Creating and Regulating a #Blockchain-Based Business
October 15, 2018 (Investorideas.com Newswire) Founder and CEO of Tokenize-IT Pablo Gonzalez spoke in front of the audience at the San Francisco BLOCKCHAIN WEEK. Gonzalez claims that it is possible to navigate the "Regulatory Maze" and set up a Fully Operational and Compliant Blockchain-Based Business. Better yet, that his company has already achieved it.
His speech relied on regulations, how some people dread it and others just don't know or care about it. In the blockchain and cryptocurrency industry, the regulatory landscape could seem like a maze. Companies are following the hype and setting shop where they see an opportunity to profit from the market, but are there any means to regulate ICOs and blockchain services companies? How necessary is it?
He mentioned how the Winklevoss brothers, founders of crypto exchange Gemini, lost their second attempt to list the first-ever cryptocurrency ETF on a regulated exchange. This is the second time the US Securities and Exchange Commission rejects their request. Most governments are alerted by banks and financial institutions claiming issues with security, regulation, market manipulation and investor protection .
Gonzalez's point is that the cryptocurrency industry cannot strive without a clear regulatory landscape where stable financial services will also support these companies by providing them the resources to operate legitimately. He commented on how these companies should be customer service centric, how the interaction between user and product has to be an efficient and satisfactory experience, focusing on their well-being, and not by the amount of assets they hold.
So, what are the options of establishing operations in a stable, democratic jurisdiction with clear policies to better regulate the activity? And should there be a reason to regulate this industry at all? Certainly history has proven that sharing responsibilities by playing in a regulated field empowers both the companies and the regulators involved overall.
Here is where Tokenize-IT comes in, and how will they disrupt the market by creating a niche for the cryptocurrencies industry to grow. Costa Rica is a small country located in Central America. The company set shop there because of the countries policies towards cryptocurrency. The equivalent of the Securities Exchange Commission, called SUGEVAL, issued a regulation two years ago which stated that cryptocurrencies are seen as commodities, not as securities.
By successfully establishing in Costa Rica, they have been granted broker/dealer license from the commodities exchange and acquired a currency exchange license for al G10 currencies which allows the company to separate crypto from fiat; solving the conflict of missing the asset classes. Where does the money come from, crypto or fiat, where does it go, who owned it? Tokenize-IT is now able to track all transactions from wallet to wallet, origin to delivery.
If you settle down in Costa Rica, as a foreign technology company you might qualify for an International Free Zone space. Inside a ‘Free Zone', your cryptocurrencies initiative/business is tax exempt for ten years. Yes, ten years.
This small country is recognized worldwide for it's Business Processing Outsourcing (BPO) services, companies such as Amazon, Intel, IBM, HP, Procter & Gamble and more have been there for at least ten years.
All the needed resources seem to be in place. Tokenize-IT and Pablo Gonzalez will help you set shop in Costa Rica and become a Fully Regulated, Fully Operational and Compliant Blockchain-Based Business.
They've already done it, it's worth checking out.
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