Coinsecure almost ready to launch!

[Benson Samuel]

Your founder said on July 22nd '14 "We are working with the regulators to make Bitcoins work in India".

Is it any status has changed after July 22nd'14.

We have a lot of legal clarity now compared to back then.
And yes, we are talking to people and departments, who we find relevant towards other licences needed.
These details will be disclosed a lot later though as we need to test several of the legal opinions that we have received

Seems you are launching while testing the regulatory/legal framework.Then your CEO statement is wrong " We won't launch until we succeed," said Kalra.

We are not launching with live money at the moment, although it is a mere formality to acknowledge that is our path. When we do, we will have sufficient backing/ literature/ terms, etc on our website to answer most of your questions.

Our aim is still to educate and involve people from across India to learn about and enable themselves with Bitcoin.

[ctptosec]

Which regulatory body gave approval to you? If you disclose then good for the Bitcoin community.

There is no regulatory body to approve of anything. Else, I would have disclosed to the Bitcoin Community.
Just get a rock solid Lawyer, and get your framework in place. No one is going to look at regulating Bitcoin until it grows a lot larger.

Regulatory bodies in India ; http://en.wikipedia.org/wiki/List_of_regulators_in_India

related to Bitcoin. Do find one for me on that list.

You may get approval from Forward Markets Commission,Securities and Exchange Board of India and Reserve Bank of India.

[Benson Samuel]

Which regulatory body gave approval to you? If you disclose then good for the Bitcoin community.

There is no regulatory body to approve of anything. Else, I would have disclosed to the Bitcoin Community.
Just get a rock solid Lawyer, and get your framework in place. No one is going to look at regulating Bitcoin until it grows a lot larger.

Regulatory bodies in India ; http://en.wikipedia.org/wiki/List_of_regulators_in_India

related to Bitcoin. Do find one for me on that list.

You may get approval from Forward Markets Commission,Securities and Exchange Board of India and Reserve Bank of India.

We have been advised on the correct routes to take and will take your advice into consideration.

[ctptosec]

Which regulatory body gave approval to you? If you disclose then good for the Bitcoin community.

There is no regulatory body to approve of anything. Else, I would have disclosed to the Bitcoin Community.
Just get a rock solid Lawyer, and get your framework in place. No one is going to look at regulating Bitcoin until it grows a lot larger.

Regulatory bodies in India ; http://en.wikipedia.org/wiki/List_of_regulators_in_India

related to Bitcoin. Do find one for me on that list.

You may get approval from Forward Markets Commission,Securities and Exchange Board of India and Reserve Bank of India.

We have been advised on the correct routes to take and will take your advice into consideration.

All Bitcoin operators are the same( including you).Every one testing the legal/regulatory framework.Atleast Unocoin is better, they come up openly with senior Legal councel Mr.Nishant Desai and gave clarity on Bitcoin and Bitcoin legal status in India.

[Equate]

Good luck with the project Benson ...Keep us updated.

[Benson Samuel]

Good luck with the project Benson ...Keep us updated.

Will do! trying hard to ensure that everything is covered!

[deadley]

Which regulatory body gave approval to you? If you disclose then good for the Bitcoin community.

There is no regulatory body to approve of anything. Else, I would have disclosed to the Bitcoin Community.
Just get a rock solid Lawyer, and get your framework in place. No one is going to look at regulating Bitcoin until it grows a lot larger.

Regulatory bodies in India ; http://en.wikipedia.org/wiki/List_of_regulators_in_India

related to Bitcoin. Do find one for me on that list.

You may get approval from Forward Markets Commission,Securities and Exchange Board of India and Reserve Bank of India.

Lol, if you don't know about how and who is main regulator. FMC is regulator for Commodity exchange and SEBI is Stock Exchange.

Bitcoin neither belong to commodity nor stock/share. Why they will give approval for trade.

[ctptosec]

Which regulatory body gave approval to you? If you disclose then good for the Bitcoin community.

There is no regulatory body to approve of anything. Else, I would have disclosed to the Bitcoin Community.
Just get a rock solid Lawyer, and get your framework in place. No one is going to look at regulating Bitcoin until it grows a lot larger.

Regulatory bodies in India ; http://en.wikipedia.org/wiki/List_of_regulators_in_India

related to Bitcoin. Do find one for me on that list.

You may get approval from Forward Markets Commission,Securities and Exchange Board of India and Reserve Bank of India.

Lol, if you don't know about how and who is main regulator. FMC is regulator for Commodity exchange and SEBI is Stock Exchange.

Bitcoin neither belong to commodity nor stock/share. Why they will give approval for trade.

In Singappre Bitcoin has regulated under commodity markets ; In Newyork Bitcoin has regulated under Money changers, which is comes under central bank;some of the European countries Bitcoin consider as a financial instrument/stocks/securities for tax purpose.Coinsecure CEO said , he is keep in tocuh with regulated bodies.
If they approach to FMC, what is FMC  stand/what the FMC replied?
If they approach to SEBI, what is SEBI stand/What the SEBI replied?
If they approach to RBI, what is RBI stand/What the RBI replied?

[kingkedi]

hi,i have doubt currently if we use bitocin will it a violation? any updates please answer

[Benson Samuel]

Which regulatory body gave approval to you? If you disclose then good for the Bitcoin community.

There is no regulatory body to approve of anything. Else, I would have disclosed to the Bitcoin Community.
Just get a rock solid Lawyer, and get your framework in place. No one is going to look at regulating Bitcoin until it grows a lot larger.

Regulatory bodies in India ; http://en.wikipedia.org/wiki/List_of_regulators_in_India

related to Bitcoin. Do find one for me on that list.

You may get approval from Forward Markets Commission,Securities and Exchange Board of India and Reserve Bank of India.

Lol, if you don't know about how and who is main regulator. FMC is regulator for Commodity exchange and SEBI is Stock Exchange.

Bitcoin neither belong to commodity nor stock/share. Why they will give approval for trade.

In Singappre Bitcoin has regulated under commodity markets ; In Newyork Bitcoin has regulated under Money changers, which is comes under central bank;some of the European countries Bitcoin consider as a financial instrument/stocks/securities for tax purpose.Coinsecure CEO said , he is keep in tocuh with regulated bodies.
If they approach to FMC, what is FMC  stand/what the FMC replied?
If they approach to SEBI, what is SEBI stand/What the SEBI replied?
If they approach to RBI, what is RBI stand/What the RBI replied?

There is no need for us to disclose any of these details until we test them and know that we are on the right track, else we end up misleading a lot of other people in its wake.

[Benson Samuel]

hi,i have doubt currently if we use bitocin will it a violation? any updates please answer

Nope, there are no regulations around Bitcoin, apart from the way you use them.

[buysellbitcoin]

Which regulatory body gave approval to you? If you disclose then good for the Bitcoin community.

There is no regulatory body to approve of anything. Else, I would have disclosed to the Bitcoin Community.
Just get a rock solid Lawyer, and get your framework in place. No one is going to look at regulating Bitcoin until it grows a lot larger.

Regulatory bodies in India ; http://en.wikipedia.org/wiki/List_of_regulators_in_India

related to Bitcoin. Do find one for me on that list.

You may get approval from Forward Markets Commission,Securities and Exchange Board of India and Reserve Bank of India.

Lol, if you don't know about how and who is main regulator. FMC is regulator for Commodity exchange and SEBI is Stock Exchange.

Bitcoin neither belong to commodity nor stock/share. Why they will give approval for trade.

In Singappre Bitcoin has regulated under commodity markets ; In Newyork Bitcoin has regulated under Money changers, which is comes under central bank;some of the European countries Bitcoin consider as a financial instrument/stocks/securities for tax purpose.Coinsecure CEO said , he is keep in tocuh with regulated bodies.
If they approach to FMC, what is FMC  stand/what the FMC replied?
If they approach to SEBI, what is SEBI stand/What the SEBI replied?
If they approach to RBI, what is RBI stand/What the RBI replied?

RBI clearly stated that they are learning about Bitcoins and as of now its kind of no stand. Working with regulators and authorities does not mean that you go and ask for licenses for NBFCs, Exchange under FMCs and all the acronym body names that exist on planet. Until there is clear cut regulations you have to make sure  that your business model is built around common best practices and KYC AML norms. At the moment there is no regulatory authority for Bitcoin and neither you, me or any one on this forum can decide who will regulate Bitcoin. This is prerogative of Finance Ministry, RBI and may be SEBI. Let them study it and decide on it.

All we can do is talk to legal counsel and make sure our business model is built around best practices. At the moment Bitcoin is not covered by any law is general perception, which is very wrong. Bitcoin may or may not be covered by any law but your actions and the way you use it is covered  by existing laws. So if you plan to run some online gambling site with Bitcoin saying Bitcoin is not covered under law is not going to work, but again I am not lawyer and take legal counsel before making any decisions.

All we all should do is take current problems in current system and see how we can make a use case scenario where we can solve existing problems with this awesome, brilliant technology. Working with regulators should be done by lawyers only and who understand law and everyone here should refrain from making assumptions as laws about Bitcoin. If you are Bitcoin business than your responsibility is much higher.

On a side note, CoinSecure is looking good and I will ask them to run it in Beta or testnet for some time. It will help people understand their system better. In any case we need a liquid exchange and will support all serious efforts may it be coinsecure, Uncoin or BtcxIndia. As far as compliance concerns I will leave it to their lawyers.

Regards
 

[Benson Samuel]

Its definitely on a Beta for a while. The screenshots should also show a 't' after the BTC or INR symbol to depict test money.

[buysellbitcoin]

Its definitely on a Beta for a while. The screenshots should also show a 't' after the BTC or INR symbol to depict test money.

Will copy this idea for Zebpay testnet

Regards

[Benson Samuel]

Its definitely on a Beta for a while. The screenshots should also show a 't' after the BTC or INR symbol to depict test money.

Will copy this idea for Zebpay testnet

Regards

Lol, sure!! That's looking real sweet.

[deadley]

Which regulatory body gave approval to you? If you disclose then good for the Bitcoin community.

There is no regulatory body to approve of anything. Else, I would have disclosed to the Bitcoin Community.
Just get a rock solid Lawyer, and get your framework in place. No one is going to look at regulating Bitcoin until it grows a lot larger.

Regulatory bodies in India ; http://en.wikipedia.org/wiki/List_of_regulators_in_India

related to Bitcoin. Do find one for me on that list.

You may get approval from Forward Markets Commission,Securities and Exchange Board of India and Reserve Bank of India.

Lol, if you don't know about how and who is main regulator. FMC is regulator for Commodity exchange and SEBI is Stock Exchange.

Bitcoin neither belong to commodity nor stock/share. Why they will give approval for trade.

In Singappre Bitcoin has regulated under commodity markets ; In Newyork Bitcoin has regulated under Money changers, which is comes under central bank;some of the European countries Bitcoin consider as a financial instrument/stocks/securities for tax purpose.Coinsecure CEO said , he is keep in tocuh with regulated bodies.
If they approach to FMC, what is FMC  stand/what the FMC replied?
If they approach to SEBI, what is SEBI stand/What the SEBI replied?
If they approach to RBI, what is RBI stand/What the RBI replied?

If you are forgetting Indian rule is very strict and different then Singapore or USA.

Our govt still not open minded on these kind instruments. 

Regulator regulate after govt. allow them to regulate not alone they can do anything every regulator has there restriction.

[polynesia]

At first, I must admit that I am a bit technologically challenged.

Can we try this on any OS on a smartphone as well as on a computer?

Yeah, the UI is designed to work smoothly on any device browser.
It does look and work at its best on Tablets or 15''+ desktops.
Some images with test data

We should dive into Native mobile apps for this quite soon.

I will be sending out some signup verification's later today.

Thanks for the information Benson.
What information would be required for the signup verification?
Since this is just the beta phase, would you require KYC information / mobile numbers?

[Benson Samuel]

At first, I must admit that I am a bit technologically challenged.

Can we try this on any OS on a smartphone as well as on a computer?

Yeah, the UI is designed to work smoothly on any device browser.
It does look and work at its best on Tablets or 15''+ desktops.
Some images with test data

We should dive into Native mobile apps for this quite soon.

I will be sending out some signup verification's later today.

Thanks for the information Benson.
What information would be required for the signup verification?
Since this is just the beta phase, would you require KYC information / mobile numbers?

No KYC at the moment. Just username, password signup.
We hoping to extend KYC to all Indian registrations by the 15th of December.