When Belarusian President Alexander Lukashenko met entrepreneur Viktor Prokopeny...
LONDON - When Belarusian President Alexander Lukashenko met entrepreneur Viktor Prokopenya in March 2017, their discussion was scheduled to last for an hour but went on for three times that long.
“The idea was to create everything from scratch,” Prokopenya told Reuters in an interview in London. “To make sure that it is free in some of the aspects it needs to be free, and very stringent in other aspects.”on the president's website. Conversely, lightly-regulated jurisdictions like the Seychelles and Belize allow far easier market access. But states with light rules can offer less protection for investors and have looser checks on money laundering, lawyers say.
Overall said both countries and companies could benefit from the emergence of frameworks specifically for cryptocurrencies. But states that get the rules wrong could fall foul of global rules to stamp out illicit use of digital coins, he added. ZPX’s CEO Ramani Ramachandran said it decided against operating in a so-called offshore jurisdiction with low or no regulation. Such a base could deter big investors as scrutiny of digital coins heats up from global regulators and politicians, he said.
ZPX estimates such costs would come to around $200,000 a year in Bahrain, versus at least $750,000 a year in London. Belarus demands audits of issuers of digital coins and details of the projects underpinning any issuance. For trading platforms, the rules include keeping tabs on suspicious transactions to meet international money laundering standards.
iExchange said it had also initially looked at other countries including Estonia and Malta, but chose Belarus because of its proximity to its target market.The size of the global cryptocurrency sector is hard to gauge because of its complexity and lack of transparency. Still, Ireland-based Research and Markets reckons the sector will grow to $1.4 billion by 2024 from $1 billion this year. Other estimates see a faster rate of growth.
“You need to be in place where you can get the staff,” he said. “Our product teams, development teams have financial institution experience.”
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