Law & Policy

Has anyone here done a deep dive into on-ramping? Seems to be a regulatory and compliance headache if your planning to allow people to on-ramp more than $10k. Would love to speak to people who have some experience in the area.

Helping build @midao. Probably on the water if I’m not thinking about crypto. /eagles /betting /off-grid

Would be happy to discuss ￼🙋🏼‍♀️! Depending on the activities involved, some record keeping and reporting thresholds are even lower than $10k (eg $2k). On top of that, programs need to be risk-tailored to the specific business models, which is part of why it’s tough to build a one-size-fits-all solution

Working on Farcaster and Warpcast. Longer thoughts at https://dwr.email

I think you need to partner with an MTL then build or purchase a robust KYC + EDD (ofac, aml, fincen), and finally partner with Plaid for a funds available check. Plus a ton of money in legal fees. 

To start i would focus only on building the compliance stack for on-ramping HNWIs + family offices or for other high value payments. Instant fiat to stable payments would make domestic wires extinct. But need to make it easier for the non-crypto native sender which no one has done because of the on ramping challenge. 

Still I think the TAM is massive, and the business is probably venture backable.

Curious mind in a decentralized 🌍 world. Unapologetic Messi Lover, Barcelona Fan 💙❤️💙

Thanks what I read - seems like a big chance to disrupt the space if you can pay for the MSB reg

I think anything over $10k triggers enhanced KYC/AML. You’ll need MSB registration in most jurisdictions.