Jun 7, 2019

Friday 07/06: Exchange platform weekly summary


Week 5


Ongoing parallel work towards the stabilizing of the synchronization between blockchain and backoffice;

The work process towards building a connection between the exchange and the old DealShaker is finalized.

Test accomplished successfully.


Central Bank committees reverted earlier this week that they have almost gathered all the info they need for their final internal assessment. According to them they will not need to liaise with the Exchange company for the moment until they are done with the assessment.

Moreover, according to CB, they will make a site visit (first visit will be physical in the office of the country, holding the license; then they conduct a fiscal and after that a platform visit). CB wants to make sure that the Exchange company exists physically in the country of license and that it has a serious setup.

Will wait for a period of 3 weeks (deadline was given by the CB = Central Bank) for the Exchange company to participate in a final physical meeting. IT committee report regarding the coins and tokens will be presented during that meeting.

Regarding the disaster recover, contingency and business continuity plans which are required by the CB:

- disaster recover plan - provided and approved;
- contingency plan - provided and approved.
- business continuity plan - still in process of preparation.

Regarding the payment gateway – as per info by the CB, they have no specific preference. Any internationally recognized gateway is acceptable and they will provide the Exchange company with a recommendation letter to facilitate the account opening procedure.

Regarding the exchange fees - as per info by the CB, the matter will be discussed during the meeting. They consider these as parameters that might be a subject to changes in the future.

Regarding the liquidity account – as per final requirements it should function as a liquidity line (it should be equal to a one time capital as minimum with a 20% cash injection as a start with a time limit of 9 months to constitute the liquidity line.


The Exchange company hasn’t received any updates from responsible authorities yet, both from their old and their new request. A follow up process will take place, starting Monday 10.06.2019.

During the present week requests have been send to the following governments: Israel, Mongolia, Ukraine, Algeria, Pakistan, Bangladesh, Azerbaijan, Taiwan, Canada (following the franchise model).

Regarding the European license - after the subsidiary application was completed, a reply has been received to submit all the legal papers from the Exchange’s company which were confirmed by the Central Bank, notarized and Authenticated by the Embassy, the Ministry of Justice and Ministry of External affairs of the country of establishment. After that they’ve been authenticated by the Ministry of foreign affairs in the European country where the application was made and then by the commercial register. We can not give deadline yet, expect further information soon.

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Post date 07 June 2019
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