Polygon’s KYC Regulations and Blockchain Adoption in India

Recently, Polygon has tightened its KYC inspection in India, and it will strictly follow all KYC regulations to identify its consumers.

Polygon’s KYC Regulations and Blockchain Adoption in India

Polygon, also known as Matic network, is a Layer 2 Solution started by Sandeep Nailwal, Jayant Kanani, and Anurag Arjun in October 2017. It is a framework for building interconnected blockchain networks and it also provides an enhanced user experience with high-speed transactions and low transaction fees.

Table of Content:

Overview of Polygon KYC Regulations in India.

Polygon has recently changed its internal policies which have tightened the KYC scrutiny in India. And the company will be following more rigorous KYC rules to identify its customers. As per the sources, the polygon is seeking to be “extremely compliant” in India as the government is emerging to have a crackdown on the cryptocurrency ecosystem. According to an anonymous source, Polygon won’t allow any grant to anyone who is refusing or hesitant to provide their full KYC details and it is a legal procedure and necessary for everyone to follow.

The company will be going over and beyond to ensure that all the legal compliances are fulfilled. They are not pausing any funds on Indian Projects but because of the regulations in India they have to demand a thorough KYC, it is not Polygon’s Individual decision. Polygon has ensured that its main ambition is to create opportunities for Projects to be developed on Polygon Network and they will also support Projects to grow Web3 and make it more popular among the users.

Collaboration with Maharashtra Government.

Polygon is India’s Web3-based startup and is now one of the top 30 cryptocurrencies in the whole world. The Maharashtra government has collaborated with LegitDoc a polygon-based public blockchain platform. The Government has collaborated to make a blockchain-based verifiable caste certificate and the project has been launched in the Gadchiroli district, Maharashtra.

IAS officer Shubham Gupta has posted an article on 28th March 2022 about this in which he has mentioned that Gadchiroli district has set a new global precedent for web3 adoption for on-chain E-Governance.

He has further explained in detail and step by step the procedure of issuance and verification of the caste certificate. That article has explained the utility and need of blockchain-based caste certification. He has also mentioned that with the help of blockchain-based caste, the certificates can be instantly verified.

Crypto relief funds for Covid

India Crypto Relief Fund was founded by Sandeep Nailwal and supported by Vitalik Buterin, and Balaji Shrinivasan in April 2021. Sandeep Nailwal mentioned the official handle and early version of the website in a tweet thread where he was raising and preparing for conversion from cryptocurrency to the fiat and into the bank.

Sandeep Nailwal, Vitalik Buterin, and Balaji Shrinivasanwith UNICEF India announced the donation of 15 Million USD for Indian citizens. They also partnered with the Minister of Health for speedy distribution and deployment of vaccines. “While talking to officers at the Ministry of Health and Family Welfare, Crypto Relief volunteers understood that while the Government of India is taking steps for securing the required vaccines, syringes are equally important for successful vaccination drive, and they’re in shortage.” Sandeep mentioned this in his tweet. Sandeep, also added that donation was made after understanding on-ground requirements.

Polygon has always worked to promote the culture of crypto, web3, etc in India and will continue doing the same ahead. They always encourage new developers to join and build projects on the Polygon network. Polygon will be funding Indian projects after receiving and verifying their full KYC details.

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