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Title: escrow laws in the UK Post by: Ford on November 20, 2013, 04:21:50 AM I am trying to find simple, layman understandable, UK laws on operating an escrow service.
I am making the assumption that the UK laws that apply to Fiat currencies (ie UKPOUND) will also apply to BTC escrows. I would be very grateful if anyone could provide me some basic details or point me in the right direction. In addition, if the escrow service was offered worldwide, would this mean other countries regulations/laws would also apply (or be wise to abide by)? Thanks Ford Title: Re: escrow laws in the UK Post by: giantdragon on November 20, 2013, 04:43:50 AM Consider offshore jurisdiction without any regulations and accounting requirements, e.g. British Virgin Islands.
BVI also has high company owners' secrecy and never disclose data to the tax authorities of the foreign countries. Title: Re: escrow laws in the UK Post by: imfed on November 21, 2013, 06:48:45 PM I am trying to find simple, layman understandable, UK laws on operating an escrow service. I am making the assumption that the UK laws that apply to Fiat currencies (ie UKPOUND) will also apply to BTC escrows. I would be very grateful if anyone could provide me some basic details or point me in the right direction. In addition, if the escrow service was offered worldwide, would this mean other countries regulations/laws would also apply (or be wise to abide by)? Thanks Ford If you want a simple answer take a look at existing escrow services like www.transpact.com They are registered with - the Financial Conduct Authority as authorised payment institution - HM Revenue & Customs as a money services business You can find more information if you search for 'UK Payment Services Regulations' e.g. here: http://www.fca.org.uk/firms/firm-types/payment-services-institutions/psr-faqs |