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      "body": "Congratulations @masterdax! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@masterdax/birthday1.png</td><td>Happy Birthday! - You are on the Steem blockchain for 1 year!</td></tr></table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@masterdax) and compare to others on the [Steem Ranking](http://steemitboard.com/ranking/index.php?name=masterdax)_</sub>\n\n\n**Do not miss the last post from @steemitboard:**\n<table><tr><td><a href=\"https://steemit.com/japanese/@steemitboard/new-japanese-speaking-community-steem-meetup-badge\"><img src=\"https://steemitimages.com/64x128/https://cdn.steemitimages.com/DQmRWbAjbeETEaqSPLcpwYX1JN5pZhdPffv4q6DaBs6xvZm/image.png\"></a></td><td><a href=\"https://steemit.com/japanese/@steemitboard/new-japanese-speaking-community-steem-meetup-badge\">New  japanese speaking community Steem Meetup badge</a></td></tr></table>\n\n###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!",
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      "title": "MasterDAX2.0--The cloud crypto currency exchange is going to start, creating more healthy ecological environment",
      "body": "<html>\n<p>In the past week, the discuss triggeredby Fcoin have shocked the blockchain industry.And the”Transaction=mining+ commission sharing, triggered the attention of all blockchain investors, currency circle media and entrepreneurial teams.&nbsp;</p>\n<p>Facing the challenge of Fcoin, a fledgling small platform, OKEx, Binance, and Huobi have come to the fore. On June 19, OKEx announced the formal launch of the Open-Win Plan for the Digital Asset Exchange. In the first phase, it will open 100 spots. It will provide partners with a range of supporting services including a matching system, a purse system, and a fund clearing system.&nbsp;</p>\n<p>Immediately thereafter, the Binance issued its own exchange affiliate program. The number of spots was up to 1,000, which is 10 times of OKEx. In the anticipation and curiosity of hundreds of media outlets, Huobi have come up with insults and started the upgrade plan for Huobi Token, which has been upgraded from Huobi Token's global universal points to the global eco-certificate of Huobi.&nbsp;</p>\n<p>The chain reaction brought by Fcoin shows that the digital exchange industry's competition, change, and upgrade haven't stopped. From the perspective of the big manufacturers and some emerging exchanges, the age of Digital Exchange 2.0 is undoubtedly evolving toward the cloud exchange.&nbsp;</p>\n<p><strong>&nbsp;What is Cloud Exchange?&nbsp;</strong></p>\n<p>Cloud Exchange is a neutral technical service platform and only provides exchange-managed technology. Based on this, all operational events are determined by the project partner themselves. The cloud exchange does not lunch any coins, does not invest any coin, refuses black-box operations, and takes profits. Giving back to users and partners, helping partners quickly build their own exchanges with minimal cost and technical input.&nbsp;</p>\n<p>MasterDAX 2.0 (www.masterdax.com) is an exchange BaaS service launched by MasterDAX and Microsoft Azure. Partners only need to pay attention to project operations and do user services without concern for technical issues. Whether it is a media party, an investor, or any party in the blockchain ecosystem, you can participate in exchange operations!&nbsp;</p>\n<p>MasterDAX took the lead in presenting the concept of a cloud exchange, not issuing platform currency, focusing on pure cloud exchange technology and ecology. Committed to creating the purest trading market ecology, and without setting up unreasonable cooperation thresholds, it has been recognized and supported by many operators. Currently, the first batch of partner recruitment plans has been launched. It is reported that many operators have already proposed Collaborate with it. Future crypto currency exchanges will surely be more and more, returning trade income to end-users and exchange owners. This is the most benign ecological environment!</p>\n<p>Welcome to visit our website <a href=\"http://www.masterdax.com/\">www.masterdax.com</a> or mail to [email protected].</p>\n</html>",
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      "title": "MasterDAX2.0 — Open the only way to achieve cloud exchange solutions in the future",
      "body": "<html>\n<p>June 19, 2018, 20:13, OKEx launches the Open and Win-win Plan for Digital Asset Exchange;</p>\n<p>At 20:40 on June 21, 2018, Binance launched the launch of the Digital Asset Exchange Alliance Program;</p>\n<p>If you look closely, you will find clues. The description of the two plans is almost exactly the same!&nbsp;!&nbsp;!</p>\n<p>Even words have not been changed</p>\n<p>“Coupled Systems, Management Systems, Cold Wallet Systems, Hot Wallet Systems, Capital Clearing Systems, Global Multilingual Customer Service Support, Global Customer Identification and Anti-Money Laundering System Accumulated in the Field of Digital Asset Trading”</p>\n<p>“Build a batch of autonomous, efficient and transparent digital assets exchanges”</p>\n<p>“You only need to provide your own domain name, LOGO, and operating entity and be responsible for the management and operation promotion of the exchange.”</p>\n<p>“51% of the platform currency of each exchange is “mining part” and 49% is “issuance part” (of which 25% is dominated by the operating team and 24% will be allocated to platform coin holders) “</p>\n<p>Little difference</p>\n<p>OKEx — Open the first round of the win-win plan will open 100 places lock 500,000</p>\n<p>Binance — Open 1,000 places in the first phase of the open and win-win plan, lock up 100,000</p>\n<p>Note: For the reference price of 17:40 on June 22nd, 2018 (OKB=28.81CNY, BNB=104.82CNY), the entry threshold for currency security needs to invest approximately 10 million yuan, and the entry threshold for OK needs to invest about 15 million yuan.</p>\n<p>We can not help but ask questions, this is the role of the two major exchanges to play Cosplay? Still want to take advantage of the “trading is mining” model, come to the exchange’s market to play a big stir?</p>\n<p>As we all know, OKEx and Binance have already launched their own platform currency, intent to build their own ecological.BNB has been in the “this is a disguised ICO?” controversy since its release, the platform currency has been initially enjoyed by users A certain preferential effect, developed to use as a means of draining funds.</p>\n<p>With the continuous development of the business, the platform currency has already begun to assume the function of “French currency” circulation, so we had no doubt that OK and the currency security both opened the digital assets exchange open win-win plan is to further raise their respective platform currency the price of. After all, no business in this world is more profitable than printing money!&nbsp;!&nbsp;!</p>\n<p>In order to ensure the long-term stable value-added of its own platform currency, OKEx and Binance have been maintaining their support. 100% rebate, followed by 200%, 300%, 500%, 700%, 100%&nbsp;…&nbsp;…&nbsp;… until the capital runs out, or after the user runs out of money.</p>\n<p>Platform currency down to zero just only need one announcement.</p>\n<p>When the current exchanges are severely centralized, there is no institutional supervision in the entire market, and there is no standard to follow. The exchange’s free initiative to cater to the leek’s psychology will trigger a wave of boiling. When funds are fully rushed to the platform currency, new funds will become more and more Far, this is devastating to the market!</p>\n<p>Cloud Exchange — the only way to reverse the market</p>\n<p>We very much agrees with Dr. Chen Yiping’s point of view: “Returning to the essence of finance will not only promote the development of digital inclusive financial services, but at the same time improve the overall management efficiency while creating a safe, transparent and compliant green platform.”</p>\n<p>If the current situation is referred to as Exchange 1.0, it is inevitable that the market will be shuffled under various obscure operations such as counterfeit trading volume, maliciously manipulated currency prices, data fraud, misappropriation of assets, and monopoly of currency fees. And the sooner the better. We thinks that fundamentally all kinds of obscure operations should be eliminated. The best way is to enter the cloud exchange era!</p>\n<p>What is Cloud Exchange?</p>\n<p>Cloud Exchange is a neutral technical service platform and only provides exchange-managed technology. On top of this, all operational activities are determined by the project parties themselves. The cloud exchange does not issue coins, does not make any money, refuses black-box operations, and takes profits. Giving back to users and partners, helping partners quickly build their own exchanges with minimal cost and technical input, rather than allowing partners to become a tool to scramble domestic currency!</p>\n<p><a href=\"http://www.masterdax.com/\">MasterDAX 2.0</a> (masterdax.com) is an end-to-end exchange BaaS service launched by MasterDAX and Microsoft Azure. Partners only need to pay attention to project operations and do user services without paying attention to technical issues. Whether it is a media party, an investor, or any party in the blockchain ecosystem, you can participate in exchange operations!The future exchanges will surely become more and more. Today, 100% rebates can be made. It is possible to directly send money tomorrow. However, We always believes that trading profits should be returned to end-users and exchange owners. This is the most benign Ecological environment!</p>\n<p>Welcome to visit our website <a href=\"http://www.masterdax.com/\">www.masterdax.com</a> or send mail to [email protected].</p>\n</html>",
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      "permlink": "best-cryptocurrency-exchanges-in-the-market",
      "title": "Best Cryptocurrency Exchanges in the Market",
      "body": "<html>\n<p>We are currently in the middle of the crypto revolution. The cryptocurrency movement has evolved from the experimental stages and has now entered the mainstream. You can’t go anywhere without hearing somebody talk about an investment they just made involving Crypto. In this article we are going to talk about some of the most popular cryptocurrency exchange platforms that make it possible for you to trade. &nbsp;</p>\n<p><strong>Binance</strong>&nbsp;</p>\n<p>Binance is one of the most popular exchanges in the industry right now. The Hong Kong-based company raised about $15 million in an ICO on July (2017) and it doesn’t look like they are slowing down any time soon. Binance's tariff structure is unique. For starters, they have a 0.1% standard trading rate, which is already quite lower than other parties. If you pay using your own token (BNB), you currently receive a 50% discount on the negotiation rate, which drops to 0.05%. With this discount, Binance easily has the lowest rates in the industry.&nbsp;</p>\n<p><strong>Cryptopia</strong>&nbsp;</p>\n<p>Cryptopia was founded in 2014, with the goal of being a comprehensive exchange that focuses on the user experience, with the integration of additional services, including a market and a wallet. Cryptopia admits a ridiculously large number of cryptocurrencies: more than 400 to date, with more being added all the time. The trading rate is also a low 0.20% per transaction, which compares favorably with many competitors.&nbsp;</p>\n<p><strong>Coinbase</strong>&nbsp;</p>\n<p>This is an exchange site based in the USA which was founded in 2012 and supports users from more than 32 countries. The firm offers a free mobile wallet, offline storage and insurance protection for the currency stored in their servers. The Coinbase exchange has a flat rate of 1% for each purchase, while cryptocurrency deposits and withdrawals are made without any fees.&nbsp;</p>\n<p><strong>Bittrex</strong>&nbsp;</p>\n<p>Bittrex is a regulated stock exchange based in the USA which offers the trading of many established cryptocurrencies and tokens, as well as emerging currencies. In fact, they admit more than 190 cryptocurrencies to date. They offer quick transactions and great stability, many experienced investors frequent this exchange.&nbsp;</p>\n<p><strong>Kraken</strong></p>\n<p>Kraken, based in San Francisco, California, claims to be the largest Bitcoin exchange in terms of volume and liquidity in euros. Kraken's fees are among the lowest of all major bitcoin exchanges. The fees you pay depend on the level of your account: the higher the level, the higher the volume you can exchange. Also, Kraken is one of the original crypto exchanges… and I think oldest exchange still in business. &nbsp;</p>\n<p><strong>Bistamp</strong>&nbsp;</p>\n<p>Bistamp is the largest European Exchange. It is currently based in Luxembourg, although it has offices Slovenia and the United Kingdom. It has very good reputation among users, since it has the backing of the investment firm Pantera Capital. It complies with the KYC protocol, especially those issued by the UK, so that operations are not anonymous, avoiding any type of money laundering. &nbsp;</p>\n<p><strong>BTC-e</strong>&nbsp;</p>\n<p>BTC-e is another European trading platform widely used. It does not require any kind of identity document to open an account, so you can operate with complete anonymity. BTC-e is one of the first that opened in Europe, operates since 2011, is managed in a very professional and has not suffered any major problem that is security or otherwise.&nbsp;</p>\n<p><strong>Kucoin</strong>&nbsp;</p>\n<p>Kucoin is one of the newest crypto exchanges on the list. Kucoin has experienced a widespread popularity in recent years and it is growing fast. It was founded by a number pioneers in the Blockchain movement. Recently Kucoin started an app for Android and IOS positioning themselves as the exchange to beat for 2018. &nbsp;</p>\n<p>With more than 1,400 cryptocurrencies available, it is important to determine which currencies you want to exchange and then compare the type of admitted transaction that occurs at each exchange site. Meaning that you have to make the smart decision of choosing the best exchange that meets all of your needs. &nbsp;</p>\n<p>For more, see: &nbsp;</p>\n<p>● &nbsp;<a href=\"http://premieroffshore.com/where-to-start-a-cryptocurrency-exchange-crypto-friendly-countries/\">Where to Start a Cryptocurrency Exchange – Crypto Friendly Countries</a></p>\n<p>● &nbsp;<a href=\"http://premieroffshore.com/how-to-build-an-international-cryptocurrency-exchange/\">How to Build an International Cryptocurrency Exchange</a></p>\n<p>● &nbsp;<a href=\"http://premieroffshore.com/banking-for-a-cryptocurrency-exchange/\">Banking for a Cryptocurrency Exchange</a>&nbsp;</p>\n<p>I hope you’ve found this article on Cryptocurrency exchanges around the world to be helpful. For more information, or for assistance in starting a business offshore, please contact us at [email protected] or visit our website <a href=\"www.masterdax.com\">www.masterdax.com</a>.&nbsp;</p>\n</html>",
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      "title": "Countries that have banned Bitcoin",
      "body": "<html>\n<p>There’s no doubt that we’re in the middle of a cryptocurrency revolution. Many countries around the world are beginning to understand the value that cryptocurrencies offer to their economies and have set laws to regulate it. The mainstream adoption of cryptocurrencies, especially Bitcoin, has already happened and those who refuse to see it will be left behind. There are still some countries that see cryptocurrencies and Bitcoin as a threat to their economy. Here’s a list of countries that have banned Bitcoin&nbsp;</p>\n<p><strong>Kyrgyzstan</strong>&nbsp;</p>\n<p>Kyrgyzstan has banned the use of all forms of cryptocurrencies as a payment method in the country, including Bitcoin and Altcoin. However, there is no law that prohibits its residents from buying and selling Bitcoin.&nbsp;</p>\n<p><strong>Bolivia</strong>&nbsp;</p>\n<p>Bolivia has once again reaffirmed its reluctance to allow the use of cryptocurrencies in the country due to recent criminal practices carried out by some inhabitants. After having denounced a hidden pyramid scheme under a supposed investment in cryptocurrencies, the Central Bank of Bolivia issued a statement in which they remind the population that the use of virtual coins is prohibited.&nbsp;</p>\n<p><strong>Bangladesh</strong>&nbsp;</p>\n<p>In Bangladesh, the Financial Intelligence Unit has begun to work in conjunction with the Computer Crime Unit of the country's police to begin investigating people who are involved in buying or selling Bitcoin or any of the other cryptocurrencies.&nbsp;</p>\n<p><strong>Iran</strong>&nbsp;</p>\n<p>The Central Bank of Iran officially banned the use of cryptocurrencies in financial transactions to prevent money laundering and terrorism. The measure is considered part of the actions of Tehran to control the money market after the rial reached its lowest level this month.&nbsp;</p>\n<p><strong>Nepal</strong>&nbsp;</p>\n<p>Recently, the country's financial regulator, Nepal Rastra Bank, completely banned any operation with the cryptocurrency, since it as a threat to its economy. His decision was confirmed by the arrest of a dozen people, allegedly involved in the management of digital currency exchanges in the territory of Nepal.&nbsp;</p>\n<p><strong>Thailand</strong>&nbsp;</p>\n<p>The Bank of Thailand issued a statement asking financial institutions not to engage in cryptocurrency transactions for fear of possible problems surging from unregulated trade.<br>\nThe central bank said that cryptocurrencies were not legal tender in Thailand adding that it worried that they could be used in illegal activities such as money laundering or support for terrorism. In recent months there have been some developments announced by the Thai government that it will not ban cryptocurrencies altogether and that they are developing a regulatory framework for them. &nbsp;</p>\n<p><strong>India</strong>&nbsp;</p>\n<p>India warned its citizens about how dangerous cryptocurrency can be and has encouraged the population to not use it.&nbsp;</p>\n<p><strong>Denmark</strong>&nbsp;</p>\n<p>Its use has not been banned it can be used but the government rejects it and has said that it will not regulate the use of bitcoins for now. &nbsp;</p>\n<p><strong>Ecuador</strong>&nbsp;</p>\n<p>The Central Bank of Ecuador reported that the cryptocurrency known as Bitcoin is not a means of payment authorized for use in the country. The Central Bank of Ecuador also notes that the purchase and sale of cryptocurrencies - such as bitcoin - through the Internet is not prohibited; however, it &nbsp;emphasized that bitcoin is not a legal tender and is not authorized as a means of payment for goods and services in Ecuador.&nbsp;</p>\n<p>For information on crypto friendly countries, see: &nbsp;</p>\n<p>● &nbsp;<a href=\"https://medium.com/@masterdax/where-to-start-a-cryptocurrency-exchange-530f7434aa6\">Where to Start a Cryptocurrency Exchange – Crypto Friendly Countries</a></p>\n<p>● &nbsp;<a href=\"https://medium.com/@masterdax/how-to-build-an-international-cryptocurrency-exchange-dac18fa25a55\">How to Build an International Cryptocurrency Exchange</a></p>\n<p>● &nbsp;<a href=\"http://premieroffshore.com/banking-for-a-cryptocurrency-exchange/\">Banking for a Cryptocurrency Exchange</a>&nbsp;</p>\n<p>I hope you’ve found this article on where crypto is banned around the world to be helpful. For more information,please contact us at [email protected] or visit our website <a href=\"www.masterdax.com\">www.masterdax.com</a>.&nbsp;</p>\n</html>",
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      "title": "How to trade cryptocurrency and manage investments for others without a license",
      "body": "<html>\n<p>I get a number of emails from readers each week asking how they can manage money for friends and family offshore. They want to trade cryptocurrency and make investments for others without going to the expense of setting up a licensed and regulated exchange. So, here’s how to trade cryptocurrency and manage investments for others without a license.</p>\n<p>When you want to trade crypto or other assets for anyone other than yourself, you need an account that allows you to hold other people’s money. Banks are very cautious when it comes to those trading on behalf of others or managing investments without a license.</p>\n<p>First, banks don’t want to be fined for facilitating money laundering. Banks paid hundreds of millions in the last few years for “allowing” their customers to avoid taxes and launder illicit gains. The bank might not have had any idea what was going on, but their due diligence procedures weren’t stringent enough to catch the wrongdoers, so they were fined big time.</p>\n<p>Second, banks and governments don’t want anyone without a license managing other people’s money. Brokerage and investment management licenses and regulation is big business. If you don’t want to pay, you won’t be allowed to play.</p>\n<p>Third, banks must follow strict Know Your Client (KYC) rules. When you open an account, the bank checks you out and thereby knows you, their customer. If you then receive friends and family or customer money in your bank account, the bank doesn’t “know” the true beneficial owner of the money. The actual owner is one level removed from the person the bank “knows.”</p>\n<p>Setting up an offshore corporation and hoping for the best is not a good idea in today’s world. Banks are watching for the source of funds on most wires. They will check outflows and for anyone using their account to manage OPM. If you try to hide, you’ll be caught and kicked to the curb.</p>\n<p>Against that backdrop, <strong>here’s how to trade cryptocurrency and manage investments for others without a license</strong>.</p>\n<p>When you don’t want to set up a regulated exchange, which can cost $35,000 to $250,000, depending on the country, you can use offshore LLCs and a trading corporation to accomplish your goals.You, the trader form an investment corporation and a management LLC. Then, <strong>each and every client forms an offshore LLC</strong>. Yes, every single client, friend, or family, must have their own offshore corporation. Only a husband and wife can have a joint LLC.Next, <strong>all of these structures open offshore accounts at the same international bank</strong>. In this way, the bank has done its due diligence on you and your customers. Everyone has been reviewed and approved by the bank and transfers will be permitted between the group of companies.</p>\n<p>Once everyone has been approved, the client LLCs can issue a Power of Attorney to your management LLC. With this Power of Attorney on file with the bank, you will be allowed to manage the investments of these clients and transfer funds into your investment corporation.</p>\n<p>This multi LLC offshore investment management structure ticks all the right boxes. It allows you to manage client funds and for the bank to do its KYC on everyone involved. Because all the accounts are at the same bank, transfer costs are minimized and the source of funds won’t be questioned.</p>\n<p>A separate LLC system to trade cryptocurrency and manage investments for others without a license works well with large investors. Because of the setup costs, it’s not efficient for smaller clients or selling investments to the general public.</p>\n<p>This practical limitation is positive for banks. They don’t want someone operating an unregulated offshore hedge fund selling to mom and pop investors. This will only bring trouble and litigation to the bank. They like larger accounts, larger deals, and sophisticated investors.This system also allows sophisticated investors to put more advanced structures in place. For example, they might want to trade within an <a href=\"http://premieroffshore.com/offshore-trust-vs-offshore-llc/\">international trust</a> for estate and asset protection reasons. High net worth investors might want to hold the LLC inside an <a href=\"http://premieroffshore.com/benefits-of-private-placement-life-insurance/\">offshore life insurance company</a> to eliminate US tax on the capital gains.</p>\n<p>You can also use this structures to create private entities in countries with public registries. For example, let’s say you want to invest in Panama. That country has a public registry of corporate shareholders and directors and a list of beneficial owners of foundations (their version of a trust).</p>\n<p>To keep your name out of the registry, you can set up an offshore LLC in a country like Nevis or Belize that doesn’t have a public registry. Then, this LLC can be the founder of a foundation or the officer and director of a Panama corporation. In this way, the beneficial owner (you) won’t be listed in the registry.</p>\n<p>When someone searches the Panama database, all they’ll see is the name of your Belize LLC. When they go to Belize for more information, they’ll hit a brick wall.Whether this offshore LLC structure is cost-effective will depend on how many clients/friends and family you plan to manage.&nbsp;</p>\n<p>In most cases, the base corporation might cost $3,500 and each LLC $2,000 to $2,900 to set up (not including bank fees).The largest structure I’ve seen like this was 3,400 LLCs and two management corporations in Switzerland. Why, you ask, would someone spend that kind of money on LLCs? Because they don’t want to go through all the compliance and regulation that comes with a fully licensed exchange.</p>\n<p>Had they decided to operate as an investment manager in Switzerland, they would have had to hire someone with the necessary Swiss licenses and go through a very arduous registration process. The multi LLC model eliminated both of these requirements.</p>\n<p>Plus, once you have a license, you have quarterly filing, KYC and AML compliance, and all manner of regulations to contend with. When you use separate offshore LLCs, it’s a private transaction between you and your friend/client.Finally, this system allows some clients to move their retirement accounts offshore. They could form an <a href=\"http://premieroffshore.com/heres-take-ira-offshore-6-steps/\">offshore IRA LLC</a> and transfer some or all of their vested retirement savings into that entity.&nbsp;</p>\n<p>Then, that LLC could issue a POA to you, the trader.As you can see, this multi offshore LLC approach to trading cryptocurrency and managing OPM for others without a license can be a very powerful tool.I hope you’ve found this article on how to trade cryptocurrency and investments for others without a license to be helpful.&nbsp;</p>\n<p>For more information on setting up a regulated or unregulated crypto trading business, please contact me at [email protected] also welcome to visit our homepage <a href=\"http://www.masterdax.com/\">MasterDAX(www.masterdax.com).</a></p>\n<p><br></p>\n</html>",
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      "body": "<html>\n<p>The world's first One-Stop solution service platform （<a href=\"https://www.masterdax.com/?utm_source=utm_medium=news\"><em>www.masterdax.com</em></a>）which could helping developers to build a digitalcurrency exchange in 5minutes has been lunched in 2018TokenSky in Seoul.</p>\n<p><strong>What is MasterDAX ？</strong>MasterDax offers startup, technical, and compliance services to global digital asset participants and stakeholders.</p>\n<p><strong>How to process ？</strong>Step 1：Technical SupportProvide mobile friendly website, high efficient matching engine, 30+ mainstream cryptocurrency online/offline wallets and marketing activities support including source code deployment and technical training</p>\n<p>Step 2：Market MakingProvide price quote, market depth, order book brokering service and increase exchange liquidity</p>\n<p>Step 3：Anchored CurrencyAnchored the value of the price to USD with 100% asset backed</p>\n<p>Step 4：Exchange Token IssuanceIssue exchange platform token via Achain technology — A blockchain technology with 1000+ TPS efficiency</p>\n<p>MAsterDAX provide Global Regulatory Management / License &amp; Sub License Application / KYC, AML, Compliance</p>\n<p>Know more about MasterDAX to visit website--&gt;<a href=\"https://www.masterdax.com/?utm_source=utm_medium=news\"><em>www.masterdax.com</em></a></p>\n</html>",
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      "body": "In the past two years, more and more cryptocurrencies have been created as Bitcoin prices have gradually increased.\nHowever, the handling fees have also skyrocketed, rising from the initial 0 to 2 million U.S. dollars, and even more to 10 million U.S. dollars. This undoubtedly puts tremendous pressure on developers. In fact, the development of digital currency exchanges is not difficult, and developers can develop their own digital currency exchanges.\n\nIn this article, I'll look at the steps to build a cryptocurrency exchange. Whether you're building out a new cryptocurrency exchange or planning on expanding beyond your current country, these are the steps necessary to start an international cryptocurrency exchange.\n\nNote that this article is for those wishing to start an internationalcryptocurrency exchange. Setting up in the United States is a very challenging process with different issues to consider.\n\nFor example, in the United States, the SEC is targeting cryptocurrency exchanges and might require them to register as \"exchanges.\" Whether this simply means that cryptocurrency exchanges will need to be called cryptocurrency platforms (for example), or that all systems that facilitate trade must spend millions on compliance and registration, is yet to be seen. For more, take a read through US: Cryptocurrency Trading Platforms Must Be Registered With SEC.\n\nAnother example of America's unique attitude is its attack on customers of cryptocurrency exchanges. The United States IRS is waging all out war on cryptocurrencyby imposing ever higher taxes on trades and criminalizing trades that occur outside of a regulated exchange.\n\nFor these reasons, many cryptocurrency traders are looking to move offshore. Likewise, many cryptocurrency exchanges are expanding beyond the United States and placing ever more emphasis on international markets.\nWith all of that preamble, here's how to build an international cryptocurrency exchange.\n1.\tSelect a jurisdiction that fits your needs and your budget.\n2.\tForm your corporation and open a corporate bank account (for business transactions, not client funds).\n3.\tCapitalize your cryptocurrency exchange business.\n4.\tPurchase a core cryptocurrency exchange system.\n5.\tCreate a token or coin that you can trade against BTC, ETH, etc. Support as many crypto and FIAT/crypto pairs as possible.\n6.\tDocument your compliance system and procedures, such as Know Your Customer (KYC) and Anti-Money Laundering (AML) rules.\n7.\tHire a staff with a focus on compliance, banking, etc. (in addition to the marketing people I assume you've already hired). Begin by self regulating with an eye towards global licenses in the future.\n8.\tNegotiate a cryptocurrency license in the jurisdiction from which you will operate. Many of the top exchanges operate without any licenses. However, times are changing.\n9.\tSetup a loaded card, debit card, or another system to get money out of the exchange that doesn't require a wire transfer.\n10.\tCreate a USD backed coin that can be used to transact and hold \"FIAT\" in the wallet. The primary purpose is to reduce wires and outflows by creating a coin which is not volatile. Such a coin should have a 1 to 1 dollar reserve is a US bank.\n11.\tNegotiate a cryptocurrency license in certain jurisdictions where your clients will be located. That is, if you plan to market in the UK, you will need a UK license.\n12.\tOpen a correspondent account to receive client funds and convert FIAT to and from crypto.\n\nOf the tasks above, the most difficult will your correspondent account. For this reason, tasks 1 to 11 are all building your business to a place where you can successfully negotiate such an account and to prepare for the future. About 80% of the requests for assistance we get from existing exchanges are related to their correspondent accounts.\n\nJurisdiction\nThe first task in building an exchange is to select your jurisdiction of operation. Where do you want to incorporate your business? Under which laws and regulations do you want to operate?\n\nThe two top offshore jurisdictions are the Cayman Islands and Switzerland. These are also the most regulated and most expensive. If you have an unlimited budget and want to run a well regulated and compliant cryptocurrency exchange, Switzerland and Cayman are where you want to be.\n\nThe demand for Cayman is quite high. And this has lead a few unscrupulous promoters to sell cryptocurrency and ICO structures they know are useless. If you want to operate in Cayman, you'd better be very well capitalized and have your KYC and AML systems in place. For more information on this, see: The Offshore ICO Scam and Cayman Islands \n\nCorporations\nProper cryptocurrency exchanges in Cayman are operating under the islands FX exchange license. They are not using the currency exchange or money transmitter license as is popular in other countries. For an example, see: Xenia.ky\nAnd of course, these jurisdictions are expensive and exclusive. Of course, government regulators are very cautious. The reason everyone wants to be in Cayman is that this jurisdiction has a solid world image. It obtained this image through decades of compliance and a solid regulatory environment. It's not going to throw away that image by allowing a poorly run cryptocurrency exchange to operate within its borders and leverage its reputation.\n\nOther solid jurisdictions include Canada, Japan, Singapore, Mexico, Liechtenstein, Luxembourg, Gibraltar, Malta, Estonia, Lithuania, and Belarus. The lowest cost license is Belize at about $35,000.\n\nIn my opinion, Mexico is one of the most interesting jurisdictions from which to operate an international cryptocurrency exchange. This country of 130,000 million allows unlicensed self-regulated exchanges as of April 2018. It has great FinTech cities like Mexico City, Monterrey, and Guadalajara. The city of Tijuana borders San Diego, California and has been an outsourcing hub for Silicon Valley for years.\n\nThe government recently passed laws regulating cryptocurrency exchangeswhich will go into effect in the next 6 to 12 months. Now is the time to build a new self-regulated exchange in Mexico to reach sustainability before these laws come in to place.\n\nAnd Mexico is the only jurisdiction that offers loaded cards on a large scale for withdrawals and cash deposits into its exchanges at 140,000 convenience stores. For more, see: Mexico is a Cryptocurrency Paradise.\n\nFinally, I believe quality international exchanges should embrace licensing requirements or sub-licensing options. These will become the norm in the next year and you want to be in a country with business-friendly statutes and a solid banking system to support those laws. You want to be a key player in a country that will suit your business in the long term.\n\nCapitalization\nIf you're going to build an international cryptocurrency exchange from scratch, I suggest you'll need $500,000 to $1 million in capital to get through steps 1 to 11. You'll need significantly more capital for step 12, your correspondent banking account if you don't \"outsource\" this component.\n\nThe $500,000 level assumes you're buying a turnkey software solution from a partner. One that provides the software, compliance, license consulting services or sub-licenses (if applicable), token and USD coin issuance, and technical support.\n\nIf you're really going to go it alone, and you want to be licensed, then you'll need $5 to $12 million for a multijurisdictional cryptocurrency exchange. Most of this increase in capital will be attributed to your licenses and correspondent banking partners. Remember that you'll need one correspondent bank for each FIAT currency you'll offer.\n\nI should point out that many of the largest international cryptocurrency exchanges do not have global licenses. For example, Bittrex, Bitfinex, Kraken, Binance, do not have global licenses but still, their transaction volumes are among the top exchanges.\n\nThis proves that customers are not as concerned with your license as with your reputation and the quality of your platform. However, government regulators and banks are getting concerned. For example, Japan recently sanctioned 7 exchanges and is moving to enforce regulations on anyone selling into this market.\n\nThis all means that, while you can operate today without a license, your long-term strategy should include a path to a proper license in your primary markets. Also, you should self-regulate with strict internal KYC and AML procedures.\n\nCore Cryptocurrency Exchange Platforms\nWe've researched the core cryptocurrency exchange platforms and found that most are priced at $300,000, with some as high as $500,000, for the source code. If you want to build an international exchange, and don't want to spend years coding your own version, expect to spend a minimum of $300,000 for a quality system.\n\nWhen you price a core cryptocurrency exchange platform, here's what you should be looking for:\n● Trading platform\n○ Support spot, futures, OTC trading\n○ Multiple languages support\n○ Customizable analytic & charting tools\n○ Facilitated background management system\n\n● Matching engine that provides clustering of asynchronous matching with tens of thousands matches per second.\n\n● Wallet\n○ Cold and hot wallet management (this is the new industry standard)\n○ Multi-signature guarantees asset security\n○ Multi-coins exchange support\n○ Structured wallets and easily listing service\n\n● Risk Management\n○ Data monitored data in real time\n○ Sensitive alerts of assets changes\n○ Asset flow and retrospective query support\n○ Intrusion detection and anti-seepage detection\n\n● Market Making\n○ Actual market volume import and liquidity supply\n○ Risk-free hedging strategies\n○ Market value management outsourcing\n○ 7*24 hours hosting\n\n● Special Services\n○ Global compliance and license application consulting\n○ Fiat currency exchange and correspondent banking introduction\n○ Token issuing support\n○ Advertising and marketing support through trade shows, press releases, and other resources.\n○ Supports both cloud-based (AWS, etc) and traditional hardware.\n\nAs far as I can tell, there's only one core platform for sale that allows you to issue your own token and a USD coin. There is only one source code available that includes these features. Tokens are valuable tools and permit you to create unique pairs, allow you to differentiate your exchange out of the gate, and offer a variety of benefits.\n\nIn my opinion, an anchored currency or coin is a required feature in 2018. You must find ways to reduce outflows and wire fees. You must try to reduce compliance costs from you correspondent banks. And, of course, you're always looking to increase trading by making it easier and faster. One way to accomplish these goals is to convince your clients to hold more their funds on your platform.\n\nA USD coin allows your clients to keep their non-trading funds on your platform. Those who are attempting to time the market, or want to move in and out of a volatile market, will find a FIAT coin very beneficial.\nOf course, an achorred coin has other benefits on a successful international cryptocurrency exchange. For example, they can be sent between users to purchase goods and services at no cost (no wire fees).\nSuch coins can also be used in cross border transactions at zero cost and with no volatility. Let's say you have one user in the United States and one user in Mexico(a country with 53 million unbankedpersons). Your customer in the United States could send USD coins to Mexico at zero cost.\nThe user in Mexico could then withdraw these funds in Pesos by having them deposited onto a debit card. As stated above, these cards can be purchased at over 140,000 convenience stores throughout Mexico.\nThese are just two uses of an anchored coin. As you build your business and your unique client base, you'll find many more. My point here is that any platform you purchase should have these features.\n\nTurnkey Solutions\nWhen it comes to building an international cryptocurrency exchange, the word \"turnkey\" is used in two different ways.\nFirst, turnkey can mean a core software platform with all the necessary bells and whistles. Such a platform should provide a turnkey system on which to run your exchange. No custom programming should be required (at least, none from the buyer's side).\n\nIn this case, the seller will have a sizeable team of programmers, developers, and designers to customize the platform for your use. They'll also handle deploying the system on your hardware or the cloud.\n\nSecond, turnkey can mean a complete software, licensing, and compliance solution. This type of turnkey solution truly allows you to launch a new international cryptocurrency exchange in a matter of weeks rather than months or a year.\nFor example, a large FinTech company has licenses in multiple jurisdictions. They sell the software for a fixed fee and charge a monthly fee that allows you to operate under their license or to issue a sublicense.\n\nThe same goes for correspondent banking, AML, KYC, and compliance. The FinTech has all of these components in place, with millions of dollars on deposit at various banks. They allow you to transact through these accounts for a fee.\nWhen the seller offers correspondent banking, they'll generally also handle account openings, KYC, and AML. The bank trusts their client's compliance systems, and is holding millions in security should something go wrong, so the seller (which is the bank's client) will be the one to ensure that all the bank's rules are followed.\n\nOutsourcing account opening and compliance are relatively new in the cryptocurrency industry. However, it's been the standard in credit card processing for decades. The vast majority of e-commerce accounts, and most swipe accounts, are handled by agents called Independent Sales Organizations or ISOs. These agents send the account to the bank for approval. One approved, the bank handles account opening, KYC, AML and chargeback compliance.\n\nIn my experience, most clients are looking for self regulated and unlicensed options in the beginning. I expect sub-licensing to become the norm in 2019. Therefore, I suggest you purchase your core software from a firm that offers sub-licenses, even if you don't make use of them now.\n\nConclusion\nI hope you've found this article on how to build an international cryptocurrency exchange to be helpful. For more information on turnkey solutions, software platforms, or to negotiate licenses and correspondent banking, please contact us at [email protected]. Will be happy to assist you to build a new international cryptocurrency exchange.And you can also visit our one-stop service platform MasterDAX（www.masterdax.com）.\nI have a 15 years experience planning, structuring, and building regulated entities. For example, I've licensed and built international banks around the world in 8 countries. For more on this topic see my 300-page book on Kindle, Offshore Bank License Guide. I bring a unique skill set to the cryptocurrency industry.\nFor my US expat tax guide, also available on Amazon, see International Tax & Business Guide 2018.",
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