How are you guys going to deal with the KYC and AML procedures in your DAICO? The SEC recently charged EtherDelta co-founder because of the US citizens was able to purchase securities on the DEX. I'm interested in learning how DAICO will face this?
Hi and welcome on board.
First of all thanks for the question.
As you read on white paper DAICO is the same thing of an ICO for Legal aspects.
The difference is in the smart contract, in fact, a DAICO smart contract is settled by the development team with all the information about the project and with a lot of functions that give to the investor a clear view about funds raised. In addition, the token owners (investors) can vote for:
1- change the tap (the funds that the founders' team can use)
2- destroy the smart contract and get a refund
So, the difference is in trust level between team and investor, because there are too much "scams" around the world.
About legal matter, if a DAICO is created for a Token sale (ITO) follows the ITO laws on the other hand if a DAICO is created for a security sale (STO) follows the STO laws.
About Followine is clear that WineCoin is an utility Token so we prepared all the KYC and other legal stuff as like as an ITO.You can find more about this in the White paper section 8 -->
http://followine.io/libs/file/followine-whitepaper-eng.pdfIf you need more help, please contact us again.
Have a good day and remeber:
IF YOU LOVE IT, FOLLOWINE!!!