Bitcoin Forum
November 17, 2017, 07:57:41 PM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
  Home Help Search Donate Login Register  
  Show Posts
Pages: [1] 2 »
1  Economy / Service Announcements / First official license for a Swiss Bitcoin company on: October 18, 2017, 02:32:22 PM
The owner of the Payment21® brand has recently been licensed as a Directly Subordinated Financial Intermediary (DSFI). The third-party processor is now supervised by the Swiss Financial Market Supervisory Authority (FINMA) for compliance with Anti-Money-Laundering (AML) laws and Know-Your-Customer (KYC) rules.

After over one year of substantial effort and investment, the company received a regulatory upgrade, making it the first Bitcoin firm in Switzerland directly supervised by the Swiss Financial Market Supervisory Authority (FINMA) for compliance with Anti-Money-Laundering (AML). Moving Media GmbH, was formerly a member of Geneva’s ARIF, the Association Romande des Intermédiaires Financiers, a self-regulatory organization (SRO) under Swiss private law.

First official license for a Swiss Bitcoin companyMoving Media GmbH has now reached a new level of regulatory compliance for firms dealing with crypto currency in Switzerland. As Managing Director Bernhard Kaufmann observes, “We are committed to meeting the legal requirements of the Swiss financial marketplace. Our handling of compliance issues enriches the digital currency ecosystem, and demonstrates that Swiss regulators embrace competitiveness in financial services, and truly encourage Fintech innovation in the digital era.”

Both the company’s business model and its compliance with the Anti-Money-Laundering law (AML) and regulations were carefully evaluated by Swiss FINMA, the Financial Market Supervisory Authority, prior and the company’s admission as a DFSI.

The Swiss-based payment gateway operates as a regulated financial intermediary offering AML-compliant Bitcoin processing services. Its offices are located in the Canton of St. Gallen, situated in the German-speaking eastern area of the alpine country. According to Kaufmann, “Government licensing is crucial when establishing a payments business. Official approval in a leading European financial center like Switzerland is a key differentiator in the competitive landscape.”

Payment21®’s award-winning Bitcoin cashier system provides collection and exchange services to e-commerce merchants, multinational corporations, and financial intermediaries around the globe. In addition to offering gateway services, the technology firm operates an exchange office enabling Payment21® to broker Bitcoin by exchanging digital money into legal tender. Kaufmann adds, “Our unique selling proposition goes well beyond simply providing cryptographic payment processing to ecommerce vendors. Currently, our advisory and engineering services for RegTech projects enjoy increased demand.”

Beyond providing payment services, the company has additional products in the development pipeline. The first product, an OTC brokerage for digital currencies targeted to licensed asset managers and institutional investors, is currently under limited release. Given its unique regulatory status, the company is well positioned to bridge the gap between the digital cash ecosystem and regulated financial services.

Payment21.com offers added value to enterprise-level businesses by meeting the specific regulatory requirements of auditors, government agencies, and financial institutions. The operator offers custom-made Fintech solutions and sophisticated integration modules to regulated companies such as payments institutions, publicly-listed corporations and traditional banks.
2  Bitcoin / Bitcoin Discussion / Compliance Hurdles for Licensed Gaming Operators when Accepting Bitcoin (Pt4) on: March 07, 2017, 06:00:59 PM
In this post, we look at the things gaming merchants should consider before adding Bitcoin to their payment options. These are identified in the case study of Payment 21 that PaymentEye, a leading resource site in the global payment sector, published late last month.

Some of the things to consider include:

• Market demand.
• Market Growth opportunities.
• Licensing status.
• Regulatory requirements of gaming and financial authorities.
• Banking compliance needs.

The case study also identifies that Emerging Markets have a great potential for bitcoin payouts, especially in these countries:

China, Hong Kong,Macau, Taiwan, India, Pakistan, Bangladesh, Philippines, Vietnam, Malaysia, Thailand, Indonesia, Japan, South Korea, United Arab Emirates, Argentina, Brazil, Colombia, Russia, Ukraine, Georgia, Kazakhstan, Egypt, Kenya, Nigeria, Ghana, and South Africa.

Global payouts to clients, resellers and affiliates in emerging countries can be a real challenge for many companies.

Bitcoin payouts solves this real problem for merchants facing limited settlement capabilities in some of the most densely populated countries in the world

Read the full case study for more details: http://www.paymenteye.com/2017/02/27/case-study-benefits-of-bitcoin-payouts-for-the-gaming-industry/
3  Bitcoin / Bitcoin Discussion / Re: Compliance Hurdles for Licensed Gaming Operators when Accepting Bitcoin (Pt3) on: March 07, 2017, 01:18:29 PM
Indeed, considering that bitcoin is a decentralized peer to peer cryptocurrency, it doesn’t make much sense to create in-games tokens. Game developers could have bitcoin as the in-game token.

Then there wouldn’t be the cost for creating other tokens, need for players to convert them to bitcoin before exiting nor the risk of players’ value being decreased because of over-issue of the tokens.

Having said that, the game developers are better placed to understand the industry. Maybe it is logical to create game’s own tokens.

But your observation makes a lot of sense.
4  Bitcoin / Bitcoin Discussion / Compliance Hurdles for Licensed Gaming Operators when Accepting Bitcoin (Pt3) on: March 06, 2017, 05:11:56 PM
In this post, we look at the *cost-benefit analysis* as explained in the case study of Payment 21 that PaymentEye, a leading resource site in the global payment sector, published late last month.

In the case study, Payment21 advises merchants to use the following *cost-benefit analysis* formula a before introducing bitcoin payments:

1.   Adding a lump-sum of 1% volume increase on existing turnover.
2.   Working with a maximum of 5% of players depositing in bitcoin, and maximum 15% requesting payouts in bitcoin.
3.   Summing up the number of new players and the additional estimated customer lifetime value (CLV).

In the last post in this case study series, we will look at the *things a gaming company should consider before adding Bitcoin* as one of their payment methods.

Case study link:
http://www.paymenteye.com/2017/02/27/case-study-benefits-of-bitcoin-payouts-for-the-gaming-industry/

5  Bitcoin / Bitcoin Discussion / Compliance Hurdles for Licensed Gaming Operators when Accepting Bitcoin (Pt2) on: March 03, 2017, 04:38:37 PM
In this post, we continue looking at the case study on the benefits of bitcoin payouts for the gaming industry that PaymentEye just published. PaymentEye is a leading resource site in the global payment sector.

According to the case study, the following are the benefits that gaming merchants get out of using a regulated bitcoin payment processor like Payment21:

● Increased volume and accelerated cash flow.
● Higher deposits from new customer segments.
● Merchant expansion across all jurisdictions and serving new regions.
● Additional business due to marketing buzz in the Bitcoin community.
● No exposure to bitcoin volatility because of real-time exchange with legal tender.
● Savings in payout fees: 1% compared to significantly higher fees of competing
methods.
● Zero consumer fraud because of no chargebacks.
● Lowering of the minimum payout threshold.
● Technology-driven solution supporting merchants to enter the cryptocurrency space
using regulatory intelligence and mitigating risk.
● Payouts done in real-time or via batch processing in delayed-mode.

In the next post, we focus on cost-benefit analysis.
Case study URL: http://www.paymenteye.com/2017/02/27/case-study-benefits-of-bitcoin-payouts-for-the-gaming-industry/
6  Bitcoin / Bitcoin Discussion / Compliance Hurdles for Licensed Gaming Operators when Accepting Bitcoin (Pt1) on: March 02, 2017, 11:55:55 AM
PaymentEye is a leading resource site in the global payment sector. It provides information on the industry trends to professionals, innovation hubs, payment processors and mobile solutions companies.

Late in February 2017, it published a case study on the benefits of bitcoin payouts for the gaming industry. In particular, the case study looks at how bitcoin enables gaming companies to expand their target markets even with regulatory demands from different jurisdictions around the globe.

In this regard, the case study focuses on Payment21’s answer to compliance challenges to gaming companies. As an AML-compliant digital cash processor, Payment21 handles clients’ specific regulatory requirements, even when the merchants are multinational enterprises dealing with multiple jurisdictions simultaneously.

Payment21 has identified the need for a solution that assists merchants in accepting bitcoin payments risk-free in exchange for their products or services.

In the next post, we will look at the benefits the case study identifies that gaming companies get out of accepting bitcoin with compliance in mind.
Link to the case study: http://www.paymenteye.com/2017/02/27/case-study-benefits-of-bitcoin-payouts-for-the-gaming-industry/

7  Bitcoin / Bitcoin Discussion / What is an ETF and How will a Bitcoin one Work? on: March 01, 2017, 02:42:36 AM
The one event that is going to impact the bitcoin price in the next ten days is the approval or not of a bitcoin Exchange Traded Fund (ETF) in the US. It is an application that the Winklevoss brothers made.
    
Many believe that if they get the go ahead, that will open up bitcoin to mainstream investors, make it more legitimate and thus drive the price further up.

But…

1.    What is an ETF?

2.   How is it different from a mutual or an index fund?

3.   If there is an approval, how will a Bitcoin one work?

Let’s share the knowledge.
8  Bitcoin / Bitcoin Discussion / The benefits of bitcoin payouts for the gaming industry on: February 27, 2017, 07:00:26 PM
Bitcoin is a real game-changer for the gaming industry. By offering a solution that facilitates cross-border payments in real-time, operators can expand into new regions. This can help merchants reach new players in emerging markets where it can be difficult to pay over the web because of high transaction costs and lack of access to banking.

http://www.paymenteye.com/2017/02/27/case-study-benefits-of-bitcoin-payouts-for-the-gaming-industry/
9  Economy / Service Discussion / Bitcoin friendly banks-follow up post. on: February 22, 2017, 06:45:35 PM
Yesterday I made a request to the community here to share banks they think are friendly to bitcoin.
 
Many were of the opinion that it isn’t easy to find a bank you can describe as ‘bitcoin friendly.’ At best what you would find are banks that are willing to do business with Bitcoins enterprises and users or those that don't really care as to what customers do with their business accounts as long as it isn’t explicitly against the law.

Nevertheless, so far the following are the banks we have in the list of ‘bitcoin friendly banks’.
You are welcome to grow it here.
Thanks
*Fidor in Germany
*Bawag PSK in Austria
*Liberty bank in Georgia, Caucasus
*Chase in USA
*Mistertango in Europe
*TD Bank
10  Bitcoin / Bitcoin Discussion / Re: Share a Bitcoin Friendly Bank You Know on: February 22, 2017, 09:07:50 AM
Presumably, this is a Bitcoin-friendly bank: https://libertybank.ge/en/pizikuri-pirebistvis

They are in Georgia, Caucasus. Apparently, it supports the operation of over 1500 Bitcoin ATMs.

Does anyone has some experience or know about them?
11  Bitcoin / Bitcoin Discussion / Re: Share a Bitcoin Friendly Bank You Know on: February 21, 2017, 02:10:22 PM
Hmm i really dont know banks that is bitcoin friendly or banks that let you do transaction under them using bitcoins.But  here in philippines we can  cashout our bitcoin and convert it instantly from (PHP) which is our local currency here.We can cashout in each bank that is listed thats more likely 5 banks.

I will say you people are lucky
12  Bitcoin / Bitcoin Discussion / Share a Bitcoin Friendly Bank You Know on: February 21, 2017, 08:58:16 AM
Hi,

I’ve been looking for a list of banks around the world that are friendly to bitcoin, and I can’t find one that is up to date. The ones that I find are older than two years. In bitcoin time, two years is quite a long time.

My humble request to you; if you know a bank that is friendly to bitcoin startups and users please share it below.

I think this information will be very helpful for Startups and companies looking to engage in this new technology.

Thanks in advance
13  Bitcoin / Bitcoin Discussion / Bitcoin: Paying with the cryptocurrency on: February 18, 2017, 09:54:34 AM
Some people use bitcoin to buy illegal stuff, the majority of people use bitcoin on legal things.

Some people use paper cash to buy illegal stuff, the majority people use paper cash on legal things.

Bitcoin is just a currency. How it is used is a different story.

In this piece, bitcoin being a currency and it being used to buy illegal stuff seem like the same story:
http://www.dw.com/en/bitcoin-paying-with-the-cryptocurrency/av-37536803
14  Bitcoin / Bitcoin Discussion / Do the same Fraud Risks Apply with Bitcoin Payment Processors? on: February 15, 2017, 06:35:50 PM
In an article on ComputerWorld, contributing columnist  Evan Schuman has wondered ‘Why merchants let their payment processors get away with so much.’ He points out a case where Mercury Payment Systems was sued for inflating fees it charged shoppers on behalf of merchants.

Do the same Fraud Risks Apply with Bitcoin payment Processors?

http://www.computerworld.com/article/3162097/retail-it/why-do-merchants-let-their-payment-processors-get-away-with-so-much.html
15  Bitcoin / Bitcoin Discussion / Have Banks conspired to Kill Bitcoin Startups? on: February 14, 2017, 06:50:45 PM
This article claims that over 36 bitcoin exchanges have closed shop around the world, since October 2015, due to discontinuation of banking services to them.

Is it that commercial banks have conspired to make it difficult for bitcoin startups or they are just trying to abide by the present laws and regulations?

http://www.forbes.com/sites/rogeraitken/2017/02/12/bitcoin-or-bust-taking-british-banking-out-of-exchanges/#1e942876588e
16  Bitcoin / Bitcoin Discussion / Is it Bitcoin Price Volatility that Really Made Fiverr to Drop Bitcoin? on: February 13, 2017, 06:45:30 PM
Fiverr was one of the few online freelancing sites that accepted bitcoin until this January when they dropped it. The company hasn’t issued a comprehensive statement explaining what informed their decision. However, an article by Themerkle gives bitcoin volatility as the reason.

That raises the question whether Fiverr used a payment processor. If they did then price volatility becomes less of a reason that will make them drop bitcoin.

Maybe someone out there has info about this. Share.
17  Bitcoin / Bitcoin Discussion / Re: Where is the Balance? on: February 10, 2017, 06:24:46 PM
The balance comes when regulators understand the difference between individual users holding their own keys and custodial accounts that hold your money for you ie coinbase.  Custodial accounts will need some form of regulation, Bitcoin itself does not need, and cannot be, regulated.


Very true. If users need to avoid regulators then they will need to avoid custodial accounts. In some instances however, such as moving into and out of bitcoin, isnt easy.
18  Bitcoin / Bitcoin Discussion / Where is the Balance? on: February 09, 2017, 07:04:40 PM
Increasingly businesses are coming under some form of regulatory framework around the globe. For instance, on Wednesday the People’s Bank of China held a meeting with bitcoin exchanges operating the country with the aim of putting new regulations in place to guide them.

Meanwhile, the major selling point of bitcoin has been the privacy that it offers its users. With bitcoin enterprises and activities coming under the focus of regulators, where does the balance for bitcoin enterprises between protecting customers and trying to impress regulators?
19  Bitcoin / Bitcoin Discussion / Someone should Fix Trade Financing Using Blockchain/smart Contract on: February 06, 2017, 02:46:45 PM
Did you know that you may need up to for banks to complete an international trade through trade financing?

1.   An issuing bank-to write a letter of credit (Importer’s bank)

2.   An advising bank –to notify the seller of the payment guarantee (Exporter’s bank)

3.   A nominated bank-to pay the advising bank on behalf of the issuing bank

4.   A confirming bank-to authenticate documents on behalf of the issuing bank and advising bank

We should use the blockchain/smart contracts to make international trade more efficient and less bureaucratic.
20  Economy / Service Discussion / Re: Every Country Needs Bitcoin Payment Processors on: February 03, 2017, 02:01:49 PM
In our country we have two payment processors - Coingate and Spectrocoin. But it's still not become popular. Business are not very intersted to accept bitcoins because they don't know much about it or have negative opinion. And maybe these services are not advertised enough to get attention.


I agree with you. Bitcoin payment processors will only get more business with more business willing to include bitcoin as a payment option for their customers. But that also means that there should be awareness among the population on the benefits or the rise of reasons to use bitcoins such as new laws on currency such as what happened in India recently.
Pages: [1] 2 »
Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!