We are told that exchanges often require a legal entity to sign a contract when adding crypto tokens and Hive does not have such a legal entity or figurehead to sign such an agreement. However, that doesn't seem to have been a problem for Bitcoin - which is one of the only other truly decentralised projects that (afaik) lacks such a legal entity.
We have a contact within a large exchange and are waiting comment on this exact issue.
It is a point of argument that can be used by Hive “proponents” to these crypto e changes.
I am not party to this endeavor, but as a community onboarder on the DBuzz app, Hive will be far more attractive to common folks to try on if they have clear exit strategies of their activities on Hive.
So far, “peer to peer” trading of Hive/HBD is being done among various community groups within DBuzz and HivePh (and Spl) communities.
This is absolutely an argument that works with exchanges- many of them are very interested in the idea of us and are appreciative of everything about hive. The problem is, that doesn't negate their need to do the things that come with touching traditional finance and government regulation. We are actively working with one of the biggest exchanges in the Philippines right now who are very pleased and look forward to listing hive, but the process is dragging very very slowly because of how difficult the legal situation is to handle. We are working our way through it, but it usually means a lot of individual legal opinions and also the need for community members to take on culpability tasks with these exchanges, and for them to work with their own legal teams to change their policies to work around us.
Thanks Crim❤️
Being a decentralized blockchain has its difficulties in this manner, and I really feel bad that our regulatory authorities here in the Philippines and its laws are “not forward looking” to cater to Web3 platforms yet.
You mentioned that Bitcoin essentially got listed because it was first and the regulation didn't exist at that time. So I take it that the regulations aren't retroactive and Bitcoin is 'too big to fail' in that sense?
I can't speak for them, but I suspect it's a bit on the nose. The reality is, Bitcoin literally created the need for exchanges and the regulatory due diligence landscape has changed so extremely in the past few years that every month that goes by may or may not change things substantially in our favour. I suspect that as long as they pay their pound of flesh to the Gov, there's no need to go back the decade and a half and fill in "Satoshi" on the "legal entity" line. That's a guess though. As saying above to @guruvaj, right now Coins.PH and I are banging our heads together on how to help them enter into a contract with a trustless DAO for culpability reasons. As such, on most of our listings and almost every single CEX NDA, I am personally fully doxxed. I very, very, very much do not like that at all, but there is no one else who will and as such, it's something that I do my best to go over with my personal lawyer to protect myself as best I can and keep us moving forward on these things.
DEX options really are the future we need to pursue- lol.
Can't the DHF pay for a Directors & Officers (D&O) type insurance policy for you, similar to what corporations do with their directors, CEOs and top management teams?
NOTE: If the DHF funds this, make sure the policy includes "tail coverage". The tail means that any actions taken by you while the policy was in effect will be covered by the policy even if the policy itself is allowed to lapse.
This is a great point that I will look into for sure asap! Ideally, we will and do need a small, well delineated foundation. That is something that I very much hope some more people do some work on and I see a few more willing self starters speak up about. I will be referencing soon in a post, but for some of the asks that a community has, something more structured will have to be created, and I'm honestly already doing three full time hive jobs so it would be good to have a bit more collaboration on making that happen.
I can really feel your predicament about this, we hope we can push it more as a community.
And we really love you for the efforts that you are doing❤️❤️❤️
I don't know much about the legal rules surrounding relationships between exchanges and token operators, but at least in Britain there are a few ways to define the situation which bypass much of the issues (note: not legal advice). There is an allowance for organisations to be defined as a club for legal purposes. A community of people joining together to achieve their goals.
It seems that the issue of them requiring someone to be named and held responsible in the event of bad behaviour is a bit pointless anyway, since the scale of the community and the potential problems that the exchange might experience are much larger than one person will typically be able to be sued for anyway. I would hope that these places wouldn't end up trying to put you in jail personally if an exchange claimed that Hive's technology had somehow defrauded them!
Seems these folks need a good hard drink of that Satoshi spirit! 😁
Yes, having Hive listed on as many exchanges as possible ideal from the perspective of decentralisation and for marketing purposes. Steps are underway to increase the ability to trade Hive outside of centralised exchanges, but if we can help to make onboarding of Hive onto CEXs then we will do.
Lastly, excited to see how the Philippines places from your data gathering efforts, since, my country tends to be a lead in social media use.
Our team is only fluent in English, so we may need help from community members to translate text if we are to reach non English speaking regions. I see, though that the Philippines has English as an official language, so we can definitely include that region in appropriate ways.
Analysing the nationalities and languages of Hive users will be part of our first stage, the census.
Salamat po. ❤️🇵🇭❤️
👏🏼👏🏼👏🏼