How OmiseGO solved the problem of international financial regulation, opening up the entire world as a marketplace
ago by psychetc
https://www.reddit.com/r/CryptoCurrency/comments/7osspz/how_omisego_solved_the_problem_of_international/Today the CEO of OmiseGO tweeted about expanding into the Japanese market and compliance with international financial regulations. I decided to do a quick write up with additional details about why OmiseGO is best positioned to reach every market in the world while still complying with each country's specific financial regulations.
OmiseGO is uniquely ready to expand worldwide, and still remain perfectly legal in the regulations of every country, Japan and China included. I will explain further here:
OmiseGO developers released the OmiseGO Software Development Kit (SDK). The SDK is a package of software tools and OmiseGO team support, so that any person or any company can develop their own application to utilize the OmiseGO Network rails. This makes it very easy for existing retailers or payment services companies to develop a user interface and run an application on OmiseGO Network. This is great for OMG token holders, because OmiseGO is Proof of Stake, and all transaction fees from the network are paid to PoS hodlers.
OmiseGO Network has a built in, on-chain, decentralized exchange. So currency swaps are written in to transactions. This makes it possible to fund your account with one currency, and then make payments from the same account in any other supported currency (at a coffee shop, for example).
This is what OmiseGO means when they say they are currency agnostic. This is also the most important part of OmiseGO when it comes to international regulation. Remember how OmiseGO SDK will allow other developers to make their own payment services apps that run on OmiseGO network? Well those developers can specify the currencies and types of trading behavior that are allowed on their specific application, and thus it is easy for those developers operate on OmiseGO Network and still comply with the regulations of any nation in the world.