Update: Since the initial tweet, a founding partner at Primitive Ventures, Dovey Wan, has posted some additional information regarding the claims. There have been reports that cryptocurrency exchanges in China will soon be legal and regulated.
A leak of one of the issued licenses circulated online today. It is the first time we have seen such a document coming from China which may indicate that the government will soon be licensing exchanges. This is a real photo of a "cryptocurrency trading license of the People's Republic of China". What will the market respond in the coming month? It is a term that we have seen mentioned by Binance, OKEx, and others.
This particular license seems to be for a digital asset trading service based in Guangdong. Millions of blockchain-based invoices have been sent out this year as part of an experiment in the city which now seems to be state policy. Cryptocurrency exchanges have essentially been banned in China since late , with the country preventing many financial institutions from working with Bitcoin. As of now, it is still unclear what the purpose of the office will be.
This would make Binance one of the first exchanges to be formally licensed in the country. As of now, there is no official statement affirming the new policy towards cryptocurrency exchanges in China. We may not even hear concrete details until next year. For now, there are only rumors and, as plausible as they are, we will have to wait for an official announcement to confirm. Did you know you can trade sign-up to trade Bitcoin and many leading altcoins with a multiplier of up to x on a safe and secure exchange with the lowest fees — with only an email address?
Well, now you do! Click here to get started on StormGain! Raised in the U. S, Lucian graduated with a BA in economic history. An accomplished freelance journalist, he specializes in writing about the cryptocurrency space and the digital '4th industrial revolution' we find ourselves in. BeInCrypto provides an inside perspective on the latest trends in an emerging market while keeping our audience abreast of the hottest news, as it breaks.
Our only goal is to provide you — the reader — with important information, and we would never insult your intelligence by publishing unlabeled promotional material. Hong Kong.
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That being said, we always encourage and urge readers to conduct their own research in relation to any claims made in this article. This article is intended as news or presented for informational purposes only. The topic of the article and information provided could potentially impact the value of a digital asset or cryptocurrency but is never intended to do so.
Likewise, the content of the article and information provided within is not intended to, and does not, present sufficient information for the purposes of making a financial decision or investment.
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The cryptocurrency trend is moving forward at a full pace. New crypto businesses are popping up everywhere. One of the biggest trends and business opportunities seems to be a cryptocurrency exchange, especially as some countries are banning or have already banned the business model, which gives opportunities for the newcomers. If and when you want to start a cryptocurrency exchange, there are different factors that you need to consider. First, it takes a certain amount of capital.
The cryptocurrency trend is moving forward at a full pace. New crypto businesses are popping d. One of the biggest trends and business opportunities seems to be a cryptocurrency exchange, especially as some countries are banning or have already banned the business model, which gives opportunities for the newcomers. If and when you want to start a cryptocurrency exchange, there are different factors that you need to consider. First, it takes a certain amount of capital.
It cannot be done successfully with a very little budget, nor yave can be done by one man team. You need the tech staff and the software solution, be it a white label or developed in-house. Both options may work out fine, and both options require investment.
You cannot serve Chinese clients without Chinese customer support. In the same way, you cannot market to China market without China marketing expertise. Then there are regulatory matters.
You need to decide where your fo exchange will be licensed and where the legal entity will be registered.
Estonia is also one of the few countries that have a specific license issued for cryptocurrency exchanges. This means there are no uncertainties towards the business model. To set up a cryptocurrency exchange in Estonia you need to obtain the activity license for providing services of exchanging a virtual currency against a fiat currency.
For the grant of exchanegs activity license, your undertaking, a member of its management body, procurator, beneficial owner and an owner cannot have any unexpired penalty for a criminal offense against the authority of the state, the criminal offense relating to money laundering or another wilfully committed criminal offense.
As a foreigner, you have to be ot to prove that you hold no criminal offenses by submitting your criminal record together with the application of the Financial Services activity license. Comistar can help you with drafting all the needed documentation.
Once the application is submitted, you will receive an answer havf 30 days. This, in short, is the description of applying for the cryptocurrency exchange license in Estonia. Exchsnges all fairness, it can be quite complicated.
Unfortunately, we cannot give any guarantees. On the bright side, we have also worked out a solution in Switzerland, which may ease the banking issue.
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What we can expect from future cryptocurrency regulation worldwide