Good news from FinCEN


For those of you who want to take financial independence into your own hands with crypto but were too scared to do because of the US financial law.

Read the whole thread it is very insightful. Key takeaways:

  1. DEXs are here to stay and this branch of US Government that specifically focuses on AML states that DEX’s can be of two types. Like IDEX, where exchange matches your orders, and those are 100% regulated by :us:, and like uncensorable DEX’s like Saturn that are explicitly stated as unregulated and in the clear.
  2. According to FinCEN, just premining and selling openly isn’t really “acceptance and transmission” Premining and selling to a small group while the developer still controls the network means the developer is really an “issuer” and therefore an MT.

This is huge news, as it means that those projects that did private rounds (i.e. makerdao and some 0x relayers) are money transmitters and need to be registered with FinCEN and possibly the SEC. However, if your project’s token is publicly launched and available for sale without restrictions, i.e. through a smart contract, then you are not a money transmitter and thus do not need to comply with any regulations.

Bullish on Saturn Launchpad!