Will governments force DEXs to comply with KYC/AML laws? - page 2.

X-ray

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Quote from: Abiky on June 08, 2022, 07:39:46 AM

What do you think will happen with DEXs if governments require them to comply with KYC/AML laws?

nothing happen with dex and it will make dex become very strict to the its users. KYC/AML was not a new thing. This is a common thing that may come soon. it's just the matter of time until dex may be forced to implement KYC

Quote from: Abiky on June 08, 2022, 07:39:46 AM

Will they cooperate or not? If they don't comply, will that mean using a DEX be considered as an illegal practice? Your input will be greatly appreciated. Thanks in advance.

They will and why not? rather than going to the jail or pay some fine to the regulators. The worst thing if the platform may be shutdown by the government. IDEX has been giving us a very good example when government was forcing dex

Yaunfitda

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Of course, governments or regulatory bodies around the world have been targeting exchanges specially CEX and it seems that they are successful. But with the Luna debacle, it just gave them another reason to chase DEX. However, it is still how they are going to implement it as we all know that it's not or at least hard to because of DEX protocols. So it shape everything, as DEX should be anonymous by nature.

Abiky

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It seems that governments are increasing their regulatory efforts after what happened with Russia "evading sanctions" and the recent Terra/LUNA crash. Day by day, we're seeing centralized exchanges requiring additional information in order to comply with KYC/AML as much as possible. There have been rumors that governments will target decentralized exchanges (DEXs) to require them to comply with KYC/AML laws. While we know this is impossible at the technical level (due to the decentralized nature of such exchanges), it's easy enough to prosecute the developers if their identities are publicly known across the web. A decentralized exchange requiring KYC will greatly defeat crypto/Blockchain tech's purpose in my own opinion. It will bring back the middleman which is the single point of failure crypto was meant to avoid in the first place.

What do you think will happen with DEXs if governments require them to comply with KYC/AML laws? Will they cooperate or not? If they don't comply, will that mean using a DEX be considered as an illegal practice? Your input will be greatly appreciated. Thanks in advance.

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