[ANN] Announcing the first Bitcoin Exchange In Pakistan

panju1

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Re: [ANN] Announcing the first Bitcoin Exchange In Pakistan

October 17, 2014, 04:31:35 PM

#21

Quote from: pawel7777 on October 16, 2014, 10:31:11 AM

Quote from: urdubit on October 16, 2014, 04:19:29 AM

Quote from: panju1 on October 16, 2014, 01:25:44 AM

Quote from: cinder on October 15, 2014, 03:23:02 AM

Is it licensed?

If bitcoin is not considered as a currency / security, do you need a licence?
It could be considered as an e-marketplace, where people just buy and sell an asset.

I have been in-conversation regarding this matter with Tax Consultants. As you mentioned above its not considered a currency. And as per current laws if there is no law on a matter the law of India will be followed. Since there is currently no Law in India on the matter we stand the same. The Reserve Bank Of India has cautioned people to be careful on investing in bitcoins. We might go ahead and register as a company in the e-marketplace.

Bitcoin being an asset is one thing, but this type of business means you'll be holding (fiat) money on behalf of your customers (and also their assets - BTC). So it's a bit more than just selling bitcoins online.

Have you consider enquiring directly to the relevant authority, just to be on the safe side?

Does it have to hold fiat on behalf of its customers?

pawel7777

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Re: [ANN] Announcing the first Bitcoin Exchange In Pakistan

October 17, 2014, 07:12:50 PM

#22

Quote from: panju1 on October 17, 2014, 04:31:35 PM

Does it have to hold fiat on behalf of its customers?

They could sell their own BTC, or buy with their own fiat, but in case of peer 2 peer exchange - yes, they do have to hold on customers' behalf.

.
.^HUGE.

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DhaniBoy

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Re: [ANN] Announcing the first Bitcoin Exchange In Pakistan

October 19, 2014, 10:27:06 AM

#23

I hope bitcoin in pakistan can develop well, their infrastructure was expected to have a very qualified, human resources it had been able to use bitcoin as a means of transaction, while the internet as the life of bitcoin should always be active, electricity must always have a back up if there is local power outages from ... Roll Eyes

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pattu1

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Re: [ANN] Announcing the first Bitcoin Exchange In Pakistan

October 20, 2014, 12:39:02 AM

#24

Quote from: DhaniBoy on October 19, 2014, 10:27:06 AM

I hope bitcoin in pakistan can develop well, their infrastructure was expected to have a very qualified, human resources it had been able to use bitcoin as a means of transaction, while the internet as the life of bitcoin should always be active, electricity must always have a back up if there is local power outages from ... Roll Eyes

Bitcoin in general can be sent from a mobile phone as well.
So local power outages, while irritating, will not result in the bitcoin world coming crashing down.