For so-called fintech professionals in particular, take heed. The U.S. Federal Deposit Insurance Corporation, U.S. Securities and Exchange Commission, U.S. Department of Labor and U.S. Comptroller of the Currency have officially kick-started a range of burdensome, weighty and powerful regulatory initiatives pertaining to digital assets — and cryptocurrency is not their only target. Financial regulators have also begun to set their sights on decentralized finance; non-fungible tokens; and other purportedly game-changing Web3 variants. (You can read all about these regulatory initiatives here.)
Of course, my advice for financial firms wishing to enter the Web3 fray is: Don’t.
But if you insist, to help survive the burgeoning Web3 U.S. financial regulatory awakening, this article provides some guidance, in the form of a a Web3 financial regulatory and compliance checklist. The goal is for this checklist to prove critical for the challenging and trying road ahead for financial firms exploring, or already engaging in, Web3-related activities.
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