W3C home > Mailing lists > Public > public-webpayments@w3.org > September 2013

Re: Tradehill Bitcoin exchange shut down for 2nd time in 2 years

From: pindar wong <pindar.wong@gmail.com>
Date: Wed, 11 Sep 2013 20:44:58 +0800
Message-ID: <CAM7BtUpd-knFX4tY5_1KCorA-MS-mDCpRGbGXU3SPJMUxaKXzw@mail.gmail.com>
To: Manu Sporny <msporny@digitalbazaar.com>
Cc: Joseph Potvin <jpotvin@opman.ca>, Web Payments CG <public-webpayments@w3.org>
On Tue, Sep 10, 2013 at 8:24 AM, Manu Sporny <msporny@digitalbazaar.com>wrote:

> [snip]


>
> It would be interesting to see how Hong Kong's regulatory environment
> compares to the US, especially if it makes it possible for US companies
> to operate MSB services out of Hong Kong.
>
> Even if a US-based organization were to successfully operate out of Hong
> Kong, the MSB licenses would still be required to send or receive money
> from US customers. It's hard to ignore the US market.
>
> That said, anything that could give this group a base of operations for
> experimental financial services would be of huge benefit.
>


As David Nicol noted: 'And given participation of a substantial backer, the
registration and bonding issues become details.'

I've been exploring this option in HK, from a traditional 'authorized
institution (AI)' perspective i.e. those who already have the necessary
licences and policy knowledge.

'In the banking sector, at the end of
July 2013, there were 156 licensed banks, 21 restricted
licence banks and 24 deposit-taking companies in Hong
Kong, together with 61 local representative offices of
overseas banking institutions. These institutions come from
34 countries and include 70 out of the world’s largest 100
banks.'

http://www.gov.hk/en/about/abouthk/factsheets/docs/financial_services.pdf

As a side note, in Hong Kong, we are also developing Intellectual Property
(IP) Exchanges that might benefit tremendously for low friction/overhead
web payment technologies.

p.


> -- manu
>
> --
> Manu Sporny (skype: msporny, twitter: manusporny, G+: +Manu Sporny)
> Founder/CEO - Digital Bazaar, Inc.
> blog: Meritora - Web payments commercial launch
> http://blog.meritora.com/launch/
>
Received on Wednesday, 11 September 2013 12:45:27 UTC

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