Laso Finance sells open and closed loop prepaid cards and gift cards.
Today, you can go into say, Target, and buy a prepaid gift card with cash. That is a no-KYC transaction. Using the same regulatory framework, you can deposit stablecoins into Laso Finance and get a prepaid or gift card.
There are quite a few rules and regulations required for sellers of prepaid access like Target, or Laso Finance. Complying with these regulations is what makes Laso Finance possible.
Some of the user-facing regulations are:
$1,000 max load on a card.
$1,000 max daily spend per card.
Required processes are in place to reasonably prevent the purchase of $10,000 or more of prepaid access in a single day.
No transfers of value.
Items #1 and #2 are fairly straightforward. Those are implemented at the server-level.
#3 is a bit more complex, but it's somewhere that Laso Finance really excels. We look at a variety of signals to prevent unauthorized purchases, such as, but not limited to: device fingerprinting, spending behavior, 3rd party on-chain forensics, and on-chain activity.
Lastly, #4 is covered more in-depth in the Transfer of Value Laso troubleshooting item.
Laso Finance is a registered money services business (MSB) with FinCEN. We are compliant with all relevant laws and regulations, including anti-money laundering (AML) requirements.