Why WalletConnect Pay is not yet available in every country?
WalletConnect Pay is an infrastructure for accepting payments in stablecoin and crypto through the WalletConnect. It does not turn on globally immediately: availability depends on local regulatory frameworks, licenses of payment providers and settlement partners.
Each jurisdiction has its own rules (MiCA and TFR in the EU, GENIUS Act in the USA, separate regimes in Asia and Africa). Providers and acquirers offer the method only within their licenses.
WalletConnect Pay is embedded in their processes without taking custody and full KYC/AML - the decision where to include the service is made by the licensed parties.
Key limitations:
1️⃣ Sanction screening of wallets (OFAC, EU, UK) and IP check in prohibited regions before payment.
2️⃣ Travel Rule: collection of name, date and place of birth at the first payment.
3️⃣ Limited fiat corridors (now USD, EUR, GBP, etc. in process) - without local off-frame partners, the expansion is slower.
4️⃣ Taxes: stablecoin acceptance is often interpreted differently than fiat (tax events, VAT/GST, reporting). The rules vary greatly from country to country.
5️⃣ Launch through local PSPs, acquirers and terminals (e.g. Ingenico). The phased process is a recent example in South Africa through Ezeebit.
The service is already operating in a number of markets and is expanding as regulators and partners are ready. The infrastructure adapts to the current rules, and does not bypass them. Availability is growing where there are licenses and clear compliance requirements.
Who expects @WalletConnect Pay in their country? How often would you use this payment option? $WCT
#walletconnect #walletconnect
WalletConnect Pay is an infrastructure for accepting payments in stablecoin and crypto through the WalletConnect. It does not turn on globally immediately: availability depends on local regulatory frameworks, licenses of payment providers and settlement partners.
Each jurisdiction has its own rules (MiCA and TFR in the EU, GENIUS Act in the USA, separate regimes in Asia and Africa). Providers and acquirers offer the method only within their licenses.
WalletConnect Pay is embedded in their processes without taking custody and full KYC/AML - the decision where to include the service is made by the licensed parties.
Key limitations:
1️⃣ Sanction screening of wallets (OFAC, EU, UK) and IP check in prohibited regions before payment.
2️⃣ Travel Rule: collection of name, date and place of birth at the first payment.
3️⃣ Limited fiat corridors (now USD, EUR, GBP, etc. in process) - without local off-frame partners, the expansion is slower.
4️⃣ Taxes: stablecoin acceptance is often interpreted differently than fiat (tax events, VAT/GST, reporting). The rules vary greatly from country to country.
5️⃣ Launch through local PSPs, acquirers and terminals (e.g. Ingenico). The phased process is a recent example in South Africa through Ezeebit.
The service is already operating in a number of markets and is expanding as regulators and partners are ready. The infrastructure adapts to the current rules, and does not bypass them. Availability is growing where there are licenses and clear compliance requirements.
Who expects @WalletConnect Pay in their country? How often would you use this payment option? $WCT
#walletconnect #walletconnect