Web3 Compliance Solution KNOW YOUR RISK Officially Launched

Recently, some blockchain projects have been investigated and prosecuted by regulatory agencies for suspected illegal activities. This highlights that compliance issues remain critical even in the pursuit of decentralization and privacy protection in the blockchain space. To address this challenge, a Web3 compliance solution called KNOW YOUR RISK has completed internal testing and was officially launched on August 9.

KNOW YOUR RISK is a compliance and financial solutions provider focused on the Web3 space. It aims to help various blockchain-related projects and institutions address compliance issues, particularly in the two Asian financial hubs of Singapore and Hong Kong. The solution covers a comprehensive service from risk identification to problem resolution, divided into four main steps: identifying risk points, analyzing risk points, formulating solutions, and executing and reviewing.

The project is developed by a team with extensive industry experience, coming from top exchanges, the Big Four accounting firms, and well-known crypto projects. This enables KNOW YOUR RISK to provide comprehensive and customized solutions for clients in the digital asset and financial sectors.

A prominent feature of KNOW YOUR RISK is its free risk assessment tool. Users can quickly obtain a preliminary risk assessment report by answering a series of business-related questions. This report covers various aspects such as strategy, legal structure, compliance, anti-money laundering/KYC, risk management, accounting, and operations, providing valuable initial insights for project teams and corporate executives.

Choosing to focus business efforts on Singapore and Hong Kong is a well-considered decision. Both cities are actively formulating policies that are conducive to the development of fintech and blockchain companies. For example, Singapore offers a "sandbox" program for startups to test their technologies and business models, while Hong Kong has recently updated its regulatory guidelines for virtual asset trading platforms, allowing licensed exchanges to serve retail investors.

The scope of KNOW YOUR RISK services is extensive, covering key areas such as Web3 financial due diligence, Web3 accounting, and Web3 legal and compliance. It can assist investors and exchanges in conducting comprehensive on-chain and off-chain investigations, help clients design accounting processes that comply with local auditing standards, and ensure that clients meet all relevant legal and regulatory requirements.

In the rapidly changing cryptocurrency industry, understanding and controlling risk has become increasingly important. KNOW YOUR RISK not only helps crypto businesses identify and manage risks, but also meets compliance requirements, paving the way for their long-term success and sustainable development. By combining expertise with practical solutions, KNOW YOUR RISK is dedicated to addressing the unique needs of the Web3 space, driving the entire industry towards a more regulated and healthy direction.