Risk assessment of digital currency
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
Estonia joined the World Trade Organization in September 1999. Estonia joined the European Union on 1 May 2004. At present, Estonian economy is developing rapidly and information technology is relatively developed
on January 1, 2011, Estonia officially joined the euro area, becoming the 17th country in the euro area. In addition, it is worth mentioning the digital citizen program launched in 2007. Estonia is one of the attractive countries for blockchain supporters
Estonia is the first country in the world to issue ICO in the name of a country
the communication with the regulatory authorities and the visit to them are of great value to the blockchain project. In Estonia, communication and interaction with financial regulators (financial regulatory authority, financial intelligence unit) is much easier than in the United States or Singapore. The financial supervision authority and financial intelligence agencies always provide the legal information they need and are mostly willing to help on various issues within their jurisdiction. It is important that most officials speak English and Russian< At present, Estonia issues cryptocurrency trading licenses. Cryptocurrency operations are permitted by other payment instruments (it has been designated as "virtual value" since 08.12.2017)< According to OECD, Estonia has one of the most competitive tax policies in the world. Estonian profits tax is not applicable. Bitcoin and altcoins are not subject to VAT
join Estonian cryptocurrency trading license, with legal business capacity. Private financial services focus on project support related to blockchain technology and cryptocurrency business
our team helps our customers obtain cryptocurrency trading licenses in Estonia< Some of the services are as follows:
assisting customers:
e diligence and KYC
establish a company
qualification and risk assessment
evaluation of operation plan
financial instruments test (FIT)
submit the application and complete other simple requirements
· prepare the license ("virtuaalv")__ "Ringu Raha vastu vahetamise teneus") and submit to the Estonian financial sector
· prepare the application document of virtual currency wallet service license (virtuaalva ringu rahakotteenus) and submit it to Estonian financial department
· internal AML / KYC program preparation (Estonian and English)
· in the process of applying for a license, the financial department provides legal assistance
· translation of beneficiary's documents into Estonian for application
· assist in the preparation of e-residence (the national fee is 100 euro, paid separately)
required information:
· certification and signature passport of shareholders / UBO / directors
· utility bills of shareholders / UBO / directors, indicating residential address, no more than 3 months· English bank credit certificate of shareholders / UBO / directors, no more than 3 months
· English resume
· the power of attorney (POA) of Party B's lawyer, which is used to submit the application and act on behalf of the client in the Estonian financial sector, is authenticated and annotated
· the director's certificate, notarized and translated into English, is attached to the higher ecation diploma
application period: about 4 weeks
Let's talk about the policy changes and application conditions of Estonian license since March 10, 2020:
Estonia is one of the first countries to issue ICO in the name of a country. Estonia licenses cryptocurrency transactions. Cryptocurrency operation is permitted by other payment instruments (since August 12, 2017, it is designated as "virtual value"), remember that it is legally permitted. On December 8, 2017, Estonia officially issued a cryptocurrency trading license
Estonia is one of the 28 member states of the European Union, and belongs to the European Union as well as Malta, where the currency is located. It is planned to issue a digital cryptocurrency endorsed by the state. More and more businessmen choose to carry out crypto trading in Estonia, and at the same time carry out many other continuity businesses here. Therefore, the number of encryption projects started in Estonia is increasing
there are many kinds of license plates;, Today, we will introce in detail which digital currency licenses we have won the most.
the license is equivalent to a business license. In particular, after Huoyuan won the Japanese license, the US license and the Canadian license successively, the license has been pushed to a new height. Obtaining the US MSB license also means that the company can reasonably conct business in most states of the United States. This is the reason why the major exchanges have started to apply for licenses. If they want to carry out business formally and legally, they have to apply for licenses. For the exchange, the license can not only increase the trust of customers and enhance their visibility, but also make the exchange develop better and faster in compliance< br /> <
first place: US MSB
influence:
compliance:
difficulty of application:
if you want to legally carry out digital currency business in the US, you must obtain US MSB license! Fire coin, coin an, OK, Matcha and other first and second tier exchanges all got MSB, and its gold content is self-evident
second place: Singapore foundation + legal compliance opinion
influence:
compliance:
difficulty of application:
a complete Singapore compliance system is also the best choice for many project parties and exchanges
third place: Estonian MTR
influence:
compliance:
application difficulty:
Estonian is double license, digital currency license + Wallet license, so why is it ranked fourth? Because its policies change from time to time, it will be more difficult to apply at that time. The legal person will probably be spot checked and interviewed in the local area, and there are a lot of preliminary materials to be prepared. However, if you break through many obstacles and finally get the Estonian license, you will feel that everything is worth it
fourth place: MAS in Singapore
influence:
compliance:
difficulty of application:
there is no doubt that MAS license in Singapore is one of the most valuable licenses at present, but its application threshold is high and the licensing time is very long, It makes many exchanges flinch...
fifth place: austrac of Australia
influence:
compliance:
difficulty of application:
austrac has been on the sidelines because of the difficulty of application and high cost. Recently, Australia's license application policy will be relaxed. More exchanges will choose Australia's digital currency license, and the ranking will graally rise
Introction to MSB in the United States
Introction to MTR in Estonia
Introction to Singapore foundation
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the main reason is that there are few blockchains in banks and financial institutions
banks and financial institutions are also judging what kind of impact blockchain technology will have on the financial instry. Now most of them are mainly wait-and-see and testing, so even if they fail, it is an expected or acceptable trial failure.
Estonia is the first country in the world to issue ICO in the name of a country
communication with regulatory authorities and access to them are of great value to blockchain projects. In Estonia, communication and interaction with financial regulators (financial regulatory authority, financial intelligence unit) is much easier than in the United States or Singapore. The financial supervision authority and financial intelligence agencies always provide the legal information they need and are mostly willing to help on various issues within their jurisdiction. Most importantly, most officials speak English and Russian
According to OECD, Estonia has one of the most competitive tax policies in the world. Estonian profits tax is not applicable. Bitcoin and altcoins are not subject to VATjoin Estonian cryptocurrency trading license, with legal business capacity. Private financial services focus on project support related to blockchain technology and cryptocurrency business
some services are as follows:
assisting customers:
e diligence and KYC
set up a company
qualification and risk assessment
evaluation of operation plan
financial instrument test (FIT)
submit application and complete other simple requirements
· prepare license ("virtuaalv")__ "Ringu Raha vastu vahetamise teneus") and submit to the Estonian financial sector
· prepare the application document of virtual currency wallet service license (virtuaalva ringu rahakotteenus) and submit it to Estonian financial department
· preparation of internal AML / KYC proceres (Estonian and English)
· in the process of applying for a license, the financial sector provides legal assistance
· translation of beneficiary's documents into Estonian for application
· assist in the preparation of e-residence (the national fee is 100 euro, paid separately)
required information:
· certification and signature passport of shareholder / UBO / Director
· utility bills of shareholders / UBO / directors, indicating residential address, no more than 3 months
· English bank credit certificate of shareholders / UBO / directors, no more than 3 months
· English resume
· the power of attorney (POA) of Party B's lawyer, which is used to submit the application and act on behalf of the client in the Estonian financial sector, is authenticated and annotated
· director's certificate, notarized and translated into English
"although Malta is touted as the center of digital cryptocurrency and enjoys the reputation of introcing new regulation (gambling, foreign exchange, etc.), their cryptocurrency regulation seems to lack a solid foundation. Looking back at the way instries were regulated in the country before, it's not very promising here. "
Hello, I'm glad to answer this question
money services business (MSBS) in Canada is subject to Canada's anti money laundering (AML) and anti terrorist financing (CTF) requirements. The Canadian regulator is fintrac. In addition to monitoring the instry, fintrac receives regular reports from licensed MSBS and issues updated instry regulations for the instry. If you do business in Quebec, you are also regulated by the Financial Markets Association (AMF). AMF is the Quebec government's regulatory body for the province's financial markets. In addition, as an organization collecting personal data, the office of the Privacy Commissioner of Canada will regulate your personal data practices. Instry members may also be subject to additional provincial requirements, depending on where you do business
if you are a money service company, you need to know all the obligations that apply to you. This includes registering your business with fintrac, reporting to fintrac, keeping records, identifying your customers, and having a compliance plan
if you conct business in Canada and provide the following services to the public, you are a money service:
foreign exchange transaction: you can convert one currency (US dollar to Canadian dollar) into another currency
fund payment: transfer funds from one person or organization to another by using electronic fund transfer network or any other method
cash or sell a money order, a traveler's check or anything similar: this may also include cashing or selling a traveler's check or anything similar. This does not include cashing checks to specific indivials or organizations
money services businesses (MSBS) in Canada are subject to Canadian anti money laundering (AML) and anti terrorist financing (CTF) requirements. The Canadian regulator is fintrac. In addition to monitoring the instry, fintrac receives regular reports from licensed MSBS and issues updated instry regulations for the instry. If you do business in Quebec, you are also regulated by the Financial Markets Association (AMF). AMF is the Quebec government's regulatory body for the province's financial markets. In addition, as an organization collecting personal data, the office of the Privacy Commissioner of Canada will regulate your personal data practices. Instry members may also be subject to additional provincial requirements, depending on where you do business
if you are a money service company, you need to know all the obligations that apply to you. This includes registering your business with fintrac, reporting to fintrac, keeping records, identifying your customers, and having a compliance plan
if you conct business in Canada and provide the following services to the public, you are a money service:
foreign exchange transaction: you can convert one currency (US dollar to Canadian dollar) into another currency
fund payment: transfer funds from one person or organization to another by using electronic fund transfer network or any other method
cash or sell a money order, a traveler's check or anything similar: this may also include cashing or selling a traveler's check or anything similar. This does not include cashing checks to specific indivials or organizations
Canadian MSB license and American MSB license are still one of the most popular licenses at present. No matter the X price ratio or the gold content, they are superior. The main purpose of applying for license by the exchange is three points: publicity, compliance and packaging
many agents say that the price of MSB license in the United States is higher than that in Canada. In fact, the Canadian MSB license is also good. Especially after the new virtual currency trading authority, the scope of supervision is wider and the platform is more secure. Therefore, the Canadian MSB license is on fire again, and the license application fee is not very high, so there is no need to pay a deposit, No monthly maintenance costs, fast processing cycle, good reputation, high visibility<
application process
the first step is to register a Canadian company
Company Registration - about one week
register a Canadian company according to the legal address in Canada, the address proof of shareholders and directors, the resume of directors, detailed personal information and contact information of directors<
the second step is to apply for fintrac m license
license application - about 3 weeks
submit the application for M license to fintrac, answer questions, write and submit the document description
it is worth noting that owners who have previously applied for Canadian MSB licenses can also submit applications now if they want to increase the trading authority of virtual currency.