BTC keeps hitting new highs—can users from mainland China now buy crypto compliantly?
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BTC keeps hitting new highs—can users from mainland China now buy crypto compliantly?
Major breakthrough: an app supporting mainland users to purchase stablecoins has arrived.
Navigating Web3 tides with focused insightsAuthor: Viee, Core Contributor at Biteye
Editor: Crush, Core Contributor at Biteye
BTC has surged past $90,000. If Trump passes the stablecoin bill, the market cap of stablecoins could rise dramatically beyond estimation. 🤔
In regions where parts of the crypto market face strict regulation, a breakthrough KYC identity verification solution becomes even more crucial to participate in this boom.
This is also why Flare Networks—a blockchain born from public chain innovation—is once again drawing market attention. How can users from mainland China hold cryptocurrencies compliantly? This article will explain everything.
01 What is Flare Network?
Flare Networks is a Layer 1 blockchain similar to Ethereum. Its uniqueness lies in its ability not only to process on-chain transactions but also to securely retrieve high-integrity data from other blockchains and the internet, providing developers with a rich, decentralized platform that enables dApps to access diverse external data sources.
So, what technology does Flare use to achieve this?
1. FTSO (Federated Time-Series Oracle)
The built-in FTSO on Flare is a highly decentralized oracle system that selects data providers every 1.8 seconds to deliver real-time data to on-chain applications. FLR token holders can delegate their tokens to support data transmission and earn rewards in return. The FTSO ensures accuracy and security of on-chain data.
2. Data Connectors
Data Connectors allow Flare to securely bring off-chain events onto the blockchain. This technology can verify transactions on another blockchain or other external events (such as sports results), ensuring dApps receive authentic data—enabling applications in finance, identity verification, and more.
With these technologies, Flare provides developers with decentralized and trustworthy multi-source data, enabling the creation of more real-world-connected applications and standing out among numerous public chains.
Website: https://flare.network/
02 Latest Developments in Flare Network
Recently, Flare Networks achieved two major milestones: first, partnering with Red Date to launch an unprecedented decentralized identity KYC solution for users from mainland China; second, integrating DOGE into the fAssets bridge, further advancing its multi-chain ecosystem.
The most anticipated development is the KYC solution for mainland users. This initiative includes two pilot programs:
1. The first pilot enables anonymous registration for a regulated stablecoin application. Users complete required KYC verification anonymously, ensuring regulatory compliance without exposing personally identifiable information (PII).
2. The second pilot allows users to purchase tokenized financial products using stablecoins—enhancing privacy during transactions.
Note: These pilots are still experimental, aiming to prove technical feasibility and require future regulatory approval. For more information about stablecoins, listen to the AMA recording.
https://x.com/FlareNetworks/status/1856048154921091136
Anonymous Registration: Designed for Mainland Visitors to Hong Kong, Solving Identity Verification Pain Points
This decentralized verification approach proves that "compliance and privacy can coexist." Specifically, Flare Network leverages its "Flare Data Connector" oracle to enable seamless cross-chain identity verification—an effective alternative to traditional centralized KYC systems—allowing users to retain control over their personal data.
This is precisely the highlight of the aforementioned pilot: protecting user anonymity and data security. In the future, visitors from mainland China traveling to Hong Kong will be able to register wallets using their China RealDID and access stablecoins issued by IDA (such as HKDA) and other tokenized financial products—without submitting passports or bank statements—minimizing exposure of personal information.
New Meme Coin Integration: FAssets Public Beta Now Supports $DOGE
$DOGE has been unstoppable lately! Users can now visit FAssets Beta (https://fasset-beta.flarelabs.org/) to test the newly supported Dogecoin through minting, swapping, and collateral provision. Participants will be eligible for retroactive airdrop rewards.
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