My gut tells me that @thorchain_org’s #THORNodes aren’t “money transmitters”, they’re validators of a “settlement network” which provide services to clients. It just happens that #ASGARDEX = open source one.
Green light from me ✅
PS: This is not legal advice, just my opinion.
2/ The mistake would’ve been if the #THORNodes also powered a web-based exchange client — but they don’t, and they shouldn’t. Jurisdictions have varying laws about the type of record-keeping, tracking and regulatory compliance exchanges and transmitters must follow.
3/ Best for exchanges handle that side of the ecosystem. @thorchain_org should strictly focus on driving liquidity into its settlement network and that’s all. If ever a web-based exchange was to be embedded into #THORNode’s services, then it would become risky to operate.
4/ Archaic laws will need to adapt to innovations like @thorchain_org, as IMO regulators won’t be able to prove that an operator is-or-isn’t breaking laws. The tech just won’t fit the mold anymore, and new laws will need to be drawn based on the new standards we’re heading into.
5/ It’s definitely one that kept me up at night, but by searching for reports from established and reputable firms re: similar rulings, you build confidence and an understanding that @thorchain_org is not an exchange, the open source #ASGARDEX is and it’s not hosted by #THORNodes
Share this Scrolly Tale with your friends.
A Scrolly Tale is a new way to read Twitter threads with a more visually immersive experience.
Discover more beautiful Scrolly Tales like this.