Questions for bitcoin trading company

[bitcoinextw]

Hello buddies,

I have been doing cryptocurrency trading for nearly a year.

Recently I want to build an bitcoin exchange.

I want to set it up in Delaware state of the US.
Does anyone know if I will be required to have Money Service Business(MSB) license or any other licenses if my company operate entirely outside of the US?

and Any formation agents who provide Delaware company & bank account(Europe better) are good and reputated?

 

[diablo]

Why not setup this for instant in Belize or Dubai, I would not setup anything in the US like that! If you read around, USA staretd to tax cryptocurrency / bitcoins which most other countries don't do at the moment at least!

 

[countryfree]

Bitcoin exchange?
Do you mean exchanging cryptocurrencies to other cryptocurrencies, or cryptocurrencies to fiat currencies?
If you want to deal with fiat, get ready for the most stringent regulations.

 

[bitcoinextw]

Bitcoin exchange?
Do you mean exchanging cryptocurrencies to other cryptocurrencies, or cryptocurrencies to fiat currencies?
If you want to deal with fiat, get ready for the most stringent regulations.

also fiat-crypto

 

[countryfree]

I believe you would need that license. And don't expect to register a LLC for cheap.

 

[bitcoinextw]

I believe you would need that license. And don't expect to register a LLC for cheap.

well, such a license for cryptocurrency exchange does not exist in the place i will be operating in. i believe in most of the countries there are no such a license!!

 

[diablo]

All banks will require you to hold a license for your business as soon as you do crypto -> fiat !

 

[countryfree]

And don't forget that when you create a corporation in the US, you register with the IRS. I think that when they see a new company whose purpose is to deal with bitcoin, that rings a bell.
Then, there's the huge problem of finding a bank which will accept to work with you.

 

[negon]

It's a financial service license you need. In the beginning of this year it was very cheap in Belize only $20,000 but that has changed!

 

[bitcoinextw]

It's a financial service license you need. In the beginning of this year it was very cheap in Belize only $20,000 but that has changed!

ohhh... so sad.
How much is it now? Could I apply one myself directly instead through an agent?
Do I still need that license if I operate the financial service entirely outside of Belize?

Thank you~

 

[negon]

yes it is required, I think it is aprox USD 500,000 now, I'm not sure, will have to digg a little around to see what the requirements are now.

here are some more details:
Requirements:

Below are the requirements for applying for a Forex or Securities Trading License from the IFSC:

1. The application must be submitted in the prescribed form.

2. Biographical Affidavit of each proposed director, shareholder and officer must be sworn on oath and submitted. (All degrees and qualifications must accompany the affidavits)

3. Curriculum Vitae- for each director, shareholder and officer of the company.

4. Five year business plan - Belize’s IFSC is naturally keen to protect the jurisdiction’s reputation. They will review each application on its merits and will license only serious and professionally managed businesses.

Business Plan should be detailed and well-presented in English including information on the principals and their experience, the technology platform to be used, professionals retained by the company such as accountants and auditors, the marketing plan, AML/KYC Policy and financial projections and all other relevant information. We prefer that this business plan is prepared by you the client, since you are the one who knows your business best and can therefore describe it best.

In some cases we may be able to help with drafting the business plan, but this service is chargeable extra depending on the work involved and is not included in the fee we charge for handling the license application.

5. Copy of share certificate(s) showing all shares in the company have been issued.

6. Evidence of the minimum paid up capital must be provided. In the case of a Forex and Securities Trading License, this shall be US$100,000 held in a term deposit with designated Bank which shall remain unimpaired for the duration of the license. (this requirement can be met after IFSC has approved the application and requests collateral confirmation to finalize the process)

7. The Directors and Shareholders of the company will need to be available for visits with the Director General for interviews on the matter

8. IFSC may request additional documents after reviewing the license application.

 

[Milky Moon]

No need to spend 500k, you can do the same (and more for about 100k in CH).

 

[diablo]

No need to spend 500k, you can do the same (and more for about 100k in CH).

In CH where is that ?