Identity Verification

Identity verification is fundamental to the FRWA ecosystem, serving as the first line of defense against bots, criminals, and other malicious actors. Many asset issuers have specific compliance requirements for their real-world assets, including Know Your Customer (KYC), Know Your Business (KYB), and accredited investor checks.

For our mainnet launch, FRWA will partner with various identity verification providers, enabling users to complete KYC and various checks. This integration will also allow asset issuers to mandate these checks for users trading certain assets. We are particularly enthusiastic about innovative advancements in zero-knowledge proofs (ZK) and we are actively pursuing partnerships with companies at the forefront of identity technology.

What Are Identity Verification Requirements?

Know Your Customer (KYC): KYC encompasses a series of practices, guidelines, and regulations that require financial services companies to verify the identities of individual users. These processes are crucial for preventing identity theft, financial fraud, money laundering, and terrorist financing, all of which carry heightened risks on a permissionless blockchain. Modern KYC platforms not only gather and validate personal details such as name, date of birth, address, and government-issued ID but also conduct video verification, ensuring that biometric features on a user’s ID match their live video feed. While users are not required to complete KYC checks to interact with the FRWA network, individual asset issuers, onramps, and alternative trading systems may impose KYC requirements on their users.

Know Your Business (KYB): Like KYC, KYB involves a series of practices, guidelines, and regulations that mandate financial services companies to verify the identity and legitimacy of businesses. FRWA performs KYB checks on businesses looking to onboard real-world assets via the FRWA admin dashboard. Users do not need to pass KYB checks to use the FRWA network.

Accredited Investor Checks: These checks allow asset issuers to conduct securities offerings that are exempt from registration in certain limited scenarios. There are two main types of offerings: public and private. For a more detailed overview, refer to our breakdown of primary offerings.

Identity Verification on FRWA

For our mainnet launch, FRWA will partner with a large selection of identity verification providers. Most of these providers will require the standard set of information:

• First name

• Last name

• Date of birth

• Country of birth

• Current residential address

• Front and back image of government-issued ID or Passport

• Biometric face scans

Best Practices

• Safeguard your identity by conducting periodic checks for any potential leaks of Personally Identifiable Information (PII).

• Always verify the authenticity of a website before submitting your personal information.