Shapeshift is a company that offers users of its service to exchange one cryptocurrency for another, in a few clicks, for a commission. She announced on her blog that she was embarking on a number of legal changes to adapt to the ever-changing regulations.
Shapeshift in trouble in the face of international regulations
Shapeshift begins by admitting that it has strongly slowed down the addition of new cryptocurrencies to its service even as we were in a context where news appeared every day. She explains it because of the current regulatory uncertainty, which can lead to unexpected requalifications of tokens, a danger for society, but also for its customers.
“No one knows where the line will be drawn for the chips that are titles and those that are not, and the line will be drawn differently from jurisdiction to jurisdiction. Switzerland and Wyoming have recently taken important steps to define more clearly where and how these demarcation lines should be drawn. “
Switzerland and Wyoming are not random choices. Switzerland is known to be a “crypto nation”, and Wyoming has recently enacted 5 laws favorable to cryptocurrencies .
Shapeshift will adapt its service to the regulations in effect at its customer
The major problem of requalifications, and that entails a risk for both Shapeshift, and for the customer. If, for example, the SEC qualified a Shapeshift token as a security, it would be an offense for both Shapeshift and the customer if he is a resident of the United States .
Shapeshift thus embarks on a substantial legal project that aims to adapt the choice of tokens, depending on the country of residence of the buyer. This system can quickly be limited if the buyer uses systems to remain anonymous, but mostly because of the legislation that can change overnight.
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