It has been more than a decade since Bitcoin has been invented in 2008. The cryptocurrency industry encompasses more than 7500 tokens and has a market cap of nearly $400 billion. We think it’s fair to say cryptocurrencies are gradually moving towards mass adoption. 

However, the industry is yet at a nascent stage in comparison to the other sectors of the financial ecosystem. While there are multiple advantages of digital currencies, they are sometimes used for illicit practices. 

One of the most important procedures used by financial industries to secure themselves and their clients against illegal behavior are called KYC and AML. Both of them are becoming especially relevant in the cryptocurrency field as well. In this article, we’ll take a closer look at them, their relevance within the crypto domain, and their advantages.