Compliance of Singapore digital currency exchange

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at present, there are few countries in the world that issue supervision licenses for digital currency asset transactions, such as austrac license in Australia, MTR digital currency transaction / wallet license in Estonia, token license in Thailand and jvcea virtual currency transaction license in Japan
among the digital currency trading licenses in the above countries, Japan and Thailand have too high qualification requirements, and few exchanges or indivials meet the qualification requirements
Australia austrac and Estonian MTR can basically meet the qualification requirements. However, after the amendment of Estonian act on March 10, 2020, and the promulgation of the act on qualification, capital verification and local actual office space, the application cycle will be extended accordingly
at present, only ausrac in Australia is the most suitable license for digital currency asset trading license. It does not need capital verification, certificate fee and local office address. The application cycle is short and the qualification requirements are low. It can basically meet the qualification requirements. It has high international reputation and is the most cost-effective license at present. It can be considered directly

Singapore: digital currency exchanges need to apply for a license to operate in compliance with regulations. Souwei can develop Singapore blockchain digital currency exchange xrv522 , Singapore's minister of ecation ong Ye Kung said on behalf of the Singapore Monetary Authority (MAS), MAS will consult relevant instries in the near future, and formally introce the implementation measures and exemption provisions of the bill. This bill will directly affect many digital currency exchanges, wallets and OTC platforms in the Singapore market, and will comprehensively supervise the related businesses from the aspects of risk control and compliance

No, countries have never supported any virtual currencies, including global payments

in recent years, "virtual currency" represented by bitcoin, ethereal currency and Leyte currency has been centralized trading on some Internet platforms. With the help of financial technology, the price of these "currencies" has graally spread to investment, financing and other financial fields, which has aroused wide attention from all walks of life

not long ago, the people's Bank of China and other seven ministries and commissions jointly issued the announcement on preventing the financing risk of token issuance, which clearly regulated the relevant behaviors. Experts pointed out that "virtual currency" is not legal tender issued by monetary authority, but a specific virtual commodity in essence

therefore, it is undoubtedly a great legal and economic risk to think that "virtual currency" has or will have the nature of legal tender and to carry out speculation, network fund-raising, lending and financing

be alert to the risk of virtual currency

after the regulatory authorities have made clear their attitude, although bitcoin China, huocoin.com and other "virtual currency" operators have successively taken restrictive measures on the trading platform, the risk of "virtual currency" speculation still deserves high vigilance

in response, the China Internet Finance Association also said in the "tips on preventing the risks of bitcoin and other so-called" virtual currencies ", that bitcoin and other so-called" virtual currencies "lack a clear value basis and are increasingly becoming tools for money laundering, drug trafficking, smuggling, illegal fund-raising and other criminal activities

investors participate in speculation through the "virtual currency" trading platform, and face the risk of price fluctuation, security risk, platform technology risk, etc., which need to be borne by investors themselves

BVI company structure Singapore Foundation:

firstly, the project party registers an ordinary offshore company in BVI, and claims that the main body of the foundation is BVI company. Then we set up a foundation (CLG) in Singapore. BVI company cooperates, authorizes and operates ICO related projects. Of course, each currency needs an independent foundation to operate, so as to regulate the risk of currency trading on the main body of the foundation. Finally, Singapore commonweal foundation authorized the domestic marketing team and technology R & D team to carry out project promotion and technology R & d

to issue legal opinions on project compliance in the later stage: according to Singapore law, all ICO related projects operated by the foundation, whether currency issuing or exchange, It is necessary to issue a legal opinion to prove that the nature of digital currency is non securities and futures, and the white paper also needs to circumvent the relevant attributes to comply with the laws and regulations of the Singapore monetary authority