68% of crypto exchanges and wallets fail to conduct proper identity checks meaning that criminals and Politically Exposed Persons can trade freely. These challenges have combined to lead governments and regulators to consider introducing a framework to limit some of the volatility, reduce fraud and losses stemming from poor practice and ensure that there is a degree of accountability and compliance with action taken to minimise criminal activity, including tax evasion, money laundering, circumventing of sanctions and funding of terrorism and criminal activities.