollar and in the meantime, Tether’s announced MXNT is also pegged to the Mexican peso. These stable assets are helpful for executing faster trades in the market and for lowering risks caused by market volatility in the DEFI ecosystem.
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