Topic: KYC and Electronic Signature - Proposal (Read 74 times)

I have, what I think is a very simple proposal.

I belong to several exchanges including coinbase, and ndax.io.  All of them now implement the Know Your Customer (KYC), which require me  to provide several forms of proof of identity before allowing me to exchange/withdrawal my coins.

I need to go through this process several times with each exchange which means sending my identification issue multiple times.

I propose that once I successfully pass the validation that I be able to submit a certificate signing request back to the exchange.

The exchange would then grant me a personal X.509 certificate for signing.  The certificate would be signed by the exchange as a 'root certification authority'.

This would then allow me to use the certificate for signing documents which would then go up the chain to the root ca (ie: the exchange) which already verified by identity through KYC.

Additionally, when I wish to use a new exchange I can sign a document with my issued certificate and submit that to the new exchange, which can (if it trusts the other exchange) accept my credentials/identify as proven by the root CA (preventing submitting identity details over and over).

Any exchange can very easily set it self up as a root CA and they would be in the best position to issue / revoke the certs as needed.

I think it would be a win both for the exchanges and for the individual validating his/her/their identity.