DeFi execs at the World of Web3 (WOW) Summit in Hong Kong argued that implementing “Know Your Customer” (KYC) measures will tackle the “biggest issue” in decentralized finance (DeFi), which is hackers laundering millions of stolen funds into “clean money.”
During a panel session at the summit on March 29, titled “Blockchain Security to Smart Compliance: AML & KYC Solutions in DeFi,” industry leaders endorsed KYC in DeFi as a solution to tackle Anti-Money Laundering (AML) issues.