Jul 27, 2019

Friday 26-7: EXCHANGE PLATFORM WEEKLY SUMMARY

Week 12, 26.07.2019

IT DEVELOPMENT

* Work for creating an additional mechanism, based on the One Ecosystem concept which establishes the coin price stability and also facilitates the Exchange demand- done

*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)

Full Demo access and video for the Exchange platform required to be provided to the CB prior to the side visit - work finished and they are provided to the authorities.

LICENSING AND IT AUDIT

NBI is the National Investigation Bureau issued the clearance certificates and send to CB in soft copy. Hard copy was further requested. Police certificate now received by CB. They will further review the full file according to compliance rules and regulations and a side visit will be scheduled.

Currently waiting for the exact date of the visit to be communicated by the CB. Once the Side Visit is completed and, if all the small details are cleared out (the ONE is approved ), then The Exchange company will receive temporary permission allowing it to start the setup and operation.

The Exchange company initiates a follow-up with the CB occasionally, as it is expecting the final comments or approval on the following documents which have been submitted long time ago:

a) scope of work,
b) business continuity plan and disaster recovery plan,
c) operating methodology,
d) list of cryptocurrencies allowed to be traded on the platform.

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

*Ongoing discussions with two new payment gateways

COMPLIANCE

*Countries: No new updates. Regarding the countries, please note that the delay in their answers is not at all related to any specific reason, it is simply a process where each country has its own modus operandi (habits of working). Simply make sure you stay up-to-date by following the weekly update.

*European license:
- 2 applications for licenses have already been submitted and are currently being processed;
- bank account opening - the KYC and Compliance forms are filled, signed, stamped and sent back.

A meeting with the bank team will take place next week about the opening of a bank account.

- awaiting an exact date for an interview with the relevant authorities; expected feedback in the middle of August for the approval of ONE to be traded on the Exchange;
- waiting to get an approval on SOW (scope of work);
- waiting to get an approval over the list of currencies to be traded.

!NB If the specific coin doesn't have the permission to be exchanged, traded or offered - it is ILLEGAL. If there is no permission granted for a certain coin to be traded on an exchange, that exchange can only trade conventional cryptocurrencies.

Therefore, once again we would like to remind you all that you should be extremely cautious in case you are contacted by ambitious entrepreneurs that have recently appeared on the market, offering fancy crypto products.

Post date 26 July 2019
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Download PDF file:
https://drive.google.com/file/d/1tfu1zVIFE1lo6aOIEx4a-W4lf88sK33E/view
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Vietnamese Translation:
http://www.tuvanonecoin.net/2019/07/26-7-cap-nhat-san-giao-dich-one.html

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