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8.1 V1 (Reputation Display + Perks)

Reads only public on-chain data; makes no real credit decisions. Compliance burden is comparatively low — the main risks are data accuracy and user experience, not financial regulation.

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8.2 From Phase 2 (Lending / Credit Decisions)

Once the product genuinely affects consumers’ credit terms, U.S. fair-lending law (ECOA), credit-reporting regulation (FCRA), and licensing requirements in relevant jurisdictions come into scope.
Any feature that genuinely affects consumer credit decisions requires professional legal advice before launch — “move fast and fix it later” is not an acceptable path here.
Any future token issuance requires securities-law analysis (e.g., the U.S. Howey Test). This whitepaper is not a prospectus or investment commitment in any jurisdiction.