Articles on: Wallet

What do I need to know about KYC on Venly?

What is KYC?
KYC stands for "Know your customer". It is a process that businesses use to verify the identity of their customers. Venly is implementing KYC to comply with European MiCA (Markets in Crypto Assets) regulations. The implementation of KYC on Venly is a necessary step to prevent fraud and other illegal activities, and ensure that you are as secure as possible.

What actions require KYC?
KYC is required for transferring native and ERC20 tokens with a Venly Wallet. When you start the transfer process, you will be automatically prompted to complete the KYC.
This process only needs to be completed once. All you need to do is provide a picture of a valid ID document (e.g. a passport or driver's license) and a selfie.

KYC is NOT required for
Signing up for a Venly Wallet
Buying, selling, and transferring NFTs

How is KYC verification handled on Venly?
KYC verification on Venly is handled by Veriff. You will only need to provide a picture of a valid ID document and a selfie.

Valid ID document examples
Driver’s License
Government-issued photo ID
PAN card
Voter ID Card

Veriff will then verify the validity of these documents. If the documents are valid, you will be considered verified and can continue with the requested action.

The KYC process (taking pictures of the ID documents and the selfie) can be completed using a laptop webcam or a phone camera.

Updated on: 25/01/2023

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