Singapore-based digital asset exchange ecxx.com has integrated with MyInfo, a key component of the national digital identity, to enhance regulatory compliance and increase mainstream adoption of digital currencies.

Users now have the option to authorise retrieval of personal data from MyInfo to complete the verification process seamlessly. Upon successful verification, they can trade popular cryptocurrencies like Bitcoin and Ethereum easily.

This is timely for compliance with new guidelines set out by the Financial Action Task Force (FATF) on Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations. Mainstream adoption is likely to increase once proper regulatory framework is set out.

Branson Lee, Co-Founder and CEO of ecxx.com, said: “We are delighted to be the first digital asset exchange to use MyInfo and introduce the new verification feature within our platform and mobile app. Through this service, we hope that more Singapore residents are confident in dipping their toes into crypto industry and we can help build greater trust amidst the growing cryptocurrency market.”

MyInfo is a service developed by the Government Technology Agency (GovTech) which enables SingPass users to manage their personal data while transacting online with participating public and private organisations.

Branson added, “While a user might have verified identity which enhances the level of accountability, we are still cautious of potential scams online. That’s why we have also started on-chain transaction monitoring for detection of any suspicious funds and will actively engage various fintech and blockchain communities to guard against unsavoury activities targeting consumers in this nascent technology.”

To this end, ecxx.com has been organising public educational workshops on a regular basis on how to be safe when transacting digital assets and implementing blockchain for business.