One of the FAQs I get all them time is “how long does it take to get a financial license” and “what can I do to make it faster”? Someone even texted me “what can I do to get a license in 3 months” 🤣 An average payments or e-money license Read more…
Photo by Emma Matthews on Unsplash​​Let’s face it, due diligence processes are overwhelming: They never end, ​you feel like you are going over the same items for a thousand times, ​nobody is listening to what you say and if they do, they find obscure ways to turn it against you Read more…
First important point – FATF guidelines are NOT for companies or businesses or private sector, they target national authorities of FATF member countries. Which means, until FATF recommendations are implemented into the national law, they are not binding. So – What Needs to Change in the National Legislation?VASPs (Virtual Asset Service Read more…
Photo by Aslı Yılmaz on UnsplashI sometimes feel that confusions and misperceptions about passporting of financial licenses across EU/EEA is an ever-growing bubble.​Today, we will burst this bubble once and for all!Passporting is a formal recognition of your company’s rights to operate freely in any EEA country (where you are Read more…
If your FinTech startup is in the process of applying for the bank account opening or preparing for partner due diligence, you will need to produce and submit TONS of documents! To help you navigate the process and make it a bit easier for you, we created a FREE Read more…
It is not uncommon to see regulatory requests for cryptocurrency-focused businesses to split activities into 2 parts: regulated and non-regulated. For example, the licensed (e.g. regulated) entity may be dedicated to operations with fiat funds and fiat deposits, and non-regulated entity would be facilitating transactions with cryptocurrencies or managing Read more…
Regulator provided clear distinction between e-money (formerly stored value) and digital payments tokens. Digital payment token: Expressed as a unit Not denominated as a currency and isn’t pegged to one Is / will be a medium of exchange, will be accepted as payment for goods and services OR debt Read more…
My biggest takeaway from reading the Liechtenstein Blockchain (they named it “TT” for “trustworthy technology” – to ensure that the law is technology-neutral) Act draft version is that many of its provisions make a lot of sense. I really liked how a token is defined as a representation of any Read more…
On January 1st, 2019 a new license type will become available to FinTech companies established in Switzerland. This so-called FinTech Authorization was introduced as an amendment to the Swiss Banking Act on June 15th, 2018, and has now come into force. In summary, if the number of clients’ funds accepted Read more…
