“We have a few companies that are in Nigeria, for example, and Nigeria doesn’t have a regulatory framework for crypto. So if you have a gatekeeper that goes in and says, ‘we only expect fully regulated companies,’ that means that they’re automatically out,” Brændgaard said of centralized groups like the USTRWG. “It doesn’t matter if they have built up a good, strong, serious, well-respected compliance function over the years.”

https://techcrunch.com/2021/11/08/notabene-raises-10-2m-to-help-crypto-exchanges-comply-with-new-global-regulations/