Crypto Law

If you are stuck on a question about crypto law, please let me know. www.fintech.law I would be happy to answer questions here.

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Welcome Adam. Please tell me where binary crypto trading is legal ,and also
how deeply Fintech is involved.

Good question. I suppose they are legal in most places - the problem is that they cannot be sold unless the seller is registered with the local securities authority (i.e. SEC in the US). The problem with binary options is not their legality, it’s that most people who sell them are probably doing so illegally because they do not have the necessary securities regulator registrations and licenses.

Hey @AdamAtlas how can businesses use cryptocurrencies to pay banks less money?

Well. they could start by finding suppliers who accept crypto - then bypass the banks for that part of their spending. They could also find lenders who will lend in crypto to finance their business.

So rumors have it that in the U.S. only the major cryptocurrency’s will have
some legality. What legal avenue will be availeble to people who heve
accumulated the so called "illegal"ones,to reverse this decision.
Also, I am a Firefox user,and it’s planning to ban mining coins.Is this just in the U.S.?

From the perspective of a user / owner / investor, most crypto (even the less common ones) are unlikely to become illegal. The challenge for the user / owner / investor is to remain honest and report capital gains on these currencies at tax time. The much greater legal challenge is for the exchanges that allow users to trade crypto of various kinds because those exchanges are held to a very high standard of compliance and licensing - and may even require SEC registration as broker dealers because some crypto are securities. A good way to get a sense of where you are in the field of crypto actors is to read FinCEN’s latest guidance that summarizes its previous guidance on the topic. https://www.fincen.gov/sites/default/files/2019-05/FinCEN%20Guidance%20CVC%20FINAL%20508.pdf

Can you please tell me what is the status on Neobanks originating out of Singapore and
Honkong . Does any country have a regulatory framework set up for these banks offering
services outside of originating ,licensing countries.

There are two leading neobank suppliers in the US right now, the larger of which is Evolve Bank & Trust that works with https://synapsefi.com to offer a turn-key solution for neobank businesses. To learn more about the legal setup of neobanking, check out www.neobank.law. As for Singapore and Hong Kong, the setups are similar. Consider reaching out to DBS bank in Singapore.

Thank You Adam.