[ANN] Tua.co.nz - the easiest way to buy and sell bitcoin in New Zealand

[byzantine]

Announcing the easiest way to buy and sell bitcoin in NZ, Tua.co.nz

EDIT: Due to low revenue and poor market fit, it's with great regret we've had to shut down Tua.co.nz

• Trade between XBT and NZD
• Instant verification
• Free deposits & withdrawals
• Volume-based trading fees
• Funds held securely offline
• Responsive support

Questions?
reply to this post
Email: support@tua.co.nz
Twitter: @tua_nz

[greenbone]

cool. anything is better than the available options right now  

hopefully some good competition will boost the typically low NZ volumes

important question for me: are you going to allow online deposits?

[loceff13]

I assume they won't given fraud concerns

[claycoins]

cool, will be good to have another alternative for trading.

[LennonNZ]

Hi there.

Can you let us know what security you have in place with the system you are using for trading?

[byzantine]

greenbone & loceff13:
Regarding being able to deposit via online banking, this is something that we're still working out; we'll be looking very carefully at the model used by Coinjar.io [http://blog.coinjar.io/2013/08/19/identification-requirements-deposit-limits/] and the measures they've put in place to protect both themselves and their customers from fraud without unnecessarily compromising usability.

LennonNZ:
HTTP connections secured via SSL, accounts protected with two factor authentication, passwords stored properly etc.  We're actively working on a security model and will be following industry best practice where applicable.  We'll also be studying the example set by those in the bitcoin industry who have come up against the same problems already:
http://support.coinbase.com/customer/portal/articles/628970-how-do-i-know-you-won-t-get-hacked-
http://blog.coinbase.com/post/33197656699/coinbase-now-storing-87-of-customer-funds-offline

There's still a lot of hard work ahead, but a company blog should be up in the coming months to keep you informed.  Stay tuned!

[LennonNZ]

I presume with the .nz domain name you are in New Zealand. (I'm in NZ)

Are you a proper company or an individual?

Can you explain what laws existing in NZ concerning basically trading money in New Zealand and if there are any regulations concerning it /authorities you must report to?

[Ch33s3mast3r]

Awesome stuff! Always nice to see some new exchanges in NZ

Looking forward to trading with you

[byzantine]

We're a core team of three based in Auckland with a number of other individuals in advisory roles.

A solicitor has been engaged to navigate the legal territory and ensure the business is setup properly.  Assuming there are no unforeseen landmines, we're here to stay and compliance will be key to that.

The main point of this early announcement is to learn all we can from you, our potential customers.  As someone living in NZ, how do you normally buy and sell bitcoin - Localbitcoins, Bitnz, Bitstamp, etc?  What can we do to make you switch and love us? 

[greenbone]

ive previously used bittinovate and bitnz, both were limited to over-the-counter cash deposits. it just seems archaic and counter-intuitive, plus it took 3 business days to clear with bitnz

i'm hoping the legalities of electronic depositing can be worked out, and im pretty confident that the first nz exchange to implement online deposits or some similar form of easy electronic deposit, will dominate

[balanghai]

great innovation for the kiwis! 

[soundasleep]

Looking awesome. Can you add an API to get orderbook/last/high/low/volume etc data? That's a feature BitNZ really needs. Once you're up and running I'll add you to CryptFolio

How are you dealing with legal requirements etc? What forms of ID will you be requiring? Is this a registered company? etc. I assume you won't be accepting online deposits because of the risk of chargeback.

[byzantine]

Hi all

Tua will be run as a registered business or not at all.  I've just spent today with a solicitor discussing regulatory issues, compliance, taxation etc. 
I have no interest in being anything less than 100% above board and legit.

The first step is contacting various government departments for guidance on which business category to use.  Thereafter, it'll be carefully checking out the applicable rules and regulations.  Once that's clear, we'll be able to register the business having a better idea of the requirements we (and our customers) will have to meet.

It's too early at this stage to say whether we'll be able to accept online deposits; if we do, it will almost certainly follow the example of Coinbase or Coinjar.io: http://blog.coinjar.io/2013/08/19/identification-requirements-deposit-limits/

It's no fun jumping through legal hoops, but it's necessary to cover ourselves from downstream problems.
Having said all that, please keep the feedback coming!  You guys inspire and motivate us!


for those on /r/NZBitcoin, I'm byzantime

[Faraday]

I am curious as to how you plan to comply with the new AML laws, maybe I am mistaken but do they not require you to identify all your customers in person?

[byzantine]

Hi Faraday

The DIA has a helpful page here: http://www.dia.govt.nz/diawebsite.nsf/wpg_URL/Services-Anti-Money-Laundering-Codes-of-Practice-and-Guidelines
...and the following document, which provides more detailed information:
http://www.dia.govt.nz/Pubforms.nsf/URL/AMLCFT_IdentityVerificationCodeofPractice2011.pdf/$file/AMLCFT_IdentityVerificationCodeofPractice2011.pdf

Just to quote a few parts:

Complying with a code of practice is not mandatory. The AML/CFT regime allows for flexibility and scope for innovation because reporting entities can opt out of a code of practice. However, if fully complied with, codes of practice operate as a ‘safe harbour’.

...and in section 7 of "PART 1: DOCUMENTARY IDENTITY VERIFICATION", it contains the following:

In all instances where documentary verification is being used a reporting entity should verify the identity of the customer:
a) face to face; or by
b) copies of documents provided that are certified by a trusted referee.

Having no particular desire to compare faces to mugshots all day, I can safely say we'd be going for option b.

It's still far too early to make any definite statements regarding AML policy, etc, but in the immortal words of btcx from Kraken - "Lube up—this is going to be no different than opening a bank account".

[felix123]

Any chance of integrating RealMe for AMLKYC? I signed up on the first week of RealMe and is looking to use it for something.

[byzantine]

Quick update:

What we've been up to recently:

• We're now a registered business in NZ (Tua Ltd), and plan to launch end of March.
• Developing the exchange.  It's around 80% there, with user authentication, settings (bitcoin denomination switch!), security features (two-factor authentication, email withdrawal confirmation) orderbook and order placing all implemented, among other things.
• Working on being NZ's first fully-compliant bitcoin exchange.  Last week we had a very helpful meeting with the Department of Internal Affairs for advice on AML/CFT compliance, and to get to know each other.
• Building a secure, stable and responsive hosting environment for the exchange, trading engine, db, hot wallet etc.
• We're also now on twitter, so feel free to hit us up: https://twitter.com/tua_nz

felix123: We'd like to integrate with RealMe, because it simplifies the Customer Due Diligence part of AML regulations.  In order to meet the March deadline however, the focus is currently on shipping a simple, secure and functional exchange, then iterating from there based on customer feedback.

[byzantine]

Quick update:

Tua Ltd is now a registered Financial Service Provider and member of a dispute resolution scheme.
The purpose of the scheme is to offer our customers a greater level of confidence and protection when dealing us and provide an avenue for redress if a dispute arises.

For more information see:
http://www.business.govt.nz/fsp/app/ui/fsp/version/searchSummaryCompanyFSP/FSP351046/2.do

...and:
http://www.business.govt.nz/fsp/about-the-fspr/what-is-the-fspr

[byzantine]

We've now launched and trading is live.  We're always looking for ways to improve our service, so if you see something you think we could do better, please reply or email.

AML/CFT Compliance
Just like opening a bank account, the law requires we know who you are and where you are. We currently only accept customers with verified ID and proof of address.
We use a NZ based 3rd party provider for electronic identity verification. If you are unable to be verified, please get in touch.

Fees
Trading fees start at .45% and scale down to .2% based on your 30-day trading volume.
There are no fees for depositing or withdrawing NZD or bitcoin.

Privacy policy
User agreement

Sign up for an account at https://tua.co.nz/