Blockchain licensing
Zheng Xiaojun, chief economist of the world blockchain organization and President of the Caribbean blockchain Research Institute, introced the world blockchain organization at the tokensky blockchain conference in South Korea today. He mentioned that the Caribbean is the largest offshore area in the world, and a lot of international re export trade relies on the Caribbean for operation. However, 80% of the population in the region does not have bank accounts, and the financial infrastructure cannot be solved by traditional financial instruments. Therefore, the development and cooperation of blockchain in the world is very necessary
the MSB (money services business) license in the United States is a financial license supervised and issued by FinCEN (financial crime enforcement network, Department of the Treasury), The main regulatory objects are businesses and companies related to money services, including digital currency virtual currency transactions, ICO issuance, foreign currency exchange, international remittance and other businesses. Companies engaged in the above businesses in the United States must apply for MSB license to operate legally, which is the license that all companies operating digital currency business in the United States must have. Fire coin, coin security have this license to carry out transactions
of course, whether this license is suitable for you will only be known after a detailed understanding. After all, there are many kinds of licenses in the financial instry, so what are the advantages of applying for this license
1. Get investor approval
2. Get authoritative approval
3. Provide diversified services
4. Become a first-line trading platform, which is the standard configuration of the mainstream exchanges
what should be done to issue currency in Thailand? First of all, you need to register a company to operate your project with Thai companies as the main body. Let's talk about the process of registering a Thai company. The information to be provided for the registration of a Thai company is as follows:
1. Company Name: English Thai
2. List of directors: ZhuoZhi, a ZhuoZhi certificate and a . The promoters are more than 3 persons, including at least 1 Thai with 51 shares and at most 1-3 foreign shareholders. The shareholders can be legal persons or natural persons. In order to avoid risks, it is recommended to use two Thai shareholders. Director: one Thai can be appointed
3, company development goals, business scope
4, business license of Chinese company
5, share allotment ratio of shareholders
the securities and Exchange Commission of Thailand also encourages technology start-ups to obtain financing, and realizes that ICO helps to meet the financing needs of enterprises
At present, there are quite a lot of MSB licenses in the United States. The bigger ones are Huo coin, coin an, and the smaller domestic second and third tier exchanges are all licensed. At present, the licenses are also a trend in the future. They are all moving towards standardization, and there are more than 20 applications for licenses every month
for example: US MSB, Estonia, Australia
John Clayton, chairman of the U.S. Securities and Exchange Commission, criticized ICOS that want to evade regulation, saying: "a lot of ICOS are concted under illegal circumstances. The sponsors and other participants of these ICOS have not complied with our securities laws. Some people say this is because the law is not perfect. But I don't think so at the moment. "
according to Clayton, up to now, no ICO has been registered with the sec. In 2017, all the ICOS raised about US $4 billion. "A lot of people think that ICO is a new thing and deny that ICO is a kind of security, but another way of financing," Clayton said. I don't think regulators have done a good job in this area. "<
Giancarlo of CFTC also thinks that virtual currency should be more strictly regulated. "I'm surprised by the enthusiasm of young people for virtual currency, and we should respect them."
the two presidents of the US regulatory agencies believe that decentralized blockchain technology has great potential, but whether it can bring benefits to the public is still unknown
although the relevant agencies have concted dialogues at the congressional hearings, it will take a long time to formulate specific policies.
since 2013, the U.S. Department of the Treasury and the securities and Futures Commission have repeatedly emphasized that MSB (money services business) is a financial license issued by FinCEN (financial crime enforcement network, a department under the jurisdiction of the U.S. Department of the Treasury) to supervise businesses and companies related to money services, including cross-border remittance, foreign exchange, etc, Currency transactions / transfers (including digital currency / virtual currency), ICO issuance, provision of prepaid items and issuance of traveler's checks, etc. Companies engaged in the above-mentioned businesses in the United States must apply for MSB license in order to legally conct business
under FinCEN regulations and under the U.S. Patriot Act, MSB is required to register with FinCEN and comply with many different record keeping, reporting and anti money laundering requirements. Registration requirements: according to the Bank Secrecy Act (BSA), when setting up financial services business, MSB needs to register with FinCEN. Registration is more than simply naming a company or paying a simple fee
it involves providing FinCEN with many very important information about MSB, such as the type of business it is engaged in, the financial institutions and bank accounts through which it may trade, the ownership or control of MSB, and the number of different branches and / or agents operating in the United States. Extra care should be taken throughout the registration process to ensure that all deadlines are met and that all information provided to FinCEN is accurate and does not need to be corrected in the future
licensing is of great significance for the current exchange. It can obtain the official permission of the relevant countries, and also reflects the political strength and credit of the exchange itself. Licensing is also a natural screening barrier for the numerous exchanges. For users, compliance operation under regulatory conditions is a great benefit, which means that users' investment will be legally protected.
What is the difference between Australian austrac license and American MSB and Japanese FSA:
-
in terms of cost, American MSB, Australian austrac license, Japanese FSA
2. The regulatory scope of the three licenses is different
austrac is the financial regulatory agency of Australia, responsible for preventing and detecting money laundering and terrorist financing. The federal government enhances the compliance of reporting entities with AML / CTF laws and regulations by expanding the powers and functions of the CEO of Australia Group
austrac regulatory license conditions:
1. Digital currency dealers in Australia must handle austrac and provide all business details. If the company providing digital currency transactions does not apply for austrac's license, it may result in two years' imprisonment, a fine of aud105000, or both
Establish and maintain AML / CTF plan to identify, mitigate and manage the money laundering and terrorist financing risks they may encounter. At least two responsible persons shall be appointed, at least one of whom must be a director of the company and at least one of whom shall be a compliance officer3. Identify and verify the customer's identity
4. Report suspicious activities and transactions involving legal currency, exceeding aud10000 or more (or equivalent) to austrac
5. Keep special records of transactions, customer identification and AML / CTF projects for 7 years
to apply for Australian austrac license, you need to register a European company first, and then apply for the license. Generally, you will choose a reliable agent company to provide the director information and the name of Australian company
blockchain exchange project compliance: subject company + digital currency trading license:
1. At present, the compliance mode of the exchange, we can apply for a license alone, when applying for a license, we usually register a local ordinary company as a regulatory condition to apply for a license, this ordinary company can be used as the subject company of the exchange. At present, when dealing with the compliance license of the exchange, such as the US MSB license, Estonian MTR and wallet al license, Canadian MSB license, Singapore MAS license and Australian license are all very good. They are also several licenses that the exchange often does. High cost performance, such as hotcoin, bittrer, poloniex, coinbase, and okex, these exchanges have obtained the US MSB license
2. The exchange is compliant. First, it should be a Singapore foundation as the main company, and then apply for the digital currency license
the main company of the Singapore foundation can also be used as the platform currency issued by the exchange in the later stage
at present, the compliance of blockchain projects generally refers to non-profit foundations, legal opinions and exchange licenses, and the specific development direction of the project itself