BASIS ID Tapping into Japanese Market, CEO Says

BASIS ID Tapping into Japanese Market, CEO Says

  • Business Overview
  • Japanese Crypto Market  
  • Future Plans

BASIS ID, a Singapore-based digital identity verification (Know Your Customer (KYC)  & Anti-Money-Laundering(AML)) and identity management platform, is expanding into East Asian markets such as Japan further to grow its core KYC business providing the value to crypto companies who want to be compliant with regulations and accelerate quickly not spending too much time on negotiations with different third-party providers, the company’s CEO Akim Arhipov said.

Established in 2016 by Estonian cybersecurity professionals in charge of e-Government services in Estonia, BASIS ID is known for providing identity management platform, including KYC and AML, data processing and storage under right jurisdictions, and bank-as-a-service platform, via BASIS ID product ecosystem, Arhipov noted.          

Regulatory requirements for cryptocurrency-related business and companies are positively strict in Japan, Arhipov said, adding that the Japanese regulation in this space would bring the safety as well as the welfare to all society. BASIS ID is in ready to collaborate with Japan’s Financial Service Agency(FSA) and its domestic crypto Exchanges to increase transparency in KYC and AML, he added.      

BASIS ID already has customers in Asian markets such as Singapore, and also having users in Europe, partly given that the company has a R&D base in tech savvy Estonia. The company is aiming at expanding into Arabic countries and India around 2020, according to its roadmap plans.

Meanwhile, Crypto companies (ICO projects) raised about USD 100m in total by using BASIS ID services.

BASIS ID would launch the mobile application, a crypto marketplace using personal digital wallet. Users are able to control their personal data transition, amend, and delete personal information via its mobile-based marketplace, Arhipov explained.

Users can register and be verified only once, and they are able to register in ICOs using their mobile-based BASIS ID marketplace in one click. BASIS ID has become an intermediary between customers and crypto companies being an advocate. Companies become transparent and gain trust by returning privacy and personal data control to consumers, Arhipov added.    

by Genta Nakanishi

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