Payment services firms, especially firms dealing in e-money and cryptocurrencies, have recently become a focus for regulators in Asia. New regulations and guidance have been issued, meaning the regulatory obligations will be significantly increased.
As a relatively new regulatory area, understanding the regulatory regime and which rules apply to you can be a challenge. Whether it’s MAS, SFC, HKMA or Customs and Excise it can also be tricky to understand which regulators you need to deal with.
At Bovill, we have experience of working with many different business models in this sector, including money changing, remittance, and exchange platforms for cryptocurrencies, dealing with different types of investor.
We help our clients identify the relevant regulations for their business models, and help them obtain the licenses they need. We also help with the practical application of the regulatory requirements and implement frameworks to help firms manage their regulatory risks effectively.
On an ongoing basis we keep our clients updated with relevant regulatory changes and resolve any regulatory issues that come up. We pay particular attention to the setup and monitoring of anti-money laundering and client monies safeguarding measures, as they are the key focus of the regulators.
We can help in the following area:
- Regulatory license application
- Setting up compliance framework, including drafting of compliance policies and procedures
- Ongoing compliance support and monitoring
We take care of the compliance, so our clients can focus on running their core business.