The relationship between the cryptocurrency industry and financial services

Observers of the cryptocurrency and innovative financial services market have been able to see for many years that financial regulators are not all [...] https://www.pinterest.com/pin/1085437947660215829/

Observers of the market for cryptocurrencies and innovative financial services for many years already could see that the financial supervisory authorities do not like everything, and the legislation does not provide answers to the state of affairs. The problems stemmed from the lack of competence of the relevant authorities, which may have originated in the decision of the legislature not to take the legislative initiative too early - especially since the common financial market and the very structure of the EU not infrequently limit the role of the national legislator to the implementation of Community regulations. They could also have resulted from a lack of will to study a still rather exotic industry and scepticism towards it, which resounded in the positions of banks or supervisory authorities." A not infrequently used argument was simply that if cryptocurrency is not a means of money, it should not be subject to the regulations that apply to it. However, it didn't take much thought to see that the reality of crypto, so far, is inextricably linked to traditional money, and this is where issues such as: The storage by exchanges of virtual currencies of money intended for the purchase of crypto and the related service of maintaining an account for the client (this is possible when the funds collected do not exceed 2000 euros); Execution of remittances by the exchanges; The statute of the institution obliged under the anti-money laundering law and a number of resulting statutory obligations, such as KYC (as an aside, I note that some entities in the market sought to civilize the industry and carried out the process of identifying the client even before the statutory obligations came into force). These issues allow us to understand that technological solutions on blockchain will overwhelmingly concern payment services, securities or public issuance, which will consequently lead our start-up to the financial supervisory authority in terms of notification obligations or being subject to the control of these authorities. Finally, what is this MIP? When we reach into the law: the answer - seems to be insanely easy! It seems so, because in Art. 2 par. 17 b we will find a legal definition of MIP, which states that: a small payment institution - means a natural person, a legal person and an organizational unit which is not a legal person and which is granted legal capacity by the law, registered in the register, with [...] [...] [...] [...] [...] [...] [...] [...] [...] [...] [...] [...] [...] [...] [...] [...] [...]