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Hey all,
I need a bit of advice, hopefully one of you knows how I should proceed.
As my first fastlane-business I'm planning to establish an online payment processing service. (I don't want to bother you with the details right now, but it's technically using a form of electronic currency.)
I have not yet incorporated, first I wanted to figure out which country would be suitable the most. Since I want to target the US and EU markets, I started researching the current emoney regulations - unfortunately I got more frustrated with each minute I delved deeper... Things are way more complicated than I expected.
In the US everything is regulated on a state level, that's definitely not an option for me. Too much bureaucracy too many possible pitfalls.
In Europe things are regulated with an EU-wide "E-Money Directive" that's interpreted differently by each member country, for example:
- in the UK you need to have at least €350000 in security assets.
- in Germany (and most other places) you need to have a full banking licence.
Both are obviously not options for a small one-man show like me. :bgh:
I could ignore regulations for some time and get licensed when I gather enough funds but that's probably just asking for trouble.
Does anyone of you have experience with this? Maybe even put together something similar?
Any advice or even ideas would be really appreciated... Thanks in advance!
-- Cedric
I need a bit of advice, hopefully one of you knows how I should proceed.
As my first fastlane-business I'm planning to establish an online payment processing service. (I don't want to bother you with the details right now, but it's technically using a form of electronic currency.)
I have not yet incorporated, first I wanted to figure out which country would be suitable the most. Since I want to target the US and EU markets, I started researching the current emoney regulations - unfortunately I got more frustrated with each minute I delved deeper... Things are way more complicated than I expected.
In the US everything is regulated on a state level, that's definitely not an option for me. Too much bureaucracy too many possible pitfalls.
In Europe things are regulated with an EU-wide "E-Money Directive" that's interpreted differently by each member country, for example:
- in the UK you need to have at least €350000 in security assets.
- in Germany (and most other places) you need to have a full banking licence.
Both are obviously not options for a small one-man show like me. :bgh:
I could ignore regulations for some time and get licensed when I gather enough funds but that's probably just asking for trouble.
Does anyone of you have experience with this? Maybe even put together something similar?
Any advice or even ideas would be really appreciated... Thanks in advance!
-- Cedric
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