escrow laws in the UK | Bitcointalksearch.org

imfed

newbie

Activity: 28

Merit: 0

Quote from: Ford on November 19, 2013, 11:21:50 PM

I am trying to find simple, layman understandable, UK laws on operating an escrow service.
I am making the assumption that the UK laws that apply to Fiat currencies (ie UKPOUND) will also apply to BTC escrows.

I would be very grateful if anyone could provide me some basic details or point me in the right direction.

In addition, if the escrow service was offered worldwide, would this mean other countries regulations/laws would also apply (or be wise to abide by)?

Thanks
Ford

If you want a simple answer take a look at existing escrow services like www.transpact.com

They are registered with

- the Financial Conduct Authority as authorised payment institution

- HM Revenue & Customs as a money services business

You can find more information if you search for 'UK Payment Services Regulations' e.g. here:
http://www.fca.org.uk/firms/firm-types/payment-services-institutions/psr-faqs

giantdragon

legendary

Activity: 1582

Merit: 1002

Consider offshore jurisdiction without any regulations and accounting requirements, e.g. British Virgin Islands.
BVI also has high company owners' secrecy and never disclose data to the tax authorities of the foreign countries.

Ford

full member

Activity: 120

Merit: 100

I am trying to find simple, layman understandable, UK laws on operating an escrow service.
I am making the assumption that the UK laws that apply to Fiat currencies (ie UKPOUND) will also apply to BTC escrows.

I would be very grateful if anyone could provide me some basic details or point me in the right direction.

In addition, if the escrow service was offered worldwide, would this mean other countries regulations/laws would also apply (or be wise to abide by)?

Thanks
Ford

Topic: escrow laws in the UK (Read 2524 times)