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Cryptocurrency Exchange

A business that allows customers to trade cryptocurrencies or digital currencies for other assets, such as conventional fiat or other digital currencies. An exchange can be either a “traditional” exchange or a Peer-to-Peer (P2P) Exchange. Businesses with a significant physical…

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Custodial vs Non Custodial Wallet

The difference is who controls the private key.  In custodial wallets the private key is held a third party (i.e. an exchange), while in non-custodial wallets the private key is held by the owner of the wallet. Whoever controls the private…

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Custodial Wallets

In custodial wallets the private key is held a third party (i.e. an exchange), thus having full access to the funds. 

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Dash (DASH)

What is DASH? Dash is an open source altcoin that was created from a fork in the Bitcoin Protocol. Dash was formerly known as Xcoin and Darkcoin, but rebranded itself as Dash (a portmanteau of “digital cash”) in 2015 after Darkcoin…

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Decentralized Exchange (DEX)

DEX or Decentralized Exchange is a type of cryptocurrency exchange that operates in a decentralized manner and enables peer-to-peer crypto trading. Because DEX’s are a type of DeFi application, they typically lack any KYC process. While the operations of Decentralized…

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Decentralized Finance (DeFi)

DeFi or Decentralized Finance is smart contract-based finance. The financial products, service, and instruments are implemented in code and made up of independent parts that are brought together without the use of traditional intermediaries like banks. DeFi structures are financial…

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DeFi

Decentralized Finance (DeFi) removes financial institutions or other centralized third-party institutions from a financial services platform. It would allow peer-to-peer interaction without those centralized intermediaries.

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Digital Asset Customer (DAC)

A Digital Asset Customer is a Digital Asset Entity that uses the services of a bank or other formal financial institution. DAC was first used to describe a broad grouping of cryptocurrency-based customers in the U.S. Department of the Treasury’s…

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Digital Asset Entity

A Digital Asset Entity is an umbrella term for a range of businesses built on cryptocurrency transactions. Digital Asset Entities include Virtual Asset Service Providers (VASPs) and cryptocurrency ATMs, which are financial institutions in their own right, in addition to…

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Enhanced Due Diligence

Enhanced Due Diligence is a KYC process of carrying out further due diligence on customers that may be seen to be more high risk to mitigate regulatory issues (i.e. Politically Exposed Persons, Sanctioned entities, or other high risk individuals). 

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