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RE: The Legal Basis of Cryptocurrency Forks

in #cryptocurrency4 years ago

It seems like one of those situations where something gets more complicated whenever we try to "simplify" it.

I mean, crypto space as a whole thrives off a high level of anonymity from both users and developers.
People generally come here because they want to get away from governments, laws, policies and whatnot. This leads to a question, do people have to go through KYC registration before making a fork? I ask because I wonder what the basis is for "legally" protecting your product against people that you technically can't even track.

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No, under current US law (or laws in any country I'm aware of ), there's no requirement to register either yourself or other users of a cryptocurrency fork. Cryptocurrency network node operators are not currently considered money transmitters, so no KYC collection requirement exists for them.

Therefore attempting to "protect" one's software from forking becomes an exercise in futility, at least for the case of forking.