E Money Wallet: Secure Crypto Transactions with Regulatory Compliance

E Money Wallet: Secure Crypto Transactions with Regulatory Compliance

The E Money Wallet is a core component of the E Money Network that facilitates crypto asset transactions within the E Money Network ecosystem and beyond it in a secure, transparent and legally compliant manner.

E Money Wallet’s Role in the E Money Network

Downloading the E Money Wallet is the first step towards becoming a part of the E Money Network ecosystem. The E Money Network is a modular RWA protocol that works as an L1 blockchain designed for powering dApps that establish seamless interoperability between DeFi 2.0 and RWA tokenization.

The E Money Wallet is a key constituent of all dApps as it enables users to buy, sell, send, receive and hold their crypto assets.

Download wallet here:https://chromewebstore.google.com/detail/ndklagefmdogpfkffimjdnbnplllndic?hl=en&authuser=0

What Differentiates E Money Wallet From Other Crypto Wallets

At the first glance, the E Money wallet appears to work like other popular crypto wallets. It emulates other wallets in its ease-of-use and efficiency. Users can switch easily from their existing wallets to the E Money Wallet without engaging in a steep learning curve.

The E Money Wallet is designed to enable the exchange of crypto assets including e-money tokens (EMTs). Presently, the wallet is functional within the E Money Network. In the upcoming phases of development, the wallet will be ready to offer seamless multi-chain interoperability, making it ideal for transacting in tokens from EVM-compatible blockchains.

One of the chief differentiating factors between the E Money Wallet and other Web3 wallets is its compliance with Markets in Crypto Assets (MiCA) regulations directly on-chain. Several user identity frameworks (KYC,etc.) and compliance modules are integrated into E Money Network to ensure compliance with various upcoming regulations, including MiCA regulations.

Every user has to mandatorily undergo KYC for using the E Money wallet. KYC compliance is a fundamental requisite for fostering trust and integrity among the crypto community and it helps in mitigating the risk of running into conflicts with regulatory authorities.

In accordance with MiCA compliance and FATF travel rule, the E Money wallet will also allow users to whitelist blockchain addresses, wherein they restrict transactions with only approved Web3 wallet addresses for added security and control.

Additionally, the E Money Network team is working on bringing the best of traditional banking systems to blockchain by enabling the integration of International Bank Account Number (IBAN) on Chain with the traditional 0x address. This will allow users to switch seamlessly between crypto and e-money tokens backed by fiat currencies. Users will be able to mint e-money tokens directly from the wallet interface, facilitating efficient conversion between e-money tokens and crypto assets, thus solving the persistent problem of on and off ramping in the crypto space, in a safe, efficient and compliant manner.

Thus, by integrating IBAN into the Web3 ecosystem, E Money Wallet will facilitate seamless interoperability between Web2 and Web3 worlds.

How to Install the E Money Wallet?

Presently, E Money Wallet is available as a browser extension. It can be downloaded and set up for use in a few easy steps -

1. Click here to install the E Money Wallet as a Google Chrome Browser extension.
2. Choose a unique username. Then add your email address and unique password. Verify your email address with OTP.

3. Now, initiate the Sumsub KYC. Make sure to do this step on a laptop or desktop only.

4. Select your geographic location to move ahead. Users in all locations, except the US, can access the wallet.

5. Enter your email address (the same one you used for signing up on the wallet) in the space provided and verify it with the OTP that you will receive in your email.

6. In this step, fill in your personal details. Once done, your profile will be verified.

7. Complete the Mnemonic verification and click on Finish. Store your secret recovery phrase safely.

8. Now, go to the Extension tab on your browser, select E Money Wallet, and enter your password to unlock the wallet. To use E Money Wallet smoothly, kindly disable Metamask wallet from your browser extension.

Watch a video of the E Money wallet installation process below.

How Can You Use the E Money Wallet Now?

We launched the E Money wallet on 18th April to enable our community to experience the E Money Network testnet. Presently, users can do the following with the E Money Wallet:

• Send and Receive EMYC

1. Open your E Money Wallet, and click on withdraw to send EMYC.

2. Paste your friend’s address under the ‘To’ section and fill any amount equal to or below the amount in your wallet, leaving a small amount of EMYC for transaction fees.

3. Click on Send, and then verify and confirm the transaction. Once done, your friend will receive the EMYC in their E Money Wallet.

• Send and Receive eEUR faucet tokens

1. Unlock your E Money Wallet, and select the E Money tab at the bottom of the wallet to access your default 5000 eEUR tokens. Now, click on withdraw to send these eEUR tokens.

2. Paste your friend’s address under the ‘To’ section and fill any amount equal to or below the amount in your wallet, leaving a small amount of EMYC for transaction fees.

3. Click on Send, and then verify and confirm the transaction. Once done, your friend will receive the eEUR tokens.

• Deploy the wallet in dApps on the testnet

If you are a developer interested in building a dApp on E Money Network, you can reach out to us by filling out this form and joining our grant channel on our Discord.

More information about using the wallet for EMYC and eEUR transactions is available here.

The E Money Wallet will support many more functionalities once the E Money Network Mainnet is live. Stay tuned and follow us on X for updates!