LAS VEGAS, Oct. 16, 2017 /PRNewswire/ -- The AML BitCoin Initial Coin Offering (ICO) is now accepting every form of currency, both fiat and crypto. The ICO for AML BitCoin, the first Anti-Money Laundering-compliant cryptocurrency, opened for public sale on Oct. 6 at www.amltoken.com.
Investors will be charged an industry-low 1 percent fee for buying into the ICO via U.S. Dollars and other fiat currency.
AML BitCoin is a digital currency that rests on a privately regulated public blockchain that facilitates Anti-Money Laundering – Know Your Customer (AML-KYC) compliance. AML BitCoin is the first of its kind in the cryptocurrency market.
The AML Tokens that investors purchase in the ICO will convert to AML BitCoins on a 1:1 ratio once NAC Foundation, creator of the AML BitCoin, has activated the cryptocurrency's features.
The Foundation created AML BitCoin with anti-money laundering, anti-terrorism and anti-theft properties built into the coin's code. The coin will use a biometric identification system to verify owners of wallets that hold the AML BitCoin.
"Up until now banks and governments have not been able to adopt cryptocurrencies because they are not AML-compliant – meaning they do not comply with the standards used by the American banking industry, mandates laid out in The PATRIOT Act, and other regulatory frameworks," NAC Foundation CEO Marcus Andrade said. "With AML BitCoin, that has now changed. The first U.S. bank is poised to run a trial with AML BitCoin for interbank transfers, an advancement that will save millions of dollars in exchange fees."
Only people with a certified digital personal identity can obtain and use a wallet to hold the AML BitCoin, a distinction from other app coins. To obtain a certified digital identity, users have to declare their residence. They then have to visit an approved location to present two forms of current, government-issued identification, such as a passport and driver's license. Users must also provide a face, iris or fingerprint scan, which will be used to verify their identity when using the biometric mobile wallet application.
Andrade invented a critical piece of the technology that permits any necessary tracing and tracking of the identities of the cryptocurrency's senders and receivers. He granted NAC Foundation a license to use the technology.
NAC Foundation has tapped the technology of ICOBox to provide investors with the option of buying AML Tokens in the ICO using every form of currency. ICOBox has handled some of the highest-profile ICOs to date, including those of Civic, Storj and Giga Watt. On average it handles between 10 and 30 ICOs per month.
Holders of the Aten Coin, the AML BitCoin's predecessor, may exchange their units to AML BitCoins on a 1:1 ratio.
Two and a half million AML BitCoins (AMLBits) have already been sold as part of a private sale, with 76 million being made available for public purchase via the ICO.
Potential investors and other interested parties can visit www.amltoken.com to learn more.
For more information about NAC Foundation and AML BitCoin, visit www.amlbitcoin.com.
About NAC Foundation:
NAC Foundation, headquartered in the U.S. and a member of the American Bank Association, created AML Bitcoin and its predecessor digital currency, the Aten Coin, both of which were built with anti-money laundering, anti-terrorism and theft-resistant properties built into the coin. As a result, they are compliant with numerous laws, including Anti-Money Laundering (AML), PATRIOT Act, Bank Secrecy Act and Anti-Fraud and Financial Crimes (AFF). NAC's mission is to strengthen the social sector by advancing knowledge about the use of regulated digital currencies and blockchain technology globally.
SOURCE AML BitCoin