Hi,
Together with our partners (we are all Polish residents), we are about to launch our application (iOS / Android) that allows people to easily buy cryptocurrency indexes.
The user will purchase index in the subscription model automatically via:
(1) Fiat currencies (so-called FIAT) - responsible for accepting payments and transferring to us their equivalent in cryptocurrencies (USDT / BUSD / USDC) will be RAMP. They will also deal with the KYC in connection with the AML regulations
(2) Crypto - we will accept payments on our own via our application. In the case of accepting payments in crypto, we do not want the user to go through KYC in connection with AML regulations (this is how KuCoin works, for example).
Withdrawals of funds to users will be made:
(1) To bank accounts in fiat currencies - RAMP will also be responsible for receiving crypto from us and transferring FIAT to user's bank account
(2) Crypto - we will make crypto withdrawals on our own to user's crypto wallet
Our commissions will be charged on the value of user's crypto wallet.
We currently operate from Poland (EU), but due to many legal / AML uncertainties for users making crypto deposits, we plan to establish a company outside the EU.
As the presented model shows, at this stage, as a company, we will not receive any payments to the bank account / EMI. We would like to deposit our own funds into a bank / EMI account to cover some current expenses (no more than 30-40k EUR / month).
Questions:
1. Is an offshore company a good idea? We thought about Belize or the Seychelles because looking at the set-up and service prices it seems cheap and I don't think they have such high AML requirements for crypto deposit users.
2. Will EMI for such a business model be a good idea? If so, what do you recommend? A company in Seychelles + AdvCash is a good combination?
3. Do we need to collect data (residence, identity document, etc.) from users who make deposits in cryptocurrencies in this type of destination?
4. Is there any issue to send crypto to EMI and change it there for FIAT?
Together with our partners (we are all Polish residents), we are about to launch our application (iOS / Android) that allows people to easily buy cryptocurrency indexes.
The user will purchase index in the subscription model automatically via:
(1) Fiat currencies (so-called FIAT) - responsible for accepting payments and transferring to us their equivalent in cryptocurrencies (USDT / BUSD / USDC) will be RAMP. They will also deal with the KYC in connection with the AML regulations
(2) Crypto - we will accept payments on our own via our application. In the case of accepting payments in crypto, we do not want the user to go through KYC in connection with AML regulations (this is how KuCoin works, for example).
Withdrawals of funds to users will be made:
(1) To bank accounts in fiat currencies - RAMP will also be responsible for receiving crypto from us and transferring FIAT to user's bank account
(2) Crypto - we will make crypto withdrawals on our own to user's crypto wallet
Our commissions will be charged on the value of user's crypto wallet.
We currently operate from Poland (EU), but due to many legal / AML uncertainties for users making crypto deposits, we plan to establish a company outside the EU.
As the presented model shows, at this stage, as a company, we will not receive any payments to the bank account / EMI. We would like to deposit our own funds into a bank / EMI account to cover some current expenses (no more than 30-40k EUR / month).
Questions:
1. Is an offshore company a good idea? We thought about Belize or the Seychelles because looking at the set-up and service prices it seems cheap and I don't think they have such high AML requirements for crypto deposit users.
2. Will EMI for such a business model be a good idea? If so, what do you recommend? A company in Seychelles + AdvCash is a good combination?
3. Do we need to collect data (residence, identity document, etc.) from users who make deposits in cryptocurrencies in this type of destination?
4. Is there any issue to send crypto to EMI and change it there for FIAT?
