As someone who also has an interest in building a web app using sats as tokens, I'm curious how the Stacker News team plan to respond to impending FATF guidance, or more specifically, what the compliance aspects are expected to be (if any).
I appreciate it's a bit pre-emptive given they are still only proposals, but the wheels are clearly turning in the direction of KYC and automated reporting of ALL transactions.
It's a (very) crappy situation but seems inevitable unless the plan is to implement non-custodial lightning wallets?
tbh I don't really think about legal proposals. I'm not sure it's a great use of time.
In general, my preference is to comply by technologically circumventing them. Non-custodial wallets will circumvent some proposals, and decentralizing SN will circumvent others.
Reasonable legislation will exempt small txs. In the US at least international currency can be spent below a certain threshold and not be considered taxable. I'm not sure about elsewhere.
We'll see I guess!
reply
Thanks for sharing your perspective! I truly hope (and would lobby) for exemptions for these kinds of projects..
reply
What's your plan to decentralize SN?
ah yes paying taxes on a million 5 sat transactions
reply
for the provider it's not about tax, it's about reporting obligations, risk assessment, and the costs of compliance
reply
Yeah you right its still a problem even if i downplay it with a oneliner.
reply
Fair point now, but we may all be having this good problem to have when btc is priced in the millions!
reply
lol
reply