DeFi platforms do not actually hold user funds, so it’s not clear how KYC is even relevant. Sure, these protocols oversee and approve users’ financial transactions, but DeFi’s non-custodial nature makes it all but impossible to implement effective and responsible KYC policies. For instance, if the SEC were to shut down Uniswap, a popular decentralized exchange, 1,000 developers around the world would simply deploy forks without batting an eye.

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• Source: https://www.coindesk.com/consensus-magazine/2023/01/25/bank-secrecy-act-crypto-regulation/?utm_medium=referral&utm_source=rss&utm_campaign=headlines