BTC Proxy
  • BTC Proxy Documentation
  • Getting Started
    • What is BTC Proxy?
    • Current Challenges
    • Features
    • The Proxy Relay
    • BTC Proxy Advantages
    • Use Cases
    • User Interface & Navigation
    • On-Chain Transfer Restrictions
    • Fees
    • Minimizing Transaction Risks
  • Minting
    • How to Mint Video
    • What is Minting?
    • Minting Sequence
    • BTC Proxy Mint Interface
    • How to Mint?
  • Redeeming
    • How to Redeem Video
    • What is Redeeming/Burning?
    • Burning Sequence
    • BTC Proxy Redeem Interface
    • How to Redeem?
  • Custody
    • What is Custody?
    • Custodian Wallet Setup
    • Transferring Funds from Cold to Hot Wallets
    • Insured Custody
    • Regulated
    • Integration
  • PRXY Token
    • What is PRXY Token
    • Tokenomics
    • Functions of PRXY
    • Allocation
    • Roadmap
    • Legally Binding
  • BTC Proxy DeFi
    • Bitcoin Farming
    • Compound Staking
    • Treasury Bonds
    • Programs
    • Redux
  • Contract Addresses
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  1. PRXY Token

Legally Binding

Users in the following regions are prohibited from participating in the minting and burning of tokens.

  • USA

  • Ontario, Canada.

Users in the listed regions must obtain their BTCpx through select distributors required to securely hold the user’s identity information.

Custodians are required to publish details of assets under custody regularly. Failure to meet these criteria can lead to being removed from the network.

It is to be noted that there can be multiple custodians in the network, but this comes at the cost of increased risk exposure to the network. A model where custodianship is shared by different institutions holding keys to a multi-sig wallet is also possible in the future. However, a security breach among any of the custodians could cause the loss of trust and possibly lead to mass withdrawals. A security breach with a distributor is much less severe as custodians will still back up all outstanding tokens, but a loss of KYC/AML user data would be a side-effect.

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Last updated 4 years ago

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