Australia Post, the nation's delivery service, has begun applying digital identification tech to allow digital currency exchanges to make KYC checks in just minutes.
In some cases, it takes days for cryptocurrency exchanges to confirm their client's uploaded identity documents and pictures before allowing them to trade, due to local AML and KYC laws. Nevertheless, by using Australia Post's "Digital iD" service Australian digital currency buyers can finish their registration exercises within minutes.
To that end, rather than having to share docs and individual details several times with various platforms, clients only have to register once with Australia Post's Digital iD and are then able to share the identity verification from Digital iD with any platform which is integrated with it.
Users have the opportunity to determine how much of their identity data they need to share every time they link their own Digital iD to a fresh platform, cutting their exposure to security risks.
The latest adopter of this infant tech is Digital inrush, a Brisbane-based digital currency platform that allows clients to settle their bills with digital currency as well as trade it, and two other crypto platforms - Coin Loft and Coinjar.