We see KYC as a key component of our future success as a global casino platform provider. The following blog will explore our use of it and explain how it will help, not hinder blockchain adoption.
K-Y-C. The three letters that can divide a blockchain community more than perhaps any other. This acronym is certainly met with scepticism amongst many in our sector. The idealism of a fully-decentralised ecosystem where everyone can act anonymously and independently is often claimed to be incompatible with the rationale behind KYC (know your customer).
At FunFair we take a different view and one that sits well with our values of openness, fairness and player protection. The gambling use case of the blockchain may just be one of many, but it’s certainly one of the most accessible and surely one of the most likely to spark mass adoption beyond the crypto-savvy.
We, therefore, see KYC – the process of proving a player is both legally allowed to play and are who they say they are – as a key factor in ensuring this happens. We envisage the FunFair platform powering a global network of partner casinos and gaming stakeholders, and this can only happen within the existing regulatory frameworks.
Regulatory bodies put effective KYC high on their priority list when it comes to approving platforms and operators. Gambling is a highly regulated market for good reason – consumers deserve protection from unethical operators, the young or vulnerable should be protected from harm and criminals prevented from using the industry to their advantage. Thus, KYC is an essential tool in achieving a regulator’s goals, and the ability to offer fair, safe gambling and prevent illegal activity such as money laundering will be pivotal to the success of the blockchain gambling industry.
Our platform is built around empowering the player to have the security and fairness that we feel they deserve. We accept that some gamblers want to leave no trace of their identity anywhere, but in the best interests of the aforementioned fairness and protection, KYC is key. It’s also worth noting the concept of leaving no trace is impossible on the pseudo-anonymous blockchain.
Our long-term strategy requires trust throughout our ecosystem, whether from player to casino, casino to regulator, licence holder to regulator and casino partner to ourselves, and we can only guarantee this by KYC-ing those playing on our platform.
We envisage a world of fair, decentralised gaming. Not a world of hiding in the shadows, away from the prying eyes of regulatory bodies for the sake of a quick buck. We want to be open and we will continue to act in a proper manner to ensure we can grow sustainably for the best interests of all within the FunFair business and community.
FunFair’s FunPass does not publish individuals’ personal information to the blockchain, instead, only holding the bare minimum required for legal purposes on a highly secure, private server.
We see this is as the best way to fulfil the needs of KYC. Once a player’s wallet address has been hashed to the blockchain and whitelisted for the FunFair platform, they can then seamlessly move between casinos powered by the platform.
Ours is a revolutionary vision for the entire gambling industry, enabling the next great leap in player protection and gambling compliance. Without KYC, all bets are off. But with it, our brand of socially responsible, next-generation gaming can bring crypto to the world.