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opencoin legal issues
electronic money
definition
claim on the issuer
stored on electronic device
issues on receipt of funds not less in value that the value issued
accepted as means of payments by undertakings other then issuer
electronic money institution
other then credit institution
can only do closely related (non-) financial services
no issuing of credit
needs permission
or excemption
small issuers
coins not larger then 150 EUR
no total higher then 5 M
can be increased to 10M
within same corporate group
or not more then 100 persons
software provision
no problem
electronic commerce directive
if one follows regulations, one can brovide UK-EU electronic activities
commercial communications (cc)
promoting financial services
must be identifiable as cc
must identify the person on which behalf cc is made
identify promotional offers
clear conditions
financial regulation
regulated activities only with permission
regulated activity
specified kind
accepting deposits
sum of money to be paid back on terms
only if paying back cash
only if repaid to original payer or agent
agent if repayment was agreed on before
not if its optional
third parties can offer to pay for vouchers
not refereable to the provision of proper or services
paid as an advance (voucher)
repayable only if no service is provided
electronic vouchers
same rules as for normal vouchers
or paid as security for performance of contract
or paid as security for delivery
financial activities are made with the deposit
money received is lent to others
or activity of taker is financed by deposits
by way of business
relates to investment or specified kind
on a day to day basis
or in relation to property
excemptions
charity to charity
withdrawable share capital
bank of england
money exchanged for electronic money
money lenders
between members of the same coroporate group
between close relatives
between directors (of same company?)
royal mint
only for metallic tokens
forging
only if it looks like sterling etc
acting as foreign exchange
note issuances
only bank of england
only paper
money laundering / terrorism
money laundering
credit instituions
not electronic money providers
financial institutions
includes provision of money transfer
transmitting customers money according to customers instructions
done by way of business
charging a fee
not for free
issuing and administring means of payment
no clear definition
likely that it needs to be carried out by way of business
money service business
currency exchange office
money transmission service
cashing cheques
payment provider
transfer of funds
way of business
excemptions
not a financial business
e.g. non profit
anti-terrorism
not knowing helps
anonymous helps
distance marketing directive
only relevant to promotions