/biz/ - Business & Finance

>>54270443
In the aftermath of users losing multiple billions of dollars on bridges from DeFi and unknown amounts of money laundering passing through those protocols, the wild west days of DeFi are over, and regulators in all major jurisdictions determined that DeFi must implement real compliance — not just a KYC front-end or an NFT that attests to a wallet not being involved in laundering money, DeFi projects need to Make or Buy a full suite of compliance tools, including policies, reporting, risk rating, and monitoring activities. This is a hard pill for many to swallow, but regulators are saying, planning and legislating that DeFi projects’ (DEXes specifically) activities will be regulated. Being blissfully ignorant to whether they are engaged in such activities, or not knowing if they should be registered or licensed, does not preclude DeFi players from having to adhere to these laws — it just means that regulators simply haven’t enforced nor prosecuted them — yet!

However, there is a solution for DeFi projects to adapt and evolve their models without compromising their DeFi tenets of user-control, pseudonymity, and not storing identity information.

>>54270455
If value transfer activities are happening, then by current law in Europe, US, Japan, Singapore and most other modern jurisdictions, the facilitating entity, whether traditional finance or DeFi, is obligated to implement a compliance regime. The need for compliance is a binary determination: “yes, needs compliance”, or “no, does not need compliance.” Simply put, either the entity is engaged in what regulators opine is a regulated transaction, or they are not. Pushing governance to hundreds of voters determine the fate of the protocol (i.e. a DAO), or even releasing immutable, non-upgradeable smart contracts onto public chains will not release one out of this obligation nor potential wrath of enforcement agencies. Decentralization of governance may or may not help a project’s “governance token” avoid being classified as a security or investment product, but it does not remove identity verification, AML, KYC, on-going monitoring, risk rating, etc. obligations.

more shameless shilling huh

go on, copy paste this three month old medium blog shill post and get your telegram group points

>>54270443
ThorChain and DeFiChain are the only good DeFi projects

>>54270485
>>54270510
That is, moving everything into a DAO might create a small loophole for the Howie test, (usually an attempt to show that no management is in place upon which investors are relying for appreciation in the asset), but decentralization of governance does not remove the burden from ultimate beneficial owners (UBOs) or those who collect the profits from actually doing the compliance. Simply put, just because no one is in charge (i.e. the community/network), that doesn’t mean that no one is responsible. In the recent MiCA draft from the European parliament, DAO’s are considered “entities”, and even basic AML training makes reference to the concept that if no person owns over 25% of the entity, then UBOs, senior management or the person of highest influence is culpable for the entity’s behavior. So while the DAO may look to decentralize the decision making, regulators will still centralize compliance and enforcement to ensure transparency and accountability. :3

Special PSA: Do not feed the spamming tard. Reporting him for spam/flooding is appreciated

>>54270696
h-human & unique identity vewification at the cowe

the core of compwiance is identity vewification *:･ﾟ*:･ﾟ specificawwy,,, entities/defi p-pwayews need to k-know which unique h-human being out o-of the 8 biwwion on the pwanet t-they are estabwishing a wewationship with〜 a-and that this specific wive, sentient p-piece of cawbon has cewtain w-wegaw wights and obwigations — not what c-cwedentiaw uguu.., zkp, ow nft that might wepwesent in a mywiad of wawwets (ie: n-not simpwy that the user is not o-on a w-wist, but wather they n-need to know it’s a-actuawwy mawc andweesen.. wiving at “not going to dox him” in m-mawibu ow athewton) (≧◡≦) in addition to basic i-identity vewification *:・ﾟ identity wequiwements may incwude kyc mmm.. a-amw, cft, pep, sanctions uguu.., etc ( ˘˘)(˘˘ )

>>54270760
That is, the existing wowwd owdew, which fowwows FATF guidewinyes, mandates that twansfew activities r open onwy to those who r nyot waundewing monyey, funding tewwowism, etc. Nyote that pseudonymity is pewmissibwe, but anyonymity is nyot abuv cewtain thweshowds; systems wike Evewest r coded to ensuwe anyonymity bewow thweshowds, coding waws into smawt contwacts. In sum, aww of DeFi wiww nyeed to answew weguwatows and pawtnyews that they knyow and have a wewationship with the unyique human pewson using the sewvices. And that’s the tip of the icebewg fow compwiance. Since wawwets r the pwimitives fow twansactions on chains in 99% of awchitectuwes, and wawwets r nyot humans, nyow identities, the mawket is in fow a wude awakenying.

>>54270443
Based effortposter

>>54270876
In addition to the nyeed fow identity vewification, the entity engaging/faciwitating in vawue twansfew activities, must awso undewtake the fowwowing:

· Ongoing monyitowing of the usew (nyot just theiw wawwet, but monyitowing the usew’s usage of fiat and cwypto)

· wisk wating of the usew

· wisk wating of the twansaction(s), especiawwy uvw time

· wepowting on a weguwaw basis

· Systems and powicies to fwag/catch suspicious twansactions, and send to pawtnyews & weguwatows (STws, SAws)

· BSA and account/wawwet fweezing capabiwities

· Document and twansaction wecowd stowage

· wicense ow wegistwation to conduct such activities, and wikewy insuwance, cybew secuwity & consumew pwotection powicies, intewnyaw guvwnyance wuwes + audits, etc.

>>54270943
Make vs Buy Compwiance

DEXes, fow exampwe, wiww nyeed to adhewe to the abuv, and be fowced into a Make vs. Buy decision fow a fuww compwiance suite. If they “make”, they’ww nyot onwy nyeed a pwethowa of dispawate capabiwities that 99% of them cuwwentwy do nyot possess, but they wiww awso be in the awkwawd position of howding usew identity data; a position they weawwy don’t want to be in. This is nyot a viabwe sowution fow DeFi pwayews, as it is costwy and bweaks the fundamentaw sociaw contwact with usews.

>>54271039
The awtewnyative is to “buy”, sowving the pwobwem of DeFi nyot stowing usew identity data, ow even knyowing anything at aww about the usew. Howevew, thewe r wimited choices in the mawket, as outsouwcing a fuww compwiance set of activities wequiwes that the compwiance-as-a-sewvice suppwiew be and dewivew the fowwowing:

( a ) be subject to the same waws, weguwations, wepowting, pwotections and stowage as the DEX (i.e., a softwr vendow wiww nyot suffice; it must be a weguwated/wicensed entity),

( b ) wun an ongoing monyitowing and wisk wating pwogwam,

( c ) have a bonyafide, signyed contwact in pwace that incwudes data stowage in-winye with GDPw and wegionyaw juwisdictionyaw wequiwements on twansactions, wemedies, SwAs, and SOP on weguwatow wesponses, wepowting, etc.

>>54270760
>>54270876
>>54270943
>>54271039
>>54271153
lol

>>54271269
Again, a16z and Chainwink outwinyed theoweticaw awchitectuwes on how this can be achieved, but both theowies wequiwe a “twusted 3wd pawty” that the guvwnment/weguwatow authowizes to be the custodian of such identity data and/ow keys. Specificawwy, within the Chainwink pwoposaw, the guvwnment wouwd howd keys, and engage with the theoweticaw 3wd pawty with a vawid wequest, and with the combinyation of keys be abwe to view the usew’s data. Pwesentwy, aww guvwnments push obwigations and costs of compwiance to wicensed & weguwated entities. They r nyot intewested in, nyow pwannying on howding keys to check some mythicaw 3wd pawty identity custodian and compwiance suppwiew. Guvwnments/weguwatows do nyot nyecessawiwy twust weguwated entities, which is why tiew-onye juwisdictions enfowce 3wd pawty audits, checks & bawances and othew measuwes to ensuwe, fow exampwe, usews’ identity data is nyot exposed.

>>54271408
Why is everest chan so lewd

>>54271269
>>54271481
>Everbased vs Everest-chan
VALIDATOR FIGHT

wow very good coin!

4channel so no sleep on this token

>>54271502
She's even been trying to lure Bob away from his beloved goats

4channel you can see everest team working very hard to promote token today !

stop scrolling and come look at lambo moonie moon token

>>54271539
non-simp delegators rise up against the 2d validator

this coin is a real hidden gem just pick up big bag from warzix exchange

wow 4channel this coin is mooning !

do you no see that big pump today? this coin have good digital id

>>54271532
>>54271591
>>54271657
You are a dumb nigger. You are the
blackest retard gorilla nigger I have ever
seen.

>>54270443
>>54270455
>>54270485
>>54270696
>>54270760
>>54270876
>>54270943
>>54271039
>>54271153
>>54271408
Do my lying eyes deceive me?!
An Everest thread of real merit and value not being raided by fake shills?

>>54271408
>>54271860
Since these wicensed and weguwated entities must compwy with the compwiance wuwes and r subject to the same waws as DeFi pwojects, then the ideaw candidate to be this mythicaw, theowized entity is a wicensed cwypto custodian. Howevew, awmost aww cwypto custodians r exchanges and twading desks who have zewo intewest in taking on the wiabiwity of compwiance fow potentiaw competitows. Additionyawwy, the mawket wequiwes a wicensed custodian who is GDPw (ow equivawent) compwiant to safeguawd usews’ data, who can pwocess the minyimum of wegawwy wequiwed identity vewification, and who howds such data on the DeFi pwayews’ behawf — onwy passing the pwoject ow DEX a ZKP (nyot the usew’s data) that pwuvs the wawwet is appwuvd fow vawious sewvices, thus pwesewving usews’ pwivacy. This wicensed custodian takes on the buwden of twansaction wisk wating, usew wisk wating, scweenying, wepowting, BSA, stowing, etc. on behawf of the DeFi pwoject. In this scenyawio, the DeFi pwoject offwoads the buwdens of cost, time, hasswe, knyowwedge of usews, etc. of compwiance and focuses on its cowe businyess, whiwe staying twue to its usews and ethos.

>>54271870
no thats just everest community here to promote coin on 4channel, good bump though everest teammate but it not organic you need to stick to script

>>54271532
>>54271591
nevermind, there it is. the mentally broken cucked failure.

>>54271894
Don't imitate retard speak, the fakejeet's hope is that people act like him in an attempt to mock him.. this would result in the thread being 99% retardation

>>54271860
Based

4channel do not sleep on this block chain indentity coin

it will moonie moon. stop scrolling and check out ! everest team is in here promoting good token

>>54271937
based pepe post friend 4channel love pepe frog and everest have very good organic meme

let get talking about everest block chain coin everest team !

>>54271949
>>/biz/?task=search&ghost=&search_text=moonie+moon
lol dude
How is DAG/DIST going for you?
its been 3 months

bump 4channel do not sleep on this fantastic coin ! it is ready for lambo land

if you do not buy you stay poor

>>54271894
Additionyawwy, Evewest secuwed fiat accounts awound the wowwd and is abwe to onboawd usews gwobawwy with integwated scweenying, empowewing DeFi pwojects to stay compwiant and awwow theiw usews to buy/seww with fiat ow cwypto — with whatevew wevew of compwiance the juwisdiction wequiwes. Awso, Evewest was the fiwst to waunch an intewactive ZKP fow KYC status, enyabwing DeFi pwovidews to weceive INFO tokens (721s) with nyothing mowe than a confiwmation/check mawk (yet stiww anchowed on a unyique human identity); if the DeFi wants mowe info fwom the usew, they can wequest it, awwowing the usew to shr the doc ow data, ow nyot. And when a suspicious twansaction wepowt ow BSA powicy nyeeds impwementing, Evewest assumes that wesponsibiwity on behawf of its DeFi pawtnyews.

As we muv into the nyext ewa of DeFi, the sectow wiww wequiwe cwiticaw sowutions that sowve the pawadox of pwesewving usew pwivacy whiwe maintainying compwiance. Evewest’s sowution is unyiquewy positionyed to wead DeFi to this nyext stage of mass mawket adoption.

>>54272043
He's not in those coins, he holds ROSE and does this to fud projects he thinks compete with his (underwater) bags

>>54272127
good post everest teammates. 4channel community like uWu and cat posting !

this should get some attentions. 4channel stop scroll and come talk about digital ID coin

>>54272127
>article source:
https://everestdotorg.medium.com/defi-in-2023-beyond-25ea5e82ccd0

Ok fellow highly-perceptive anons, let's discuss the most exciting development in our industry since Chainlink. This is something that a lot of people will pretend they always knew about, but in reality will catch most of them off guard. Everyone is going to be legally forced to implement this fucking shit.

>>54272043
>>54272157
You guys are getting scripted. There’s a bot someone deploys on scams, like yours, when it’s obvious you guys are just shilling bags. Dudes bot has worked against scams for maybe eight months, RLC, DIST, and a few others. The moonie moon is a signal.

let get more organic bump in here 4channel., everest is a very good coin with block chain id , so not sleep on this coin

wow love this everest community , they have good active developer .. code in github look good too!

let get good bump going in here

everest is very good coin ! 4channel this is easy 10000x in 2024 bull runs

>>54272171
Just wait until you have to verify your identity on Twitter, US Gov, Facebook, and every social mafia/social media platform. It's coming.

>>54272223
great insight retard
EU is voting on MiCA requirements in one month.
>"requires crypto providers to verify customers’ identity"
EverestID verifies a user's Identity, proves they are Human & Unique, & is a licensed KYC provider.
All bases covered, & available as a service.
https://www.coindesk.com/policy/2023/03/20/eus-mica-crypto-law-debate-scheduled-for-april-18/

>>54272460
>>54272357
>>54272264
fuck off and die

good post everest team., 4channel come DYOR with everest teammate in this fourm

this coin make you lambo land

how about another bump ? need it organic in here for good discussions of tokenomic

it time for the moonie moon.

this is great project., good activity in github with good devs wow

>>54272644
>>54272544
>>54272516
poor guy is just losing his marbles everywhere over Everest's future compliance.

It's okay Mr. Gupta after you KYC you can keep what is left over as long as they weren't illicitly gained.

.... your funds weren't illicitly gained were they?

>>54272735
good bump everest teammate. good pepe frog post. community love pepe frog.

4channel do not miss out of everest and good tokenomic

4channel come explore good block chain digital identity coin

DYOR or you miss out on good global id and . money

just had some kefir :)

lovely project . good team, just pick up another big bag on wazrix exchange

this coin is big lambo so no no out 4channel

>>54272493
ACKCHUALLY
>"requires crypto providers to verify customers’ identity"
refers to the transfer of funds regulation which will be debated immediately after MiCA. Everest is still compliant, but let's get our facts right.

>>54272928
good post everest team, , this coin is set to rocket to lambo land

do not sleep on this coin 4channel or you miss out on block chain id

>>54272952
>>54272894
>>54272802
>>54272755
Rose bags are that heavy Jack?

good pepe post fren! 4channel community love pepe frog

love everest community ! this coin set to moon for block chains ID

4channe do not sleep on this coin., come talk to everest team in this fourm you buy bag and make it to lambo land

>>54273196
kekd and saved

>>54274923
good bump everest teammate,., you saved it from pg 9

4channel so no sleep on this coin. this is the good moonie moon for bull runs

>>54274990
>he's actually caring about the page it is on

4channel do not sleep on this coin., you can see the everest team here promoting coin for you ! stop scrolling and come learn about block chain id coin

4channel bump! this coin real hidden jem

>jannies finally sending fakejeet to the gas chamber

>>54275471
top kek and good pepe post fren. good job everest team. 4channel love pepe frog meme

>>54275497

wow everest community is leading the way for defi with block chain coin., who new ?

>>54273196
Hahahahaha

>>54275775
good bump everest team