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Type of Currency No Longer an Issue for AML BitCoin ICO
 No matter what your preferred currency, be it fiat or crypto, you can now use it to participate in the AML BitCoin Initial Coin Offering (ICO). 19.Oct.17 3:41 PM By Peter J. Photo Toinnov.com |
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Thanks to ICOBox technology, the first cryptocurrency to meet the requirements of anti-money laundering, anti-terrorism, and know-your-customer laws, the AML BitCoin, can now be purchased using every form of currency. The fee for using US dollars or another fiat currency to buy into the ICO will be the lowest in the industry, a mere 1%. The first phase of the public sale opened on October 6, 2017, at www.amltoken.com. One of the main roadblocks on the path to mainstream acceptance of cryptocurrencies has always been the public perception of them as unstable currencies that lend themselves to all sorts of suspect, if not criminal, activity. To address this issue, anti-money laundering, anti-terrorism, and anti-theft characteristics were designed directly into the AML BitCoin by its creator, the NAC Foundation, and its CEO Marcus Andrade. Based on a privately regulated public blockchain, the cryptocurrency will use a biometric identification protocol to authenticate the owners of the cryptowallets holding AML BitCoins. The vital part of the technology, which allows the identities of cryptocurrency senders and recipients to be tracked and traced, was thought up by Mr. Andrade and licensed to the NAC Foundation. Now only those who have certified digital personal identities will be able to hold and use AML BitCoins. The steps to receive a certified digital identity are as follows: applicants must first declare their residence, then they are required to stop in to an approved location and show two current forms of government-issued identification (passport, driver’s license, etc.), and finally they must provide face, retina, iris, and fingerprint scans, along with a voice recording (because voice recognition is also used), which will be used by the mobile app to identify them. "The problem up to this point, as far as banks and governments are concerned, has been that cryptocurrencies do not meet the banking standards in place in America, the directives established by The Patriot Act and other regulatory documents, in other words they are not AML compliant," according to NAC Foundation CEO Marcus Andrade. "AML BitCoin has changed all that. The first trial of AML BitCoin for interbank transfers is in the works with a few US banks. This innovation will save millions in exchange fees." The AML Bitcoin’s ICO, which utilizes ICOBox technology to allow backers to buy AML Tokens with various currencies, has completed its presale stage and is currently in phase 1 of a three-phase implementation plan. The total amount of coins involved in the token sale is 200 million (145 million pre-mined coins and 55 million available for PoW/PoS mining). Planned distribution of the AML BitCoins includes 76 million AML Tokens to be made available for purchase by the public (2.5 million during the presale, 13.5 million during phase 1, 20 million during phase 2, and 40 million during phase 3), 9 million for current Aten Coin holders (which will be exchanged for AML BitCoins at a 1:1 ratio), 10 million for NAC’s administration team, 50 million for employees and consultants, as well as for intellectual property licensing and acquisition and software debugging, and 55 million for PoW/PoS mining. All AML Token holders must establish a certified digital identity profile and exchange their AML Tokens for AML BitCoins within six months after the latter become available. About the NAC Foundation Marcus Andrade set up the NAC Foundation in 2014 to develop an identity-verification protocol based on Bitcoin, in order to introduce cryptocurrencies with anti-money laundering, anti-terrorism and anti-theft capabilities (AML Bitcoin and Aten Coin, its predecessor). Using these properties, these coins are compliant with anti-money laundering and financial crime legislation, the USA Patriot Act and the Bank Secrecy Act of 1970, making them ideal for the financial sector. One of the NAC Foundation's goals is to spread information around the world about regulated digital currencies and blockchain technology. The Foundation is based in the US, and is a member of the American Bank Association. It has also been registered with The Financial Crimes Enforcement Network (FinCEN) as a "Money Services Business" (MSB) since 2015 (MSB registration number 31000067804981). | |
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