Jul 12, 2019

Friday 12-7: EXCHANGE PLATFORM WEEKLY SUMMARY

Week 10

IT DEVELOPMENT

*Ongoing work for creating an additional mechanism, based on the One Ecosystem concept which establishes coin price stability and also facilitates Exchange demand.

*Ongoing work for the application of Exchange limits based on the liquidity (no limits applicable from wallet to wallet as it is an internal transfer).

CDD platform separated from the Exchange (not compulsory for start, but mandatory in two months after the start) is now under development and will be ready in 6 weeks. Non-European CB was informed as well as the CD for the European license since this is a must for them both. The scope of work and the agreement were shared with both European and non-European central banks.

LICENSING AND IT AUDIT

*The exact date of the physical meeting with the CB is planned to be announced after the completion of AML/CFT bank seminar (14-16 July). Immediately аfter the seminar the Exchange company will receive preliminary information preceding the meeting with the CB.

CB will allow the platform to trade and exchange a limited number of coins - they issued a policy for approved coins for trading to be applied by the licensed exchanges. If non-approved coins are added the document should pass through a specific approval process. We are still not familiar with the list of documents required.

*Exchange limits – There is an ongoing discussion about Limits. Limits between coin accounts are not applicable as it is an internal transfer and will ease the parties in co-ownership.

*Ongoing discussion for the priorities in the Exchange and how they will be executed.

COMPLIANCE

*Countries: The Exchange company have not received any updates from the countries.

* Exchange: Business plan was shared with the European responsible authority to be included to the license. Negotiations about the crypto trade are ongoing. The Exchange company is running two parallel processes: bank account opening and licenses application that is under processing and development. Shared capital is now ready to be deposited once a bank account is open.

Post date 12 July 2019
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Vietnamese Translation:
http://www.tuvanonecoin.net/2019/07/12-7-cap-nhat-san-giao-dich-one.html

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