Telegram Wallet includes further strictures related to KYC

Telegram Wallet introduces further strictures related to KYC regulations by making it mandatory for users to furnish more personal details about themselves. 

A Telegram Wallet is an intermediary crypto wallet incorporated with Telegram, which provides the option for users to engage in purchasing, as well as holding and controlling cryptocurrencies, such as bitcoin, ether, and Toncoin. A custodial wallet is a central figure holding the user’s assets. 

This activity is happening while the service provider shifts. The changes in user data include names, addresses, phone numbers, and transaction history, which will all be forwarded to WOT Global Solutions. As per the privacy rules, the existing data provided will also be considered. The entire updating process will commence on June 3rd, 2024. 

In the recent past, users could gain connectivity with the wallet’s automated functions without fulfilling the requirements related to knowing your customer (KYC). The present requirement has three separate layers, each with its own set of details. 

The initial layer requires no attached documents except the fundamental personal information. It allows the receiving of transactions, with the limit being $3,780 daily, along with $38,000 monthly. It is mandatory for the next layer to have a national ID proof, permitting transactions amounting to $108,000 in a day and $1.08 million over a month. 

The third layer makes it necessary to have an identification document, as well as proof of residence, with no ceilings on the transfer of funds. These are subject to change from time to time and as per the situation and requirement. 

The entire exercise is directed towards an enhanced experience and addressing security concerns.