A question that we’ve been answering a lot recently is whether Yen will be subject to KYC / AML requirements per SEC for institutional trading.
Our answer to that question is actually one more of pragmatics and programming than legal considerations and regulation.
More specifically, if we’re going to move toward a DEX (Decentralized Exchange) then we can / could follow what most DEXs are doing: Ignoring KYC / AML.
There’s a really decent argument that DEXs are, for simplicity’s sake, a glorified iteration on Craigslist where the system or platform assists independent parties find one another so that they can transact (and the platform / system adopts a form of
finder's fee… essentially.
Some DEXs are going to simply ignore KYC and AML while others will attempt to comply with these regulations, even if they do not necessarily have to.
But, that’s assuming that no major change to current regulation appears… and we all know that it’s just begun. So… the jury is really still out.
Our hope is to build a system that respects the spirit of regulation (if not just the law) and allows people to transact freely. It’s going to be hard, but, it’s worth the conversation and the effort.