Is Kaspa (KAS) legal?
Interestingly, a most-trending cryptocurrency, Kaspa (KAS), could be illegal.
Kaspa was CoinMarketCap’s most trending cryptocurrency on 17 November 2023. I think Kaspa’s success exposes cryptocurrency’s biggest problem. That problem is that cryptocurrency speculators and developers ignore political and legal realities.
For example, Kaspa’s webpage brags about its blockchain’s speed, scalability, and security. Yet developers do not comply with regulations such as Know Your Customer (KYC) and Anti Money Laundering (AML) laws and regulations. They do not mention KYC or AML on Kaspa’s website.
Why Kaspa (KAS) could be illegal
To explain, they build Kaspa as a decentralized finance (DeFi) solution. Yet Kaspa does not comply with financial regulations.
For example, the Financial Crimes Enforcement Network (FinCen) requires all US financial institutions to comply with the Customer Due Diligence (CDD) rule. The CDD requires all American financial institutions to:
- Identify and verify the identity of customers.
- Identify and verify the identity of the beneficial owners of companies’ opening accounts.
- Identify and verify the identity of the beneficial owners of companies’ opening accounts.
