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1. チャノさん (japananon@mitra.anon-kenkai.com)'s status on Saturday, 27-Jan-2024 14:01:27 JST チャノさん

   Bitdemoney going down to install gay KYC shit to meet legal requirements is a real wrench in the gears. I had a nice source of Japanese prepaid cards for magic internet money, no questions asked.

   I wonder about the legality of creating a Japanese facing business based outside of Japan. All you'd need is a reliable source of prepaid cards to supply, and you could keep things going without having to abide by the Travel Rule.

   ...of course, turning it into a gray market business entirely obviates the need to worry about laws at all...

   • Mark (mark@nicecrew.digital)'s status on Saturday, 27-Jan-2024 20:02:33 JST Mark

     in reply to
     @japananon I wasn't even aware Bitdemoney was a thing.
     Maybe the Japanese front is something the occidental sites for crypto to gift/prepaid cards could do, I don't think they'd have to worry about Japanese law.
   • チャノさん (japananon@mitra.anon-kenkai.com)'s status on Saturday, 27-Jan-2024 20:02:33 JST チャノさん

     in reply to

     • Mark

     @Mark Bitdemoney was a pretty well kept secret in Japan... I think everybody knew it was going to get cracked down on eventually, we were just hoping obscurity could lengthen its lifespan.

     I was talking to somebody else about the idea of running such a business from outside the country, and it's uncertain so far how Japanese law treats this. There are Mutual Legal Assistance agreements between Japan and various SE Asian countries, meaning a business targeting Japanese customers could find themselves under Japanese legal jurisdiction, with the host country's law enforcement agency cooperating with investigation and possibly enforcement.

     The FATF "Travel Rule" that's the cause of Bitdemoney being forced to change its business is supported by Japan, Singapore, and Malaysia. There are other SE Asian countries that belong to the FATF, but not all of them appear to be implementing or enforcing the Travel Rule.

     I still think the best solution is something more P2P and Gray Market... kickstarting such a market and getting a sustainable customer base is probably the biggest hurdle to getting anything like it off the ground, though.