XRP Ledger’s New On-Chain KYC Sparks Compliance Fiasco and Gentle Chuckles
At the centre of this curious contraption is XLS-0070, or as one might call it in polite company, “Credentials.” This specification lets issuers wave their magic wands and attest facts about an XRPL account-identity verification, sanctions status, the usual bedroom secrets-without exposing any private paperwork to the cold, unforgiving blockchain. In the words of the XRPL documentation, “The Credentials feature is a set of tools for managing authorization and compliance requirements using the XRP Ledger blockchain, while respecting privacy and decentralization.” Quite the mouthful, isn’t it? Essentially, it borrows the W3C Verifiable Credentials standard, swapping out URLs for XRPL addresses, because URLs were just so last decade.