Whether it's effective this minute or might take a few more months doesn't seem prudent in the planning of a business. Plan as if it's already active, since it's clear SVG intends to and has no choice but to align with what FATF and ECCB say. So you might be technically for now, but it seems strange to just not even bring up that they have passed a law.Giorgi Kurtsikidze said:
I have cleared with SVG Compliance and as they have mentioned, "SAINT VINCENT AND GRENADINES VIRTUAL ASSET BUSINESS ACT, 2022" is just passed and it is not active yet, so @Sols you have confused me, so again here is a law that is not an active yet and SVG are 100% free from any kind of Crypto Regulations, for now.
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One of the roles of FATF is to ensure KYC requirements are aligned across the world. Their motivation is that no country has an isolated financial system. It's all interconnected, so the whole world should follow the same KYC requirements.crypto7figs said:
Any jurisdiction with simple KYC that does not require obligating the source of funds from the users?
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Expect KYC to be or in the near future become the same all over the world.
Those seem to be the kind of websites that present no company, and/or have a network of related and unrelated companies behind the scenes.crypto7figs said:
How do DEX and many launchpads work out there though?
Uniswap, Sushiswap, Pinksale, none requires KYC
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Exclude countries you don't want to draw attention from and countries which draw attention to you if not blocked. The list of countries changes, so keep an eye on alerts from FATF-GAFI, EU, US, and others with major international influence.crypto7figs said:
And a side note, which countries other than the US should be excluded?
Puerto Rico, North Korea, China?, Russian?, etc
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This is the probably the answer to your question.