German federal financial regulatory agency digital currency fina
digital currency financial license generally refers to the license to operate digital currency related business in a certain country or region. Having a digital currency finance license means that the institution can conct business and derivative services related to digital currency in the place where it is issued. Such as the establishment of digital currency exchange, payment, digital currency financial derivatives and so on
the issuers of digital currency trading license are generally the National Central Bank and financial regulatory agencies, of course, the participation of legal departments is also very important. There are also great differences in the license application standards of various countries. Some countries and regions even need to apply for relevant securities, banks and funds licenses at the same time
most of the information about the current operation status of the exchange (if the exchange is currently operating) is prepared by lawyers ·
US MSB license, with low registration cost and fast application time, is the lowest application fee among the current financial licenses
we can apply for the following licenses: US MSB license, Canadian MSB license, US NFA license, Estonian MTR, UK FCA, Maltese license, Mauritian license, Singapore foundation, Singapore MAS financial supervision, blockchain license, digital currency supervision license, UAE FSRA license, Cyprus cysec license, Belize IFSC license New Zealand FSP and FMA license, Australian ASIC license, Swiss FINMA license, Seychelles FSA license, Cayman CIMA license and other global overseas regulatory licenses
in view of the possible risks of virtual currency, many international organizations and central banks have responded publicly to the supervision of virtual currency system. These responses can be roughly divided into four categories: warning and risk warning, supervision and registration permission, legislative norms, and explicit prohibition
(1) warning and risk warning
some central banks and regulators have issued risk warnings against the special currency and virtual currency system. The federal financial regulatory authority of Germany, the Bank of France, the central banks of the Netherlands and Belgium have issued public warnings against the possible money laundering and terrorist financing caused by the use of bitcoin. In the report released at the end of 2013, the European Banking authority (EBA) warned consumers of many risks of virtual currency, such as exchange loss, e-wallet theft, unprotected payment, price fluctuation and so on. Although Spain did not have a similar risk warning, it issued a timely information announcement related to virtual currency
(2) supervision and registration license
generally speaking, international organizations believe that the supervision of virtual currency should find a balance between risk prevention and innovation promotion. Since 2012, Sweden has required transactions related to virtual currency to be registered with financial regulators. Other countries pay attention to qualification supervision, so as to make it indirectly meet the requirements of prudential supervision. In other countries, the regulation mainly focuses on the business model of virtual currency transaction. The financial prudential regulatory authority of France regards the provision of bitcoin circulation and trading services and the act of earning funds in the process as a payment service and requires the authorization of the government. In addition, some countries focus on the intermediary institutions related to virtual currency. The German federal financial regulatory agency and Danish regulators believe that the provision of intermediary services for virtual currency needs to be authorized< (3) legislative norms
at present, some countries have proposed legislation to regulate virtual currency transactions. Canada plans to legislate to allow the government to supervise the transaction of bitcoin, and to include the transaction of more than US $10000 into the scope of suspicious supervision. The United States hopes to adjust the relevant legal structure should be compared with the development of the special currency. In order to make the Bank Secrecy Act (BSA) applicable in the context of network, the financial crime enforcement network (FinCEN) of the U.S. Department of the Treasury issued the explanatory guidance on the behavior and subject definition of private generation, holding, distribution, trading, acceptance and transmission of virtual currency in 2013. The European central bank stressed that it should strengthen international cooperation under the existing legal framework, and regulate virtual currency from the European and global level under the existing legal framework. More countries believe that bitcoin is not a currency in circulation, has no legal status, and does not meet the definition of financial instruments, such as Finland, Sweden, Malaysia and Indonesia
(4) it is forbidden
in some countries, bitcoin related transactions are prohibited. In December 2013, the people's Bank of China banned financial institutions from trading in bitcoin, which was subsequently extended to payment service providers. The central banks of Thailand and Indonesia share the same attitude. The circulation of anonymous internet currency (including bitcoin) is prohibited by the Russian judicial inspection department as a substitute for currency. The Central Bank of Russia has earlier included the provision of bitcoin services in the scope of suspicious transaction monitoring. The U.S. Securities and Exchange Commission (SEC) has banned the issue of unregistered shares in exchange for bitcoin, and unregistered online securities trading activities in virtual currency.
At the G20 meeting, different countries held different views on digital currency, some strongly resisted it, and some actively supervised it. Now let's take a look at the attitudes of the G20 countries towards digital currency
In a statement, the Canadian Securities Regulatory Agency (CSA) said that considering the whole process of ICO issuance, many ICO tokens meet the definition of securities and require them to comply with the securities law. In addition, the CSA noted that ICOS may also be derivatives, subject to derivatives laws passed by Canadian securities regulators, including trade reporting rules. Regulators said they welcome companies that are about to conct ICO to enter the "regulatory sandbox" to test new financial procts in a limited environmentIndia
the securities and Exchange Commission of India is planning guidelines for the regulation of the bitcoin market in India. In addition, the securities and Exchange Commission of India set up a financial regulatory commission and held meetings with Reserve Bank of India (RBI) officials. The SEC also plans to regulate whether bitcoin derivatives and other cryptocurrencies are used to raise funds illegally
On May 1, 2002, Germany merged the Bundesbank with the insurance and securities regulatory agencies to form a unified regulatory organization Bafin. The establishment of Bafin marks another major change in the reform of German financial supervision system
In Germany, with the graal disappearance of the difference between banking and financial service institutions, banking and insurance business, the integrated financial procts of banking, financial service institutions and insurance companies are emerging constantly. Those banks, financial services and insurance institutions that can easily and effectively expand the proct range in the market have formed cross instry joint groups. In line with this, the establishment of a modern integrated regulatory structure has become inevitable
at the same time, Bafin's structure takes into account instry differences: it has established independent organizational departments for banking supervision, insurance supervision and securities supervision / asset management. Those cross instry tasks are performed by several cross business units separated from traditional regulatory functions
therefore, Bafin, which was established on May 1, 2002, is a fully integrated regulatory model, integrating the federal banking regulator (bakred), federal insurance regulator (BAV) and federal securities regulator (bawe). It integrates the previous offices of federal banking supervision (bakred), federal insurance supervision (BAV) and federal securities supervision (bawe) as a single financial supervision institution, and integrates the functions of supervising banking, financial services and insurance services. Bafin is a federal agency run by a minister under the federal treasury through public law. It has legal characteristics. The two offices are located in Bonn and Frankfurt, with about 1000 employees. Bafin supervises 2700 banks, 800 financial services institutions and more than 700 insurance institutions. The new German financial regulatory system is obviously concive to the information exchange between regulatory authorities, the synergy between organizations, the enhancement of Germany's status as a financial center and the consolidation of its status and role in international finance
One is the examination of market access. The FSA is responsible for the qualification examination of newly established institutions in Germany, including the minimum capital, the qualification examination of senior personnel, and the issuance of business licenses
the second is to check the daily operation of the company. The federal financial regulatory agency mainly reviews the company's own capital, liquidity and high-risk operation links. For example, the amount of the company's own capital must be kept above the proportion stipulated in the Basel Accord; The liquidity of the company's assets must be maintained above the prescribed proportion to ensure sufficient capacity to pay. Due to the large number of domestic financial companies in Germany, the review of the Bureau mainly relies on the social economic audit companies and relevant computer systems to automatically check the data submitted by the central bank every day. According to relevant laws, each company must choose an economic audit company to audit every year, and the annual audit report must be submitted to the federal financial regulatory agency. The bureau may, on the basis of the annual audit report submitted, or on the basis of information from other channels, appoint another economic audit company or directly appoint internal auditors to re audit suspicious companies without providing any reasons. According to the review results, if the company has violations, the federal financial regulatory agency can directly punish the violations according to law. There are several ways of punishment: 1. Fine; 2. Bring a lawsuit; 3. Revoke the qualifications of the responsible members of the board of directors; 4. The business license shall be revoked
On May 1, 2002, Germany merged the Bundesbank with the insurance and securities regulatory agencies to form a unified regulatory organization Bafin. The establishment of Bafin marks another major change in the reform of German financial supervision system
Bafin was established in May 2002, and the main purpose of the act is to establish a fully functional regulatory body covering the entire financial instry, which also marks a major change in the reform of the German financial regulatory system. The German federal financial regulatory authority is formed by the merger of three regulatory bodies, namely, the Federal Office of banking supervision, the Federal Office of securities and exchange supervision and the Federal Office of insurance supervision. This also means that banks, credit institutions, insurance companies, financial service companies, brokers and securities trading have all unified national supervision
according to Bafin's proposal in December 2016, Bafin formally asked brokers to provide negative balance protection for their German customers in August 2017, So that retail customers can not lose more assets than their account deposits. The loss of any leveraged trading below zero will not be borne by traders, but by brokers
UK: financial conct authority (FCA, Former financial services authority)
Cyprus: Cyprus securities and Exchange Commission (cysec)
Malta: Maltese Financial Services Authority (MFSA)
Japan: FFAJ FSA of Japan
Australia: ASIC of Australia
Switzerland: FINMA of Switzerland
Germany: Bafin of Germany
Singapore: MAS of Singapore
Hong Kong: SFC of Hong Kong