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Title: Regulation facing a Bitcoin exchange based in the UK Post by: mr_random on June 12, 2013, 12:12:24 PM What regulation would such an exchange have to abide to, if it wasn't serving US customers?
I know in the US you have the BSA, MSB's and money transmission licenses, as well as any bonds. What are the terms I should be looking at to comply with EU regulation? Thanks Title: Re: Regulation facing a Bitcoin exchange based in the UK Post by: Bitcoinpro on June 12, 2013, 12:19:45 PM same as any regulations on any fiat exchange assuming your actually dealing with fiat
Title: Re: Regulation facing a Bitcoin exchange based in the UK Post by: giantdragon on June 12, 2013, 02:17:44 PM There is an EU-wide legislation that requires to register as "electronic money institution" if you want to exchange from/to fiat any kind of virtual currency.
As I know (but not 100% sure) this license cannot be issued to individual person, so you need to register a corporation. Title: Re: Regulation facing a Bitcoin exchange based in the UK Post by: evilscoop on June 12, 2013, 02:18:51 PM ask Lemon at crypto.pm ;)
There trying to be the first regulated exchange in uk... Evan bitstamp uses polish banks Title: Re: Regulation facing a Bitcoin exchange based in the UK Post by: joesmoe2012 on June 14, 2013, 03:35:05 PM ask Lemon at crypto.pm ;) There trying to be the first regulated exchange in uk... Evan bitstamp uses polish banks Actually I think BitStamp Uses Slovenian banks. Title: Re: Regulation facing a Bitcoin exchange based in the UK Post by: prophetx on June 17, 2013, 09:27:05 AM ask Lemon at crypto.pm ;) There trying to be the first regulated exchange in uk... Evan bitstamp uses polish banks Actually I think BitStamp Uses Slovenian banks. I thought bitstamp had Slovenian and UK banks involved. Title: Re: Regulation facing a Bitcoin exchange based in the UK Post by: BCB on June 18, 2013, 04:15:32 AM Unless Lemon can prove otherwise I question anything he and crypto.pm are doing.
Title: Re: Regulation facing a Bitcoin exchange based in the UK Post by: evilscoop on June 18, 2013, 03:08:56 PM Unless Lemon can prove otherwise I question anything he and crypto.pm are doing. he's been a bit......slow.....aint he Title: Re: Regulation facing a Bitcoin exchange based in the UK Post by: thisisgil on June 18, 2013, 03:15:34 PM Try and find a couple of programs originally aired on Channel 4 called Bank of Dave (http://www.channel4.com/programmes/bank-of-dave).
These were documentaries following a local businessman who decided that the banks were not serving the people and proceeded to set up an independent bank of his own - run for the people by the people. Essentially, the regulators destroyed him, even though he pretty much ran things by the book and complied with UK financial regulations to the extent he was required to. Despite this, he had a really hard time and had to spend literally months of non-stop campaigning, phonecalls, letter writing etc before he could even get anyone from the Financial Services Authority (http://en.wikipedia.org/wiki/Financial_Services_Authority)to agree to meet with him. I think there was ultimately a happy ending, but try and watch the two episodes - particularly the later one (Bank of Dave: Fighting the Fat Cats), as it will give you some kind of hint of what you are walking in to if you threaten the UK banking sector. EDIT: Seems he wrote a book on his experiences: Bank of Dave - How I Took on the Banks (http://www.amazon.co.uk/gp/product/0753540789/ref=as_li_qf_sp_asin_tl?ie=UTF8&camp=1634&creative=6738&creativeASIN=0753540789&linkCode=as2&tag=bitcforu-21) |