- Work in progress to apply liquidity-based Exchange limits (there is no limit applied from one wallet to another because this is an internal transfer) – performed; Tests will be done next week
- Compliance platform (not required from the beginning): The platform is expected to operate in mid-September. It is currently in a development state, which has received approval from processes and security controls. , API links to World check and GoAML are provided. It will be audited by the European Agency, so the Exchange company has downloaded the requirements and Risk Scores to integrate into the platform to comply with the requirements. The changes are expected to be completed by the end of next week.
Licensing and IT audit
Waiting for the exact date of the Website Visit will be notified by the CB. When Access to the site is completed and, if all minor details have been removed (ONE is approved), the Exchange company will receive temporary permission, allowing it to begin setup and operation.
Compliance * Country:
This week, the Exchange company continues to send reminders to all countries that have not yet answered the question and will set a deadline.
The exchange also stated that without providing additional clarification on the booking date, they would consider the service allowed and that it was legally protected.
Updated details of the countries will be provided next Friday.
The 2018/843 Directive (EU) revised the so-called 2015/849 Directive (EU) which came into force on July 9, 2018 and EU member states are required to bring the national laws of I match it on January 10, 2020.
In every member state, an inter-ministerial working group has been assembled to make amendments to their national laws regarding electronic money exchange and transfer services.
It is interesting to know what the decision of every country is, even if only an Exchange with an office and address registered in a particular country has to be included in the government register (will be required when national law or other exchanges, not registered in the country but providing exchange and money transfer services on the national market, will be subject to registration. Many governments have not made their decisions on this.
Staying true to our professional acumen, we started an initiative to get in touch with governments beforehand.
According to its Final Directive and Amendment, wallets and money exchanges should also take measures to comply with AML regulations, including the application of internal rules to control and prevent money laundering. risk assessment, setting up procedures and tools to identify and verify their customers, etc.
Guaranteed Deposit is currently being prepared to complete the TPFM (Third Party Fund Management) license application so that the Exchange company can manage all remittance transactions of all exchange customers. . Exchanges are based on existing accounts and wallets and no one has the right to manage these accounts unless a third party fund management license.
- European license:
✓ A criminal report from the police for executive management has been submitted
✓ All documents distributed as SOW (scope of work) have been reviewed and accepted except the list of currencies to be traded on the Exchange platform will be approved after the interview. If the interview is deemed successful, they will require AUDIT Exchange Platform. They have announced that Audit will take place 7 WD after approval.
✓ Payment gateway – will be coordinated with the bank in the form of API code to connect the port that needs to be provided by the bank
✓ A meeting with authorities is scheduled for the end of August 20, 2019. Interpreters are assigned. If this is planned, the Company will be able to initiate Exchange after the designated time and after proper training on the mechanisms, functions and operations of the Trading Platform on the Trading Platform.
! NB If a particular currency does not have the right to be exchanged, traded or provided – it is unusual.
Without permission for a certain currency to trade on an exchange, that exchange can only trade regular cryptocurrencies.
Therefore, once again we would like to remind all of you, you should be extremely cautious in case you are contacted by ambitious businessmen who have recently appeared on the market, offering products Fancy cryptocurrency.
Exchange platforms in 3 steps
The exchange platform will allow all users to exchange as follows:
o Fiat to Fiat (all major currencies) FF
o Fiat cryptocurrencies (All major cryptocurrencies are approved for primary Fiat)
o Fiat to Crypto (All major Fiat against the main approved Cryptos)
o Crypto to Crypto (All major approved cryptocurrencies for approved cryptocurrencies.)