{"id":459121,"date":"2021-03-20T18:57:14","date_gmt":"2021-03-20T18:57:14","guid":{"rendered":"https:\/\/ktsl888.com\/?p=459121"},"modified":"2021-03-20T18:58:05","modified_gmt":"2021-03-20T18:58:05","slug":"how-a-fatf-guidance-could-wreak-havoc-for-uniswap-operators","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/how-a-fatf-guidance-could-wreak-havoc-for-uniswap-operators\/","title":{"rendered":"This FATF guidance could &#8220;wreak havoc&#8221; on Uniswap operators"},"content":{"rendered":"<p>International body Financial Action Task Fork (FATF) has issued new <a href=\"http:\/\/www.fatf-gafi.org\/media\/fatf\/documents\/recommendations\/March%202021%20-%20VA%20Guidance%20update%20-%20Sixth%20draft%20-%20Public%20consultation.pdf\" target=\"_blank\" rel=\"nofollow\">guidance<\/a> for decentralized applications (DApps). Its implications could directly affect the DeFi sector and could have consequences for DApp &#8220;operators&#8221; such as Uniswap, Sushiswap, and others.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">If you&#39;re a shareholder of Uniswap (or MakerDAO), then you&#39;re likely a VASP. And VASPs (i.e. Virtual Asset Service Providers) are responsible for setting up anti-money laundering controls. <\/p>\n<p>This comes courtesy of yesterday&#39;s FATF draft guidance: <a href=\"https:\/\/t.co\/1Zg6frzH77\" rel=\"nofollow\">https:\/\/t.co\/1Zg6frzH77<\/a> <a href=\"https:\/\/t.co\/xJEIetNAZt\" rel=\"nofollow\">pic.twitter.com\/xJEIetNAZt<\/a><\/p>\n<p>&mdash; John Paul Koning (@jp_koning) <a href=\"https:\/\/twitter.com\/jp_koning\/status\/44667650?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 20, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to the agency&#8217;s definition and its standards, a DApp is software. However, the &#8220;entities involved&#8221; with the DApp can be Virtual Asset Service Providers (VASP). The guidance claims:<\/p>\n<blockquote><p>(&#8230;) a person that conducts business development for a DApp may be a VASP when they engage as a business in facilitating or conducting the activities previously described on behalf of another natural or legal person. The decentralization of any individual element of operations does not eliminate VASP coverage if the elements of any part of the VASP definition remain.<\/p><\/blockquote>\n<p>Attorney Gabriel Shapiro addressed potential consequences for the blockchain industry if the recommendations are implemented. Shapiro <a href=\"https:\/\/twitter.com\/lex_node\/status\/82836740\" target=\"_blank\" rel=\"nofollow\">said<\/a>:<\/p>\n<blockquote><p>Writing &amp; deploying a smart contract (=free speech) is different from running a business with that smart contract (regulated).<\/p><\/blockquote>\n<p>Claiming that FATF recommendations could &#8220;wreak havoc&#8221; in venture finance and the blockchain industry if adopted, Shapiro added:<\/p>\n<blockquote><p>&#8220;a one-time sale of a VA makes you a money services business&#8221; thing has never made a lick of sense and seems inconsistent with FinCEN&#8217;s 2019 guidance.<\/p><\/blockquote>\n<p>Although FATF can only make recommendations or suggestions, these are internationally adopted by many regulators. Therefore, Shapiro believes they can have a real effect on the blockchain industry if u operators, i.e. Uniswap, are blacklisted by the body. Shapiro added:<\/p>\n<blockquote><p>I love DeFi and I&#8217;m very anti-KYC etc. But &#8220;repeal these laws just for DeFi because it makes people more free by providing plausible deniability&#8221; is not going to be persuasive to a person who believes the laws in question are good ones.<\/p><\/blockquote>\n<p>Member countries can apply sanctions, prohibitions and take other measures if the FATF suggests that any entity has &#8220;lost control&#8221; over compliance and money laundering prevention. Legal expert Stephen Palley <a href=\"https:\/\/twitter.com\/stephendpalley\/status\/96867330\" target=\"_blank\" rel=\"nofollow\">said<\/a>:<\/p>\n<blockquote><p>as some of us have been saying since the dawn of time, muh decentralization is apparently not yet a persuasive strategy to avoid AML\/KYC obligations.<\/p><\/blockquote>\n<h2>UNI on a 30-day rally<\/h2>\n<p>Data from Tradingview indicates that UNI has made significant gains (51.6%) over the last month. Currently, <a href=\"https:\/\/ktsl888.com\/news\/uniswap\/uniswaps-uni-falls-after-hitting-record-high-breakdown-risks-persist\/\">UNI is trading<\/a> at $32.71. Although its performance in the last 24 hours is negative with losses of 1.3%.<\/p>\n<figure id=\"attachment_459124\" aria-describedby=\"caption-attachment-459124\" style=\"width: 704px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-459124 size-full\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/03\/Uniswap-UNI.jpg?resize=704%2C517\" alt=\"Uniswap UNI\" width=\"704\" height=\"517\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/03\/Uniswap-UNI.jpg?w=704 704w, https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/03\/Uniswap-UNI.jpg?w=460 460w\" sizes=\"auto, (max-width: 704px) 100vw, 704px\"><figcaption id=\"caption-attachment-459124\" class=\"wp-caption-text\">UNI with significant gains in the past month. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/UNIUSD\/\" target=\"_blank\" rel=\"nofollow\">UNIUSD Tradingview<\/a><\/figcaption><\/figure>\n<p>The good performance can be attributed to the release of Uniswap&#8217;s third iteration. Without a fixed deployment date, Uniswap v3 has caused great hype among its users. <a href=\"https:\/\/ktsl888.com\/analysis\/uni\/uniswap-airdop-value-reaches-13000\/\">Uniswap inventor Hayden Adams<\/a> is expected to provide details on the upgrade soon.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">If I have to go another week without publicly announcing details of Uniswap v3 I might go insane<\/p>\n<p>&mdash; hayden.eth \ud83e\udd84 (@haydenzadams) <a href=\"https:\/\/twitter.com\/haydenzadams\/status\/25346055?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 19, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>International body Financial Action Task Fork (FATF) has issued new guidance for decentralized applications (DApps). Its implications could directly affect the DeFi sector and could have consequences for DApp &#8220;operators&#8221; such as Uniswap, Sushiswap, and others. If you&#39;re a shareholder of Uniswap (or MakerDAO), then you&#39;re likely a VASP. And VASPs (i.e. Virtual Asset Service Providers) are responsible for setting up anti-money laundering controls. This comes courtesy of yesterday&#39;s FATF draft guidance: https:\/\/t.co\/1Zg6frzH77 pic.twitter.com\/xJEIetNAZt &mdash; John Paul Koning (@jp_koning) March 20, 2021 According to the agency&#8217;s definition and its standards, a DApp is software. However, the &#8220;entities involved&#8221; with the DApp can be Virtual Asset Service Providers (VASP). The guidance claims: (&#8230;) a person that conducts business development for a DApp may be a VASP when they engage as a business in facilitating or conducting the activities previously described on behalf of another natural or legal person. The decentralization of any individual element of operations does not eliminate VASP coverage if the elements of any part of the VASP definition remain. Attorney Gabriel Shapiro addressed potential consequences for the blockchain industry if the recommendations are implemented. Shapiro said: Writing &amp; deploying a smart contract (=free speech) is different from running a business with that smart contract (regulated). Claiming that FATF recommendations could &#8220;wreak havoc&#8221; in venture finance and the blockchain industry if adopted, Shapiro added: &#8220;a one-time sale of a VA makes you a money services business&#8221; thing has never made a lick of sense and seems inconsistent with FinCEN&#8217;s 2019 guidance. Although FATF can only make recommendations or suggestions, these are internationally adopted by many regulators. Therefore, Shapiro believes they can have a real effect on the blockchain industry if u operators, i.e. Uniswap, are blacklisted by the body. Shapiro added: I love DeFi and I&#8217;m very anti-KYC etc. But &#8220;repeal these laws just for DeFi because it makes people more free by providing plausible deniability&#8221; is not going to be persuasive to a person who believes the laws in question are good ones. Member countries can apply sanctions, prohibitions and take other measures if the FATF suggests that any entity has &#8220;lost control&#8221; over compliance and money laundering prevention. Legal expert Stephen Palley said: as some of us have been saying since the dawn of time, muh decentralization is apparently not yet a persuasive strategy to avoid AML\/KYC obligations. UNI on a 30-day rally Data from Tradingview indicates that UNI has made significant gains (51.6%) over the last month. Currently, UNI is trading at $32.71. Although its performance in the last 24 hours is negative with losses of 1.3%. The good performance can be attributed to the release of Uniswap&#8217;s third iteration. Without a fixed deployment date, Uniswap v3 has caused great hype among its users. Uniswap inventor Hayden Adams is expected to provide details on the upgrade soon. If I have to go another week without publicly announcing details of Uniswap v3 I might go insane &mdash; hayden.eth \ud83e\udd84 (@haydenzadams) March 19, 2021<\/p>\n","protected":false},"author":535,"featured_media":446163,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,83446],"tags":[82849,80532,82853],"class_list":["post-459121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-uniswap","tag-uni","tag-uniswap","tag-uniusd"],"acf":[],"yoast_head":"\n<title>This FATF guidance could &quot;wreak havoc&quot; on Uniswap operators<\/title>\n<meta name=\"description\" content=\"International body Financial Action Task Fork (FATF) has issued new guidance for decentralized applications (DApps). 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/\",\"https:\/\/x.com\/rl_m\"],\"url\":\"https:\/\/ktsl888.com\/author\/reynaldomarquez\/\"}]}<\/script>\n","yoast_head_json":{"title":"This FATF guidance could \"wreak havoc\" on Uniswap operators","description":"International body Financial Action Task Fork (FATF) has issued new guidance for decentralized applications (DApps). 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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