VeriLabs, a company focused on bringing credibility to Web3, has launched kycDAO, a compliance framework that integrates well-established regulatory concepts into blockchains. kycDAO is designed to be the first interoperable, web3-native compliance infrastructure, allowing regulated entities to create digital proofs of compliance and mint them on-chain as kycNFTs. These kycNFTs can be reused across the Web3 ecosystem, opening up opportunities for compliant Web3 projects while maintaining privacy.

kycDAO has developed an easy-to-use development tool that replicates real-life compliance requirements and makes them composable, allowing Web3 builders to ensure compliance in their projects. kycDAO will be used at ETHDenver’s BUIDLathon, where participants will need to join kycDAO, connect their wallets, and mint a kycNFT to receive their on-chain payments. This event is expected to support around 5000 signups and have a payout of over $1 million USD.

Balázs Némenthi, the Founder and CEO of VeriLabs, stated that kycDAO leverages existing real-world concepts to empower Web3 projects to operate in the current regulatory environment. He also emphasized that their knowledge and experience in financial inclusion and digital identity projects have helped them create a compliance infrastructure that facilitates the transition of Web3 into the mainstream.

In addition to their expertise, kycDAO has enlisted a former U.S. Department of Justice attorney, Jane Khodarkovsky, as a strategic advisor to provide regulatory guidance. Khodarkovsky praised kycDAO’s thoughtful and deliberate approach to compliance, highlighting that it reinforces industry best practices and demonstrates how Web3 can innovate while complying with legal and regulatory requirements.

kycDAO introduces the concept of soulbound kycNFTs, which are non-transferable and serve as the key to transforming proof of compliance into a reusable, blockchain-native asset. These kycNFTs enable the development of compliant dApps, smart contracts, and other Web3 services. kycDAO has also established a network of regulated partners to make compliance accessible for organizations seeking it, and it is actively seeking partnerships with compliant regulated entities such as centralized exchanges, on/off ramps, and fintechs.

To commemorate the launch and reward early adopters, kycDAO is offering a free first-year membership until March 24, 2023. Web3 builders and users are encouraged to join kycDAO and become trusted members of the ecosystem. VeriLabs’ long-term vision is to build a compliance infrastructure that extends beyond blockchains and makes financial services and digital trust available to everyone.