Launch Postponed
On the advice of our diverse set of financial and regulatory attorneys, we are postponing the launch of AI Coin until such time as we have obtained the necessary money services business licenses in 48 States, and BitLicense or equivalent licenses in jurisdictions requiring them. To go forward without those in place would make our business plan a legal risk.
Development continues.
And you got back again to the previous temptatation?!
Everyone interested in buying into this should ask himself once and only once: why should a decentralized consensus ledger need to be fully licenced before it getting any traction at all?
Whose benefit could be legally at risk?
Not hard to see..!
Good luck.
My thoughts exactly
Its because they are selling the coins.
There not giving them to everybody for free
Money Service Businesses
The term Money Service Business has a special meaning under the Money Laundering Regulations 2007. Your business is a Money Service Business under these regulations if it:
acts as a bureau de change - even if this is on a ship that isn’t always in UK territorial waters
transmits money, or any representation of money, in any way (just collecting and delivering money as a ‘cash courier’ isn’t transmitting money)
cashes cheques that are payable to your customers
Even if your business only does one of these things, it is still classed as a Money Service Business.
HMRC is the supervisory body for most Money Service Businesses under the Money Laundering Regulations. If you run a Money Service Business it’s your responsibility to register with HMRC unless you’re already supervised by the Financial Conduct Authority (FCA) for the purposes of the Money Laundering Regulations. You mustn’t act as a Money Service Business until you’re either registered with HMRC or supervised by the FCA.
Pawnbrokers who act as Money Service Businesses must register with HMRC, who will supervise both the pawnbroking and the money service aspects of their business.
When you don’t need to register as a Money Service Business
Occasional money service activities
If you exchange currency or cash cheques only occasionally, or only on a limited basis, then you don’t have to register as a Money Service Business if:
your total turnover from these money service activities is no more than £64,000 a year
turnover from money service activities is no more than 5 per cent of your total annual turnover
currency exchange or cheque cashing transactions worth more than €1,000 must be limited to one per customer - this could be one single transaction or a series of smaller transactions that seem to be linked
the money service activities must be secondary to your main business activity and directly related to it
the currency exchange or cheque cashing service must only be available to customers of the main business - it mustn’t be available to the public
your business isn’t operating as a Trust or Company Service Provider or an Accountancy Service Provider
You’ll need to meet all of these conditions, otherwise you have to have licence.
I could imagine its almost the same for the U.S.A
UK and U.S.A are partners when it comes to money and war
Plus can you tell me if someone sends coins to my wallet will they get to my wallet in a second
you say it does
And how much do you plan on selling your first batch of coins for
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