Advances that are being made in the legal field are like pieces of a mosaic — while they are not particularly spectacular by themselves, together they form the complete picture. Ongoing legal matters are additionally an unappreciative topic to write about — they can typically be made public long after they have been resolved and even then, more often than not, parts have to be omitted. Nevertheless, a lot of ICONOMI legal advances have been made public through questions raised by the community. For an easier overview, we have consolidated them into one post.
Under what framework are your funds and ICONOMI regulated?
Grouping ICONOMI activity under established terms devalues the scope of how revolutionary ICONOMI’s activities actually are and creates unnecessary concerns around whether or not a part of legislation is directly applicable to us. What ICONOMI is creating is unique to the extent that it does not fit within traditional regulatory frameworks — it is a completely new asset class.
We are nevertheless devoted to respecting the rule of law and are making every decision in good faith. For example, we will be implementing all best AML and KYC practices we developed while operating Cashila, which include respecting EU KYC/AML legislation and adding our own mechanisms on top; we are proactively monitoring global regulatory developments and researching numerous jurisdictions; we are speaking with financial regulatory bodies in several jurisdictions; we are monitoring EU, USA and other legislation and mutatis mutandis implementing relevant institutes, preparing ICONOMI for when regulators intervene in the crypto world.