41 min
Culture, Maximalism, KYC, + ShapeShift - Erik Voorhees Humans of Bitcoin
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- Personal Journals
"What that means is it's a grey area.... We wanted to be patient and see the token models that worked, the token models that did not, and the things that we should stay away from as a business."
If you are going to start a business in cryptocurrency, you must deal with a high level of regulatory and legal uncertainty.
Navigating the world of KYC, lawyer fees, and vague directives from government agencies, ShapeShift has evolved over the last 5 years.
The uncertainty has caused Erik to make some very tough decisions in order to stay relevant as a cryptocurrency company.
Recently, they launched commission-free trading with the FOX token.
Erik walks through this decision, the critics of their move to implement KYC/AML, and views on money and state.
After all, you don't have to go through KYC when you go out to eat at a restaurant.
"What that means is it's a grey area.... We wanted to be patient and see the token models that worked, the token models that did not, and the things that we should stay away from as a business."
If you are going to start a business in cryptocurrency, you must deal with a high level of regulatory and legal uncertainty.
Navigating the world of KYC, lawyer fees, and vague directives from government agencies, ShapeShift has evolved over the last 5 years.
The uncertainty has caused Erik to make some very tough decisions in order to stay relevant as a cryptocurrency company.
Recently, they launched commission-free trading with the FOX token.
Erik walks through this decision, the critics of their move to implement KYC/AML, and views on money and state.
After all, you don't have to go through KYC when you go out to eat at a restaurant.
41 min