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@03dc32ac84
80 sats stacked
stacking since: #329839longest cowboy streak: 1
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0 sats \ 1 reply \ @03dc32ac84 26 Nov 2023 freebie \ parent \ on: Node runners: How to became a LSP bitcoin

https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/%3Furi%3DCELEX:32023R1113&ved=2ahUKEwiop-bvv-KCAxUe_rsIHYpGBn4QFnoECBMQAQ&usg=AOvVaw1J_R7j73rXHOH1NqG5FpIq

Quote from EU regulation

This Regulation shall apply to transfers of funds, in any currency, which are sent or received by a payment service
provider or an intermediary payment service provider established in the Union. It shall also apply to transfers of crypto-
assets, including transfers of crypto-assets executed by means of crypto-ATMs, where the crypto-asset service provider,
or the intermediary crypto-asset service provider, of either the originator or the beneficiary has its registered office in the
Union
0 sats \ 1 reply \ @03dc32ac84 26 Nov 2023 freebie \ parent \ on: Node runners: How to became a LSP bitcoin

Would you agree the LSP is temporarily taking custody?

0 sats \ 5 replies \ @03dc32ac84 26 Nov 2023 freebie \ on: Node runners: How to became a LSP bitcoin

I don't like this setup based on following excerpt of the docs.

  1. Intercept the incoming HTLC
  2. Settle it itself instead of continuing forwarding it (by giving preimage to LSP)
  3. Open a channel to the wallet with push amount

The LSP can steal incoming payments.

In step 2 the LSP is granted custody of the incoming payment. The LSP-client can only hope that the LSP forwards the payment.

I am not a lawyer and just a dev. But processing payments on behalf of others and taking custody in the procesd might require a money transmitter license in your jurisdiction.

GENESIS