Singapore on virtual currency
Publish: 2021-05-21 18:24:42
1. Yes, but you have to register a Singapore company to issue currency in Singapore. We also have to do "compliance", that is, Singapore ICO legal compliance legal opinion. The Singapore foundation is the main choice for most digital currency projects. The requirements of foundation registration for directors and shareholders of the company are loose, and there is no need for foundation registration&# 8204; Guo & Chen 8204&# 8204; It can be a natural person of any nationality. A natural person must be at least 18 years old. In Singapore, we can legally develop the blockchain instry. You can also go to the exchange to issue money.
2. What are the connections between the blockchain and the foundation and what problems will they encounter?
when many people are doing blockchain, they usually register a foundation to run with ordinary companies. Compared with Singapore foundation, what are the common problems when they register a Singapore foundation to do blockchain, Below, we will sort out and share some of our customers' concerns with you
1. Does the registration fee include the cost of the white paper
A: No, the legal adviser is a personalized business, and the fee depends on the project. The legal adviser can provide services in the whole process. Including the revision of the legal provisions of the white paper, and the issue of professional legal opinions on relevant laws and regulations such as the non securities nature of the token. ICO is the legal consultation in the process of issuing currency
2. About the Singapore foundation. Why should there be a company to operate and what is the relationship with the foundation? Why not register a company directly for ICO and exchange docking
A: the foundation is a public welfare organization and a public sector. It is more concive to attract investment and technology development to use the foundation to issue blockchain. It can also be directly ICO through ordinary companies. It depends on how customers want to operate
3. Isn't ICO a way to raise funds?
A: Yes. Participate in the crowdfunding of the project with the existing real value currency, and exchange for the new cryptocurrency issued by the project. The advantage of fundraisers is that they get the funds to carry out the project, while the participants want the project to be successful. In this way, the newly issued cryptocurrency in their hands is likely to appreciate and arbitrage. The so-called ICO means that investors use bitcoin and other ready-made virtual digital currencies to exchange for new tokens issued by ICO projects. Because there are few new currency owners and the price fluctuates greatly, the selling price on the exchange is likely to be much higher than the issuing price. The sponsors of ICO project use the traditional digital currency to exchange RMB and other legal currencies in the exchange, and then put them into the designated technical projects
4. Why not raise funds through common channels
A: the threshold of common channels is low, and there is no regulatory department. The risk is high
5. How to set up an exchange
A: you can choose an exchange according to your own situation. Generally, you should have strong experience in digital asset security management. There are many platforms
6. Why do you need to make a legal opinion
according to Singapore's financial law and securities law, if a virtual currency with securities nature needs to apply for a special financial license, so it needs to prove that the project does not contain securities nature, it needs a lawyer to issue a legal opinion on the non securitization of token and a legal opinion on compliance of white paper to prove the legality and compliance of the project, both of which are required by most customers
7. How can a registered Singapore foundation open an account in a bank
first of all, there is no need to open an account for a registered public non-profit foundation, and it is useless to open an account because the nature of the foundation itself is non-profit. When it comes to the next year's audit, can't it explain the income and expenditure of the bank account with the monetary authority? Second, the bank has a choice of customers. If the bank is told to do blockchain, the bank will not accept opening an account; Third, whether it's private placement or public offering, all the money raised are virtual currencies like Ethereum bitcoin. Ordinary bank accounts can't accept these currencies, so I don't recommend opening an account in a bank.
when many people are doing blockchain, they usually register a foundation to run with ordinary companies. Compared with Singapore foundation, what are the common problems when they register a Singapore foundation to do blockchain, Below, we will sort out and share some of our customers' concerns with you
1. Does the registration fee include the cost of the white paper
A: No, the legal adviser is a personalized business, and the fee depends on the project. The legal adviser can provide services in the whole process. Including the revision of the legal provisions of the white paper, and the issue of professional legal opinions on relevant laws and regulations such as the non securities nature of the token. ICO is the legal consultation in the process of issuing currency
2. About the Singapore foundation. Why should there be a company to operate and what is the relationship with the foundation? Why not register a company directly for ICO and exchange docking
A: the foundation is a public welfare organization and a public sector. It is more concive to attract investment and technology development to use the foundation to issue blockchain. It can also be directly ICO through ordinary companies. It depends on how customers want to operate
3. Isn't ICO a way to raise funds?
A: Yes. Participate in the crowdfunding of the project with the existing real value currency, and exchange for the new cryptocurrency issued by the project. The advantage of fundraisers is that they get the funds to carry out the project, while the participants want the project to be successful. In this way, the newly issued cryptocurrency in their hands is likely to appreciate and arbitrage. The so-called ICO means that investors use bitcoin and other ready-made virtual digital currencies to exchange for new tokens issued by ICO projects. Because there are few new currency owners and the price fluctuates greatly, the selling price on the exchange is likely to be much higher than the issuing price. The sponsors of ICO project use the traditional digital currency to exchange RMB and other legal currencies in the exchange, and then put them into the designated technical projects
4. Why not raise funds through common channels
A: the threshold of common channels is low, and there is no regulatory department. The risk is high
5. How to set up an exchange
A: you can choose an exchange according to your own situation. Generally, you should have strong experience in digital asset security management. There are many platforms
6. Why do you need to make a legal opinion
according to Singapore's financial law and securities law, if a virtual currency with securities nature needs to apply for a special financial license, so it needs to prove that the project does not contain securities nature, it needs a lawyer to issue a legal opinion on the non securitization of token and a legal opinion on compliance of white paper to prove the legality and compliance of the project, both of which are required by most customers
7. How can a registered Singapore foundation open an account in a bank
first of all, there is no need to open an account for a registered public non-profit foundation, and it is useless to open an account because the nature of the foundation itself is non-profit. When it comes to the next year's audit, can't it explain the income and expenditure of the bank account with the monetary authority? Second, the bank has a choice of customers. If the bank is told to do blockchain, the bank will not accept opening an account; Third, whether it's private placement or public offering, all the money raised are virtual currencies like Ethereum bitcoin. Ordinary bank accounts can't accept these currencies, so I don't recommend opening an account in a bank.
3. In fact, virtual currency does not play a great role in the development of contemporary Chinese economy, and even plays an obstacle role
after bitcoin, Leyte coin, doggy coin and other encrypted digital currencies were introced into China, they quickly became popular in China, but then the MLM coins became more and more rampant, which seriously hindered the development of domestic economy. But it has its positive side. For example, the token of crowdfunding project on European crowdfunding platform exists as an asset voucher, which is a good application scenario.
after bitcoin, Leyte coin, doggy coin and other encrypted digital currencies were introced into China, they quickly became popular in China, but then the MLM coins became more and more rampant, which seriously hindered the development of domestic economy. But it has its positive side. For example, the token of crowdfunding project on European crowdfunding platform exists as an asset voucher, which is a good application scenario.
4. First of all, you should ask the agent who registered the foundation for you before
Second, if the former agent can't do it, then you need to find another agent
thirdly, these things need to be done by professional lawyers and lawyers in Singapore
fourthly, legal opinion is a general term, which includes a lot of compliance
fifthly, if the price is low, it will cost hundreds of thousands to complete the whole set
sixth: what you don't understand is asking
Second, if the former agent can't do it, then you need to find another agent
thirdly, these things need to be done by professional lawyers and lawyers in Singapore
fourthly, legal opinion is a general term, which includes a lot of compliance
fifthly, if the price is low, it will cost hundreds of thousands to complete the whole set
sixth: what you don't understand is asking
5.
Of course, we can, but what we need to register is a public non-profit company. If it's an ordinary private limited company with the word "foundation", we can't help it
if you want to issue virtual tokens in Singapore formally and legally, legal opinions are also indispensable
there are two reasons:
-
without this document, you are not allowed to enter the stock exchange
-
the HKMA will check you
< / OL >
speaking of this, it is suggested that you choose a formal agent to register the compliance foundation, because it will directly affect the price of the later legal opinions, and the price difference will be enough for you to re register a foundation. Before registration, ask clearly and consider it comprehensively
6. There are many. You can go to the official website
7. 1: Public image: easy to get public recognition, easy to raise initial funds, good impression and trust on investment publicity, too many projects come out and too few are distracted. With the foundation is also a show of strength
2: non profit organizations: laws and regulations do not allow indivials and companies to participate in the trading platform, but there are no prohibitive provisions on the investment objects of Foundations (non-profit organizations), so foundations can operate to raise funds to manage matters, and most projects have announced the establishment of foundations, In the past, investors may not understand the foundation, but now investors know it better than project owners. Therefore, the purpose of the foundation is obvious, and the actual registration is well documented and there are laws to follow
3: the foundation has no director or legal person - all expenses are spent in the name of the foundation, which can play a supervisory role and can not be traced back to the issuer. The company is established in the name of a group, and it is not someone who is doing this, so it reasonably avoids personal risks, and does not involve the responsible person of the lead
4. Reasonable tax exemption - since public welfare undertakings are only non-profit organizations and are not involved in collection, there is no tax worry, because no one will intervene
so how to register a foundation and what are the conditions? Take Singapore foundation as an example, not everyone can set up a foundation. For example, Singapore not only has clear requirements for the directors and shareholders of the foundation, but also has requirements for the registered address and registered capital of the foundation, The specific requirements are as follows: the process is as follows:
1: the name of the foundation. Note that this is not a company. The company is Foundation Ltd.
2: provide at least 3 members, one of whom is Singaporean.
(1) fill in the public welfare foundation (LTD) registration form
(2) fill in the name of Public Welfare Foundation (LTD): XXX Ltd
according to the relevant regulations of Singapore, the name of Public Welfare Foundation (LTD) must meet the market uniqueness, so it is better to give three public welfare foundation (LTD) names. Generally, the registration starts with the first name, for example, XXX Foundation Ltd. if the conditions are not met, the second name will be selected, and so on. If all of them can't be used, it's suggested to choose a new name
(3) fill in the operating business of Public Welfare Foundation (LTD): according to the relevant regulations of Singapore, each public welfare foundation (LTD) can register at most two operating businesses. Of course, one operating business is also allowed, because the Singapore government has stipulated various types of business. So you can provide the content of your own business, or let the agent help you choose a similar established business to register after confirmation.
2: non profit organizations: laws and regulations do not allow indivials and companies to participate in the trading platform, but there are no prohibitive provisions on the investment objects of Foundations (non-profit organizations), so foundations can operate to raise funds to manage matters, and most projects have announced the establishment of foundations, In the past, investors may not understand the foundation, but now investors know it better than project owners. Therefore, the purpose of the foundation is obvious, and the actual registration is well documented and there are laws to follow
3: the foundation has no director or legal person - all expenses are spent in the name of the foundation, which can play a supervisory role and can not be traced back to the issuer. The company is established in the name of a group, and it is not someone who is doing this, so it reasonably avoids personal risks, and does not involve the responsible person of the lead
4. Reasonable tax exemption - since public welfare undertakings are only non-profit organizations and are not involved in collection, there is no tax worry, because no one will intervene
so how to register a foundation and what are the conditions? Take Singapore foundation as an example, not everyone can set up a foundation. For example, Singapore not only has clear requirements for the directors and shareholders of the foundation, but also has requirements for the registered address and registered capital of the foundation, The specific requirements are as follows: the process is as follows:
1: the name of the foundation. Note that this is not a company. The company is Foundation Ltd.
2: provide at least 3 members, one of whom is Singaporean.
(1) fill in the public welfare foundation (LTD) registration form
(2) fill in the name of Public Welfare Foundation (LTD): XXX Ltd
according to the relevant regulations of Singapore, the name of Public Welfare Foundation (LTD) must meet the market uniqueness, so it is better to give three public welfare foundation (LTD) names. Generally, the registration starts with the first name, for example, XXX Foundation Ltd. if the conditions are not met, the second name will be selected, and so on. If all of them can't be used, it's suggested to choose a new name
(3) fill in the operating business of Public Welfare Foundation (LTD): according to the relevant regulations of Singapore, each public welfare foundation (LTD) can register at most two operating businesses. Of course, one operating business is also allowed, because the Singapore government has stipulated various types of business. So you can provide the content of your own business, or let the agent help you choose a similar established business to register after confirmation.
8. I think I can. Two days ago, I read the news that coin an plans to try out the French currency exchange in Singapore. Zhao CHANGPENG, the founder of coin an, announced this on his twitter.
9. You can query the exchange rate through the CMB home page, real-time financial information - foreign exchange real-time exchange rate, real-time exchange rate fluctuations, for reference only, you can see the data of February 16, 2011 and every day after.
10. You must have some Singapore dollar cash on you. No matter how developed Singapore is, you can't use bank cards everywhere. For example, taxis require a small amount of new currency
you can bring some RMB to Singapore for exchange. Singapore is a free currency port, and you can exchange money everywhere. The exchange rate is also more suitable than that in the bank
most merchants in Singapore can use UnionPay card for payment, so you don't need to worry if you don't have a credit card. You can directly dect cash from your UnionPay card account according to the current price
it's cost-effective to spend money with UnionPay card. There is no extra service charge, but it's not cost-effective to withdraw cash. It's charged at 3% of the total amount, with a minimum of US $5.
you can bring some RMB to Singapore for exchange. Singapore is a free currency port, and you can exchange money everywhere. The exchange rate is also more suitable than that in the bank
most merchants in Singapore can use UnionPay card for payment, so you don't need to worry if you don't have a credit card. You can directly dect cash from your UnionPay card account according to the current price
it's cost-effective to spend money with UnionPay card. There is no extra service charge, but it's not cost-effective to withdraw cash. It's charged at 3% of the total amount, with a minimum of US $5.
Hot content