Track: Undergraduate Student Paper Competition

Abstract

During this pandemic of Covid-19, many people changed their transactions from offline to online transactions. One of which is transactions using crypto assets. Crypto assets can be said to be a type of digital currency generated from a very complex cryptographic algorithm in order to provide a safe and convenient medium for users. One of the advantages of transactions using crypto assets is that when making transactions you don't have to show your identity. But it can make it possible to become a new tool for criminals to store and process data and money from crimes perfectly. This study will discuss the importance of KYC in crypto assets transactions and how KYC will help in minimizing the threat or problems during transactions. KYC itself is a principle applied by the bank in order to know in depth the identity of a customer and monitor customer transaction activities including reporting activities on suspicious transactions. The importance of applying the KYC principle to crypto assets is in terms of minimizing the crime that will occur as well as providing a huge advantage that businessmen can easily monitor client activities and avoid the risk of adverse things that relate to crypto assets.