Why is it the first batch? Domestic cryptocurrency trading service providers such as OKEx and Firecoin have obtained the US MoneyService Business (MSB) license. This license is registered in the United States and is a compliance requirement. The states have corresponding requirements and generally take 50 states. The license is only compliant. The biggest drawback of this license is not the license for digital transactions, so their platform cannot be considered regulated. Refer to the link (http://www.sohu.com/a/226576133_530597). Recently, Hong Kong-based international financial technology group TIDEiSun has successfully entered the list of reporting agencies of the National Bank of Malaysia to handle digital currency. It has become the world’s first digital currency trading and payment service provider regulated by the National Bank. It is also one of the few countries in the world to receive official financial services. A digital currency trading platform for institutional supervision.
What is the approval this time?
According to the Malaysian Law on Anti-Money Laundering, Counter-Terrorism Financing and Illegal Activities Income Law (AMLA), persons carrying out activities specified in paragraph 25 of Schedule 1 to the Anti-Money Laundering Act are obliged to act as reporting agencies under the Anti-Money Laundering Law.
On February 27, 2018, the National Bank of Malaysia issued the “AML/CFT-crypto Currency (Part 6)” policy file (“Policy File”), which provides further details on the reporting organization. Claim. The reporting organization must comply with all policy requirements, including the obligation to submit a statement regarding the organization’s business to the National Bank of Malaysia.
The National Bank of West Asia reminded that failure to comply with the requirements set out in the policy file is an illegal act of AMLA, including the submission of false, inaccurate, incomplete or misleading information. If you do not comply with the above requirements, the bank can take appropriate legal action against the reporting organization. TIDEiSun successfully entered the list of reporting institutions of the National Bank of Malaysia to handle cryptocurrency, which means that TIDEiSun has the credibility of financial institutions, can exchange legal currency with financial institutions, and bear the obligation of anti-money laundering.
Tide Digital Sdn. Bhd., a wholly-owned company of TIDEiSun successfully obtained currency transactions, and the legal currency was eligible for reporting on crypto currency trading businesses such as TideBit and TidePay. In addition, according to the public disclosure information,TIDEiSun can handle the currencies supported by TIDEiSun Exchange such as XPA and CBT, in addition to the mainstream currencies of Bitcoin and Ethereum.
This means that TIDEiSun crypto currency-related business has really entered the “sunshine” road, customers can be more assured of trading on the TIDEiSun exchange, asset exchange, storage and so on.
It can bring convenience to the application
TIDEiSun launched TideBIT, a trading platform that can open accounts in Malaysian banks and branches, and enjoy the treatment of securities companies. For example, Hong Kong brokers have an account in the bank. Users can send money from any bank to the broker. The bank will never review the broker. The funds exchange, the responsibility of anti-money laundering in the brokerage. At present, any exchange of legal and cryptocurrencies is subject to bank anti-money laundering supervision, and these regulations are often excessive. This approval has brought significant benefits to the operation of digital assets by TIDEiSun Group.
It also provides convenience to users.
The first is the convenience of opening an account. It is very difficult for mainland users to open an account in Hong Kong now. Just like a brokerage account opening, after opening an account on the Tidebit trading platform or Tidepay, you have an account. Unlike a brokerage account, your account can directly go to other banks and exchanges. Remittance of the same name account does not require bank turnover. Your money can exist in your own account.
Secondly, the Tidepay real application scenario payment platform and the Tidebit digital currency trading platform are open. One-time authentication (KYC), which is effective on both platforms, is currently doing integration work on two platforms to further facilitate user access.
The lack of application of digital currency has been plagued by the development of blockchain. Tidepay has the function of Alipay, and also supports the Master card. The card speed is the same as the credit card. At the same time, it also supports digital currency and its conversion. It is easy to understand that Tidpay is “coin + UnionPay card”. The most amazing thing is to support the anchor currency of TD 1:1 anchor issued by Ted Sunshine Group, USX (with US dollar anchor), HKX (with Hong Kong dollar anchor) and other series of anchor coins, you can specify the platform The digital currency is directly converted into the anchor currency of the required consumption in Tidepay, HKX is exchanged in Hong Kong, JPX is exchanged in Japan, and can be directly consumed by Master. Global consumption does not have to be exchanged for various currencies, and the exchange rate is more economical than credit cards. The same anchor currency can be exchanged for legal currency, which is more convenient than the bank through your global remittance in the Tide account.
Digital currency is not the voice of anyone who is in the application, who can provide convenience for the user and provide innovation that leads the future.
iSun.One link https://isun.one/