If the platform is aiming to be a mobile bank, I suppose this is under the jurisdiction of a Central Bank to legally operate. So are you a registered company and do you have license to operate on this type of business? Your address says San Francisco, CA.
If you would like to read about how we are approaching regulatory issues we have a detailed breakdown in our whitepaper in our "Regulatory Compliance" section on Page 22. It clearly outlines our approach to custody and how we plan to operate compliantly.
We have a US based office and a Cayman Islands company for digital asset operations and will be opening our European office for EU operations in due course.
Thanks for the question.
You know about the SEC turning off a number of projects from the USA, and it is very important for us investors to be truly safe and comfortable in choosing your project, can you explain this? and how do you deal with the SEC?
This is an excellent question and I will do my best to explain. Our corporate structure is similar to many token or well known blockchain companies that have operations or teams working from the US (i.e. BlockOne, EOS, and many others well known companies that are based here in San Francisco). We have a US company that is setup to run operations, manage team members, and execute engineering and development from within the US. It is a legal requirement to have a corporate structure if you live and work in California full-time as many of the team here do - we therefore must have a US entity for employment purposes.
Alongside this we have a parent company that is based in the Cayman Islands that is the token issuer and network operator for Pngcoin. This company operates and maintains the token network and generates the tokens to qualified purchasers within Cayman's regulatory framework. This entity is complaint with KYC/AML regulations that are enforced in the Cayman Islands. We do however only allow specific jurisdictions and only certain classes of investor are allowed to participate in our token sale. Currently all non-accredited US investors, Chinese nationals, and Sanctioned Countries are unable to participate in any token activities. More information on this will be published in the next 4-weeks to our website.
When we begin to start offering custodial financial services in Europe we will operate a European subsidiary that will have the relevant licenses under the PSD2 (Payment Services Directive) framework that will allow us to operate as an e-money provider under the EMI. We are starting the process to apply for these at the moment. This is normal practice for financial services companies and is why Paypal has a subsidiary in Luxembourg while being a US company, for example.
Please ask any more questions you may have an we will be happy to answer.
Kind regards,
The Pngme Team