Calling yourself a regulated business

[TommyGG]

What requirements do you need to meet to be permitted to call yourself a "Fully Regulated Business"?

 

[AndrewEardley]

You have to be a business

And you have to be fully regulated

 

[Merchant UK]

A fully regulated company is a company which is monitored by an external regulator or ombudsman. For example the financial industry, and most public sector companies, like water, phone, energy etc...

 

[VanillaOnlineAccountancy]

Depends on what industry you are in, the requirements are different for each industry. A key question would be regulated by whom, you could be regulated by anyone!

 

[TommyGG]

Specifically relating to a financial service that allows users to buy Bitcoin, and allows users to sell Bitcoin.

A fully regulated company is a company which is monitored by an external regulator or ombudsman

Is this an active relationship, or would simply being registered with the legally required bodies to operate this business be sufficient to call yourself "Full Regulated"?

 

[Merchant UK]

Specifically relating to a financial service that allows users to buy Bitcoin, and allows users to sell Bitcoin.



Is this an active relationship, or would simply being registered with the legally required bodies to operate this business be sufficient to call yourself "Full Regulated"?

I think Bit coins would fall under the electronic money regulations or similar, you may need to register with the correct regulator and this could amount to a large expense and fully audited accounts etc...

Remember Regulators are primarily funded by the companies they regulate so you would really need to find out for definite what regulations Bitcoins falls under and then enquire as to how you can go about your business under the guidelines of the appropriate regulator.

As your dealing with Electronic Funds you may need a consumer credit license or a variation of it, best to find out more

The regulation of electronic money has changed. The second Electronic Money Directive (2EMD), which aims to encourage the growth of the electronic money market, was implemented in the UK on 30 April 2011 through the Electronic Money Regulations 2011

Check this site out at the FSA http://www.fsa.gov.uk/about/what/international/emoney

and this site http://www.fca.org.uk/about/what/regulating

 

[TODonnell]

Isn't the whole point of Bitcoins that it is not regulated?

I thought people doing this kind of financing just formed a company in an offshore jurisdiction and hired a competent accountant to key their tax bill low.