Our valued sponsor

PSP asked me for a legal opinion - Who can help me?

AndersonSilva

AndersonSilva

Active Member
May 5, 2019
53
10
8
#1
Register now
You must login or register to view hidden content on this page.
Hey there,


I want to start CC processing and PSP asked me for a legal opinion.


Who should I ask for it? I have a crypto exchange and forex brokerage.


Someone can recommend a good lawyer that can do it?


Thanks!!
 
#2
Under card scheme regulations, you need to show a legal opinion for every country where you offer your services. The legal opinion must be from a reputable law firm and state that what you are doing is allowed under local law.

Your options are to go find lawyers or go find another processor. Some have pre-approved legal opinions.
 
#3
You need to conuslt a local lawyer that is willing to write a legal opinion. Otherwise you will need someone that can fake it, that may work as well for most PSP's

You can find guys here on the forum that may be able to help.
 
  • Like
Reactions: Joe Blasco
#4
Sols said:
Under card scheme regulations, you need to show a legal opinion for every country where you offer your services. The legal opinion must be from a reputable law firm and state that what you are doing is allowed under local law.

Your options are to go find lawyers or go find another processor. Some have pre-approved legal opinions.
Click to expand...


There is a lawyer that has a connection with law firms in every relevant country that can do it? or a company that does it? I found a company that does it but only for crypto companies.
 
#5
Usually it is a local lawyer that has to look into your business and write this letter. The lawyer will have some sort of responsibility towards the PSP's and who else so this letter may cost some money and some lawyers will even refuse to give you such if they can't understand the business.
 
#6
AndersonSilva said:
There is a lawyer that has a connection with law firms in every relevant country that can do it? or a company that does it? I found a company that does it but only for crypto companies.
Click to expand...
You need to find a law firm in every country, so you can either go to an international firm that's present in several jurisdictions and ask them, or you can research law firms in every country.
 
#7
A International law firm will do it. I have used it a few times where it was required and the payment provider was fine with it.
 
#8
Sometimes actually, legal opinion only from the country of incorporation is enough for PSPs. If it’s offshore - no problem to get it. And also, most of the PSPs when it comes to the LO for the countries will not request them from all the countries. If you don’t target countries where crypto is banned (like France for example), they can accept you with 3-4 LO provided
 
  • Like
Reactions: JohnLocke
#12
First of all I would like to know what payment processor this is? otherwise I would suggest you to ask the PSP if they require for every country or if one legal opinion in English is sufficient.

It is a Londo law firm I have been using in the past.
 
#15
I'm in the same boat as you and I'm getting quoted ridiculous amounts of money (2k$+ per country) for that BS.
If anybody has a solution for this, i'd be very glad to hear it.

P.S. Since I do know a few high-ranking insiders at a couple of PSP's I found out it's not up to them and it's some VISA/MC bulls**t which they make them do or VISA / MC fine the PSP or revoke their membership.
 
#16
same. What about faking? Does someone know more about it?
 
Register now
You must login or register to view hidden content on this page.
You must log in or register to reply here.

Forum Announcement

Latest Threads

Offshore Bank Accounts
Top Bottom
Back