Web3 Compliance Solution KNOW YOUR RISK Officially Launched

Although blockchain technology emphasizes decentralization and privacy protection, compliance is still an important aspect that cannot be ignored. Recently, developers of some well-known projects have faced legal sanctions for alleged illegal activities, which once again highlights the importance of compliance.

In response to compliance needs in the Web3 sector, a solution named "KNOW YOUR RISK" was officially opened to the public on August 9 after nearly three weeks of internal testing. This solution aims to assist both centralized and decentralized blockchain projects in addressing compliance issues, particularly for the Singapore and Hong Kong markets.

KNOW YOUR RISK provides a full range of services from risk discovery to resolution, including four steps: risk point identification, analysis, solution formulation, and execution and review. This program is developed by a team with extensive industry experience and can offer customized solutions for clients in the digital asset and financial sectors.

To help project parties and corporate executives preliminarily understand potential risks, the KNOW YOUR RISK official website provides a simple yet multi-dimensional risk assessment tool. Users can answer a series of questions based on their business type and subsequently receive a free preliminary risk assessment report. This report covers various aspects including strategy, legal structure, regulation, anti-money laundering/KYC, risk management, accounting, and operations.

The business focus of KNOW YOUR RISK will be on the two Asian economic centers of Singapore and Hong Kong. These two regions are actively formulating policies to attract and support fintech and blockchain companies. For example, Singapore offers a "sandbox" program, while Hong Kong has recently begun issuing new licenses for cryptocurrency exchanges.

The service scope of this program is wide-ranging, covering multiple key areas including Web3 financial due diligence, Web3 accounting, as well as Web3 legal and Compliance. For the licensing application of cryptocurrency exchanges, KNOW YOUR RISK can provide comprehensive assistance, from preparing compliance materials to contacting custodians and conducting audits.

In the rapid development and changes of the cryptocurrency industry, understanding and controlling risks is crucial. KNOW YOUR RISK not only helps crypto businesses identify risks and meet compliance requirements, but also supports their sustainable development. Through professional risk assessment and solutions, KNOW YOUR RISK is expected to become an important force in promoting the healthy development of the Web3 industry.