Why are we partnering with firms with a banking license instead of acquiring our own license

If we want to do direct-to-account operations where we actually connect the crypto world with the fiat world, we have to be in compliance with the regulatory authorities that we and our users fall under. We, as a firm, have to be compliant with the Singapore laws. We have to be compliant with the American laws if our users are from the U.S. Similarly, if our users are from the EU, we have to be compliant with the EU laws. Not only do we have to comply with the Singapore laws, we have to be compliant with the users’ underlying jurisdiction laws.

Why We Started

When Satoshi Nakamoto released the Whitepaper for Blockchain technology and Bitcoin, he did it with the intention of creating a decentralized payment system that works on a peer-to-peer network sharing protocol. Blockchain technology is the network on which bitcoin (and other currencies) can be transacted. The highlight of the technology was to present a system based on ‘trust’, that operated devoid of a centralized authority.