Age Estimation APIs: Crypto Compliance in Singapore
Blog post from Didit
Singapore has positioned itself as a significant hub for cryptocurrency and blockchain technology, with the Monetary Authority of Singapore (MAS) implementing strict regulations to prevent underage access to crypto services, alongside measures against money laundering and terrorism financing. These regulations necessitate robust Know Your Customer (KYC) and age verification processes, traditionally achieved through intrusive and costly methods that pose privacy concerns and increase user friction. In response, AI-powered Age Estimation APIs, such as those offered by Didit, present an innovative, privacy-preserving solution by estimating a user's age from images or videos without requiring personal documents, thus enhancing user experience and reducing operational costs. By integrating these APIs, crypto platforms in Singapore can ensure compliance with MAS regulations, protect user privacy, and streamline user onboarding, all while minimizing manual review requirements and associated expenses.
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