Our Commitment to Regulation
Licensing & Compliance
At Mehen, we believe that operating within the framework of regulations is crucial for bridging the gap between the traditional financial system and the blockchain world. Our commitment to compliance ensures transparency, trustworthiness, and compatibility with global financial standards.
Licensing Status
Our Credentials
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- FinCen Registered: Mehen is a registered money services business with the Financial Crimes Enforcement Network (FinCen), ensuring our operations meet the highest standards of financial integrity.
- State Regulation: Mehen Finance LLC has received specific guidance from relevant regulators in California, Delaware, Florida, Kansas, Massachusetts, Missouri, Montana, North Dakota, Pennsylvania, Virginia, Wisconsin, Wyoming, and Utah that our specific process for issuing and redeeming the USDM is not considered Money Transmission under their state laws.
Mehen Finance LLC has also determined that issuing and redeeming the USDM token is not a regulated activity in the states of Colorado, Connecticut, New Hampshire, and Tennessee, following a thorough review of laws and previously released regulatory guidance. - Non-US Licensing: Mehen is actively seeking appropriate licenses to serve people in regulated jurisdictions such as the EU EMI, UK EMI, and British Virgin Islands VASP license. This pursuit underscores our dedication to protecting our customers’ rights and ensuring the USDM token’s status as a redeemable store of value stablecoin.
Protecting Our Community
KYC & AML
No KYC for Basic Transactions:
Anyone can hold, transfer, or use USDM without undergoing Know Your Customer (KYC) procedures. This ensures ease of use and accessibility for all.KYC for Minting & Redemption:
Users wishing to mint new USDM with fiat or redeem USDM for fiat will undergo a simple KYC process, aligning with global regulatory standards.Advanced Verification:
Mehen conducts real ID checks, liveliness verification, fraud checks, and sanctioned individual/institution screening. This rigorous process ensures the safety and security of our platform and its users.
The Future of Verification
Decentralized Identity
Mehen supports the creation of “KYC-approved” credentials in collaboration with platforms like Atala Prism, iAMX, ADA Handle, and other decentralized/self-sovereign ID standards under development. These credentials not only provide value to our users but also foster adoption for Cardano as regulated sectors transition to blockchain.
Setting the Gold Standard
Mehen’s commitment to licensing and compliance sets a new standard in the world of stablecoins. By prioritizing transparency, security, and regulatory adherence, we aim to build a future where blockchain and traditional finance coexist harmoniously.