As our main goal is to increase transparency within the art market, we built the platform following the best practices and in full compliance with the financial sector regulations. Currently, the market lacks dedicated blockchain legislation. We closely follow its development and once in place, the flexibility in the design of the platform will ensure that any new regulations are matched accordingly.
The platform has different access levels following regulatory requirements. It is open to all users who want to browse prices, understand how the platform operates or have a general interest in blockchain. To start using the platform for trading derivatives, users will have to create a personal profile. Access to collective ownership and bond funds will be subject to users successfully passing KYC checks as required by the current regulation. KYC, or “Know Your Customer,” is a due diligence procedure that financial service providers have to perform to verify the identity and the suitability of their clients. The Art Exchange uses a verified third party to complete KYC checks. The initial set up takes less than a minute and further identity confirmation can be completed in under three minutes.
In line with blockchain principles, users will need to download our mobile app, The Art Wallet, and scan the QR code to access the platform. This way, we eliminate the need to store users’ account details, making the platform more secure.