I think KYC should be put on the blockchain to all of this. If we could do so, we can submit our ID via a token of sorts for compliance without providing details to a 3rd party. I have heard of some projects trying to go this route and I feel it is encore for the ecosystem in general.
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Exactly. That's the service provided by the likes of THEKEY, Civic etc. Secure Identity Verification where the owner of the identity can control who gets what information.