anchor_legal_setup
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anchor_legal_setup [2017/06/10 06:47] sacarlson [Need To Get License & Pay Fees (USA)] |
anchor_legal_setup [2018/07/27 02:40] (current) sacarlson |
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| You will also note in this thread https://www.fincen.gov/resources/statutes-regulations/guidance/interagency-interpretive-guidance-providing-banking that the threshold to even require getting a license as a Money Service Business is transactions of more than $1000 USD per day to any single person. I didn't see any limit on the number of people you can deal with in a day but in other documents I see a threshold of $50,000 USD per year mentioned. | You will also note in this thread https://www.fincen.gov/resources/statutes-regulations/guidance/interagency-interpretive-guidance-providing-banking that the threshold to even require getting a license as a Money Service Business is transactions of more than $1000 USD per day to any single person. I didn't see any limit on the number of people you can deal with in a day but in other documents I see a threshold of $50,000 USD per year mentioned. | ||
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| + | "Under existing Bank Secrecy Act regulations, FinCEN has defined money services businesses to include five distinct types of financial services providers and the U.S. Postal Service: (1) currency dealers or exchangers; (2) check cashers; (3) issuers of traveler’s checks, money orders, or stored value; (4) sellers or redeemers of traveler's checks, money orders, or stored value; and (5) money transmitters. **There is a threshold requirement for businesses in the first four categories – a business that engages in such transactions will not be considered a money services business if it does not engage in such transactions in an amount greater that $1,000 for any person on any day in one or more transactions.** See 31 CFR 103.11(uu)." | ||
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| + | From Brayan M: | ||
| + | "Thanks sacarlson, I copied the info above and also Maryland's non-regulation document (http://www.dllr.maryland.gov/finance/advisories/advisoryvirtual.pdf) of virtual currencies and that it is not legal tender for future reference to inform members. Misinformation gets under my skin so this will be very helpful to correct members." Note you should be aware of in that pdf file: **CURRENTLY, MARYLAND DOES NOT | ||
| + | REGULATE VIRTUAL CURRENCIES.** | ||
| Form to 107 for Registration of Money Service Business for fincen: https://www.pdffiller.com/jsfiller/?projectId=118033951#41b91f23d1ea4d7dbf1a3a1a34bc05d0 | Form to 107 for Registration of Money Service Business for fincen: https://www.pdffiller.com/jsfiller/?projectId=118033951#41b91f23d1ea4d7dbf1a3a1a34bc05d0 | ||
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| + | ==== Need To Get License & Pay Fees (Thailand) ==== | ||
| + | In Thailand now they are becoming more accepting of crypto currency and have started publishing regulations that should make it possible to become fully legal at larger scales at some point. This article points out the beginning of that path. | ||
| + | https://www.sec.or.th/en/Pages/News/Detail_News.aspx?tg=NEWS&lg=en&news_no=50&news_yy=2018 | ||
| === In United Kingdom (UK) === | === In United Kingdom (UK) === | ||
| As stated each country is different. To get an idea of how different or similar it is here is a link that demonstrates what's needed in the UK to become a money exchange dealer: https://www.theguardian.com/money/2010/dec/11/foreign-currency-dealer. Many factors look to be about the same just different forms to fill out at different agencies with different fee's and costs. | As stated each country is different. To get an idea of how different or similar it is here is a link that demonstrates what's needed in the UK to become a money exchange dealer: https://www.theguardian.com/money/2010/dec/11/foreign-currency-dealer. Many factors look to be about the same just different forms to fill out at different agencies with different fee's and costs. | ||
anchor_legal_setup.1497077270.txt.gz · Last modified: 2017/06/10 06:47 by sacarlson
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