BTC continues to reach new highs. Can mainland users also purchase cryptocurrency Compliance?

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Author: Biteye Core Contributor Viee Editor: Biteye Core Contributor Crush

BTC has been pumped all the way to over 90,000, if Trump passes the Stable Coin bill, the market cap of Stable Coin will rise rapidly and cannot be estimated.

In some areas of the crypto market that are heavily regulated, a groundbreaking KYC identity verification scheme is even more important to participate in this frenzy.

This is also the reason why Flare Networks, born from the public chain, is once again followed by the market. How do mainland users hold Crypto Assets in Compliance? This article will interpret it for you!

What is Flare Network?

Flare Networks is a Layer 1 blockchain similar to Ethereum. Its unique feature is that it can not only handle on-chain transactions, but also obtain high-trust data from other blockchains and the Internet, providing developers with a data-rich Decentralization platform, allowing on-chain applications to access a more diverse range of external data.

So, what technology does Flare use to implement this feature?

1. FTSO (Time Series Oracle Machine)

The built-in FTSO of Flare is a highly decentralized Oracle Machine, which selects data providers every 1.8 seconds and provides real-time data to on-chain applications. FLR holders can support data transmission by delegating tokens and receive rewards. FTSO ensures the accuracy and security of on-chain data.

2. Data Connector

The data connector allows Flare to securely bring off-chain events on-chain. This technology can be used to verify transactions of a Block on-chain or other external events (such as sports match results), ensuring that on-chain applications receive real data to support applications such as finance, identity verification, etc.

Through these technologies, Flare brings Decentralization and trustworthy multiple data sources to developers, enabling the construction of more real-world related applications, highlighting its advantages among many public chains.

Official website:

02 Latest Developments of Flare Network

Recently, Flare Networks has made two important developments: first, it has partnered with Red Date to launch unprecedented mainland user decentralized identifier KYC; second, it has included DOGE in the fAssets bridge, further promoting the development of a multi-chain ecosystem.

The most concerned about by everyone is the KYC of mainland users, and this trap solution contains two major pilot projects:

  1. The first pilot of anonymous registration of stablecoin applications, users register in an anonymous manner on a regulated stablecoin application and complete the necessary KYC verification. This anonymous verification ensures Compliance while not exposing personal identity information (PII).

  2. In the second pilot, users are allowed to purchase tokenization financial products with stablecoins, which brings higher privacy protection to transactions.

Note: Currently still in the experimental stage, the purpose is to prove the feasibility of the technology, pending regulatory approval. For more information about stablecoins, you can listen to the AMA recording.

Anonymous registration: Designed for mainland visitors to Hong Kong, solving the pain points of identity verification

The decentralized verification method allows for "compliance and privacy to coexist". Specifically, Flare Network utilizes the Oracle Machine "Flare Data Connector" to seamlessly authenticate identities across blockchains, providing a powerful alternative to traditional centralized KYC systems and enabling users to maintain control over their personal data.

This is also a highlight of the above-mentioned pilot projects - ensuring the user's Anonymity and data security. This means that future mainland Chinese visitors to Hong Kong will be able to register a Wallet using their China RealDID without exposing personal information and access stable coins (such as HKDA) and other Token-based financial products issued by IDA, without the need to submit a passport or bank statement. By minimizing the exposure of personal information to the maximum extent.

Integration of Meme coin's new feature: launching the public beta version of FAssets, which supports adding $DOGE

These days $DOGE is unstoppable! Users can go to FAssets Beta ( ) to test the newly supported Dogecoin through minting, exchanging, and providing Collateral. Participants will be eligible to receive traceable Airdrop rewards.

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The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
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SteadyAndSteadyvip
· 04-11 04:47
Hold on tight, we are about to To da moon 🛫
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