Bitcoin Forum

I have a question relating to certain legal questions in terms of the regulator's perception of our Cubebucks project.

Just a reminder: Cubebucks.com is an asset-backed currency built on Hyperledger.

These are legal questions that need to be responded to, for us to satisfy the regulators in the UK that the project does not fit the glove of the questions asked. Your input and view in this forum would be highly valued.

The points relating to real discusions with legal advisors:

-   we’re trying to argue, convincingly, that the issue of the coins does not result in Cubebucks issuing e-money.

-   we’re also working on whether the regulator would consider Cubebucks as accepting deposits - if it were considered to be doing so, it would need to be regulated as a bank

-   the final issue is around the platform amounting to a collective investment scheme (CIS), and that we are not such a service is still proving difficult. The UK definition of a CIS is fairly wide – much wider than what one would logically think amounts to a fund – and your input that will ensure we make our arguments (that it is not a CIS) stand-up to scrutiny.

Please post your replies and comments. Any references are welcome.