Parallel Markets is launching the first-ever regulatorily compliant KYC/AML solution for web3: the Parallel Identity Token (PID). Maintaining the principles of decentralized anonymity, the PID token is a non-transferable identity token that lives completely on-chain. It does not store or display any Personal Identifying Information (PII), but does supply necessary details to reassure market participants that their counterparties are not subject to sanctions or pose a risk of fraud. This solution seeks to lead large scale crypto adoption by resolving two major barriers: 1. The lack of accountability and security in Web3; 2. Preserving privacy while interacting across protocols under one personal identity.