- Flare and Red Date Technology introduce decentralized KYC, enabling anonymous registration for visitors from Mainland China in Hong Kong.
- Combining privacy and compliance, Flare’s KYC solution supports regulated digital access for Chinese visitors without revealing personal data.
Flare has partnered with Red Date Technology to introduce a unique, decentralized identity KYC solution for mainland Chinese tourists to Hong Kong. This collaboration demonstrates that secure and anonymous KYC procedures are possible within regulated environments by marking significant progress in combining privacy-focused blockchain technology with regulatory compliance.
Two initial experiments are part of the project: the first allows anonymous registration on a regulated stablecoin app, and the second helps buy tokenized financial goods with stablecoins.
Privacy-First KYC solution for Hong Kong’s digital future
With these tests, Flare and Red Date demonstrate how technology – especially zero-knowledge-based anonymity – can protect user privacy while adhering to KYC rules.
Once the required laws and processes are in place, this development is likely to provide visitors to mainland China with secure access to digital financial services, without the need to reveal personal information such as passport or banking details.
This project is especially relevant given the upcoming rules for digital currencies on public blockchains in Hong Kong. These new laws would allow mainland Chinese guests to legally own public blockchain wallets and use stablecoins like HKDA, a dollar-backed stablecoin created by IDA.
In a fast-growing, regulated digital asset market with great economic potential, Flare is benefiting from this development as the first mower. As a major financial center, Hong Kong attracts about 50 million mainland Chinese tourists annually, supporting the economy with more than $10 billion.
Early market entry will help Flare strategically position itself in this high-potential environment, establishing a standard for subsequent initiatives in the Chinese market at large, including Hong Kong.
Flare’s Blockchain solution enables secure, private KYC for visitors from Hong Kong
There is growing suspicion that Hong Kong’s digital asset sector may see more openings under improved regulatory compliance as China’s regulatory sector changes. This trend complements China’s larger blockchain ambition and therefore offers opportunities Glow more leverage to leverage local blockchain-based prospects.
Flare is building a blockchain environment that puts privacy, immutability and security as its top priority and therefore supports this innovative KYC effort. Using the Flare Data Connector, Flare provides a decentralized alternative to conventional centralized KYC solutions by enabling seamless identity verification across blockchains.
Visitors from mainland China can register wallets and access token-based financial goods including HKDA stablecoins, which will use their Chinese RealDID identity once the required law is in effect, avoiding exposure to personal information.
On the other hand, CNF sooner reported Flare Labs’ creative FAssets technology that enables DeFi access for tokens including XRP, BTC and DOGE.
This technology allows non-smart contract tokens to interact with decentralized finance apps, expanding access to DeFi and supporting Flare’s commitment to improving the usability of blockchain in many different markets.
Meanwhile, Flare’s native token, FLR, is trading at approx US$0.01465upwards 1.78% in the last 24 hours and 8.98% during the past 7 days.
