Reported by CIARAN LYONS

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.

Dyma Budorin, CEO of smart contract auditing firm Hacken, warned of the prevalence of tools readily available to hackers to “launder the money” stolen from DeFi platforms, which he described as the “biggest issue” in the industry.

He explained that hackers can easily steal millions of dollars and launder the funds into various wallets “to make clean money again,” making it difficult to track the source of the funds.

“KYC is about transparency and accountability. I don’t think it’s an issue for a majority of people. I’m sure 99% of people don’t have things to hide. I’m happy to see it as part of our world.”

However, Victor Yim, the head of fintech at Hong Kong’s incubator for entrepreneurship, Cyberport, suggested that KYC alone won’t solve all AML problems.

Read full report: https://cointelegraph.com/news/defi-kyc-not-an-issue-as-99-have-nothing-to-hide-industry-execs-say