DMG Blockchain Solutions Inc (DMGGF)

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https://www.nasdaq.com/articles/a-hitchhikers-guide-to-bitcoin-mining-in-north-america-2021-01-20

Regulators Enter The Room

Until recently, bitcoin mining was not an issue for government regulators, but increasing attention to regulating cryptocurrencies from government agencies like the U.S. Securities and Exchange Commission, Financial Crimes Enforcement Network and Commodity Futures Trading Commission may soon change that.

It seems inevitable that at some point, a regulatory eye will be cast over mining.

“We feel that companies will be willing to pay standard mining pool fees (i.e., 2 percent) for full transparency and ensuring their servers/miners are not involved in adding North Korean or Iranian or other blacklisted wallets from OFAC in moving Bitcoin,” Sheldon Bennett, the COO of DMG Blockchain Solutions, told Bitcoin Magazine recently.

When DMG teamed up with Marathon to form DCMNA, it pledged to only process transactions that complied with U.S. laws.

In its announcement, DCMNA said it will be audited by a third-party financial firm and will be using “clean block mining” that adheres to the Office of Foreign Asset Control’s (OFAC’s) compliance standards and reduces the risk of mining blocks that include transactions linked to questionable activities.

Profits from the DCMNA pool will go toward pro-miner lobbying efforts in Washington, D.C. and all of the miners participating in DCMNA will need to submit KYC information, including smaller companies renting space in DMG’s warehouses.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.