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OneCoin Exchange Summery

Hello, friends, we all are waiting curiously for OneCoin Exchange from a long time. About a few weeks ago we have started getting a weekly summary on each Friday. Almost 12 weeks have passed since we are getting Onecoin exchange summery.

Today we will discuss all key points of all weeks regarding exchange and remittance and all other preparation or progress in this respect.

OneCoin Exchange Key Points Introduction

1st Phase: non-European licenses. For Exchange, for Remittances, and for Third-Party Management
2nd Phase: European license. For Exchange and for Remittances.
3rd Phase: other countries
4th Phase: Countries which ban trade and cryptocurrencies ( there is a need for negotiations with authorities, case by case )
*Exchange will start to work for non-regulated jurisdictions and also in the jurisdiction from where has the license.

OneCoin Exchange Key Points Week 1 – May 10th

 Started to test functions of exchange: deposit (ONE AND FIAT ), withdrawals, trading, KYC
 DealShaker need to be connected with Exchange
 Limits for selling the Coin need to be applied
 The procedure of licensing is in the evaluation phase.
 Revision of cryptocurrencies which need to be listed on the exchange
*some of the cryptos in process of approval: OneCoin, Bitcoin, Ethereum, Bitcoincash, Litecoin, Dogecoin, Ripple, Stellar, Dash, EOS, Neo…
*some of the fiat in process of approval: Australian Dollar, British Pound, Canadian Dollar, Chinese Yuan, Euro…
Note: All Fiat and Cryptos need to go through CB approvals
 Legal documents are finalized and sent for final review
 Committee for licensing delayed as there is a need for a separate platform to be built- CDD ( customer due diligence ) but the good news is that some tolerated period of time is required to that platform be built.

OneCoin Exchange Key Points Week 2 – May 17th

 Deposit function from OLN to Exchange is tested and runs well
 Some minor bug occurred when withdrawals are done. A fix is on the way
 Limits for selling and fess are being discussed and in next weeks they expect to review and approvals
 Waiting from CB about payment gateways, which is most suitable
 Connection DealShaker- Exchange still needs to be done
 There is no legal objection about licensing.
 The central bank has completed the procedure and it has been approved (companies, ownership structures, the scope of work, etc.)
 This week applications for 2 European licenses (exchange and remittances) have been set up;

OneCoin Exchange Summary Week 3 – May 27th

 Testing – the deposit function OLN ->Exchange is running smoothly;
 Currently, withdrawals can be sent successfully, an error has been fixed
 Ongoing parallel work towards the stabilizing of the synchronization between blockchain and back-office and DealShaker
 Liquidity account – finalized
 CB wants to know how the pricing is formed technically. It’s provided an explanation that the price for a crypto coin/fiat currency to another is determined just as it is on all other exchanges, namely by the price of the last trade on the market.
 Payment gateway determined as compulsory before starting – still no response from CB about which payment gateway they recommend
 Request for how to operate sent to Turkey, New Zealand, UK

OneCoin Exchange Key Points Week 4- May 31th

 Ongoing parallel work towards the stabilizing of the synchronization between blockchain and back office
 The work process towards building a connection between the exchange and the old DealShaker is finalized.
 The team is currently testing
 Ongoing reviewal process by CB IT team.
CB IT Team currently expecting a finalized business continuity plan, a contingency plan, and a disaster recovery plan.

*Business continuity – OneCoin team has completed a Backup plan for any upcoming accidents like crashes down.
Contingency – Suppose there is something uneven behind the OneCoin exchange and OneLife then there is an alternative to ensure the continuous working. Solid preparation for smooth operation.
Disaster recovery – Suppose everything is damage than how to deal with it is completely done.

 Proposals for fees are provided to the CB
 still no response from CB about which payment gateway they recommend
 Request for how to operate sent to Indonesia, Sudan, Egypt, Serbia
 Filing an application for a European license – initiated; application for a subsidiary – done

KEY POINTS IN WEEK 5 – June 8th

 Ongoing parallel work towards the stabilizing of the synchronization between the blockchain and back-office;
 Test accomplished successfully.
 according to CB, they will make a site visit (the first visit will be physical in the office of the country, holding the license; then they conduct a fiscal and after that a platform visit). Central bank gives permission that is registered physically in-country with the proper license. So the respective preparation is going on in this reference.
 Regarding the disaster recovery, contingency and business continuity plans which are required by the CB:

  • disaster recovery plan – provided and approved;
  • contingency plan – provided and approved.
  • business continuity plan – still in the process of preparation.
     Regarding the payment gateway – as per info by the CB, they have no specific preference. Any
    internationally recognized gateway is acceptable
     Exchange fees- need to be discussed with CB
     Regarding the liquidity account – as per final requirements it should function as a liquidity line (it should be equal to a one time capital as a minimum with a 20% cash injection as a start with a time limit of 9 months to constitute the liquidity line
     requests have been sending to the following governments: Israel, Mongolia, Ukraine, Algeria, Pakistan, Bangladesh, Azerbaijan, Taiwan, Canada (following the franchise model)
     Regarding the European license – after the subsidiary application was completed, a reply has been received to submit all the legal papers from the Exchange’s company which were confirmed by the Central Bank, notarized and authenticated by the Embassy, the Ministry of Justice and Ministry of External Affairs of the country of establishment. After that, they’ve been authenticated by the Ministry of foreign affairs in the European country where the application was made and then by the commercial register

KEY POINTS IN WEEK 6 – June 17th

 * Stabilizing of the synchronization between blockchain and back-office – done
 * Ongoing work for creating an additional mechanism based on One Ecosystem concept which establishes coin price stability and also facilitating Exchange demand
 Still waiting for an exact date proposal on when the Exchange company to be invited to participate in a final physical meeting with the CB.
 *business continuity plan – still in the process of preparation.
 Payment gateway – proposals for payment gateways that work with cryptocurrencies have to be made next week
 Exchange limits – proposal to be prepared next week
 The Exchange company hasn’t received any updates per countries from responsible authorities yet
 all legal papers from the establishment of the European Exchange’s subsidiary – notarized and authenticated; application for company formation uploaded and paid.
*Next step -> approval by authorities, then the application for the exchange license.

KEY POINTS IN WEEK 7 – June 21st

 Ongoing work for creating an additional mechanism, based on One Ecosystem concept which establishes coin price stability and also facilitates Exchange demand
 Still waiting for an exact date proposal on when the Exchange company to be invited to participate in a final physical meeting with the CB.
 Business continuity plan – ready and submitted
 According to CB Board members of the Exchange company should attend a seminar at the CB in the country of the licenses for AML and CFT
 Payment gateway – recently one of the multinational financial service corporations have represented an intermediate card that will allow crypto to fiat conversion for all the merchants and for a limited acceptance.

Friends this ATM similar card is in fiat currency so it can be used anywhere. But the important thing is that this card is directly connected to the exchange.
For your convenience, I want to tell you the exact working concept. Actually, we have installed an e-wallet on our mobile phone. This e-wallet application will be connected with the exchange platform. So people will be able to spend money with their cards and this card will be connected with mobile e-wallet and e-wallet will be directly connected to the Exchange platform.

Ongoing negotiations

Exchange limits – Ongoing discussion about Limits Management
 The exchange needs to maintain liquidity based on the available liquidity line. That liquidity line is the Liquid cash that will be injected in the account on the TOP of the shared capital to secure smooth cash operations. The limits’ management is based on the principles of the cash/ liquidity risk management and stress testing that are based on formulas which may vary depending on the volumes of supply and demand.

 SOME IMPORTANT THINGS:

The trading Price is the real Market Price, resulting from the trading activity which is the result of the following formula: basic price * (multiplied by) market value. Market value is the result of the following formula: (Demand – (minus) Supply) over supply6
The Market Cap is the result of the total number of coins traded * (multiplied by) the trading price
The Liquidity Ratio refers to the available liquidity to cover the cash demand and is the result of the following formula: Liquidity Balance (/divided by) Market Cap (in percentage)
 The Daily cash limit is a complex formula which represents the half average of the wallet percentage and the market percentage, powered by the liquidity ratio and multiplied by the current value/ balance of the member
 The higher the liquidity line (cash available) the higher the limits, since they are all affected by the liquidity ratio
 Limits can be applied by account or by a group of accounts (according to the CIF customer file information)
Regarding the European license – European company was approved and created under
the Name ……………………….. with register number (………..).
The Exchange company is now in the process of applying for the Licenses that are needed for that company to operate with the exchange in Europe (3- blended Digital Wallet, Exchange, and Remittance)

OneCoin Exchange Key Points Week 8 – June 28th

 Ongoing work for creating an additional mechanism, based on the One Ecosystem concept which establishes coin price stability and also facilitates Exchange demand
 Ongoing work for the application of Exchange limits (no limits applicable from wallet to the wallet as it is an internal transfer)
 Still waiting for an exact date proposal on when the Exchange company to be invited to participate in a final physical meeting with the CB.
 New Regulations have recently been introduced in the country of the Exchange.
It is obligatory for all members/directors of a company to attend an AML Seminar in order Certificate of registration to be issued.
the seminar is July 14th – 16th. A meeting with CB and a Site visit will come after the AML certification.
Payment gateway – we have sent protocols of the business to 3 payment gateways they answered that they need final approval by the CB in order to look at our request.
Regarding the European license – the company was created successfully and a license application was sent out this week; the business plan has been submitted and all related fees have been paid. The licensing procedure lasts 30 days, counting from today -> currently ongoing.

OneCoin Exchange Key Points Week 9 – July 5th

 *Ongoing work for creating an additional mechanism, based on the One Ecosystem concept which establishes coin price stability and also facilitates Exchange demand.
 *Ongoing work for the application of Exchange limits (no limits applicable from wallet to the wallet as it is an internal transfer)
 CB will allow the platform to trade and exchange a limited number of coins – they issued a policy for approved coins for trading to be applied by the licensed exchanges. If non-approved coins are added the document should pass through a specific approval process.
 *Payment gateway- Pending
 *Countries: Reminders are sent once again and awaiting feedback
 DealShaker franchisee countries were reviewed as well as inquiries were sent to the responsible authorities.
For European license: Three applications together are under processing and there is a positive sign and approval of CB bank to open a bank account for the already created entity. The Exchange company is still waiting for an answer from the two other banks

OneCoin Exchange Key Points Week 10- July 12th

 *Ongoing work for creating an additional mechanism, based on the One Ecosystem concept which establishes coin price stability and also facilitates Exchange demand.
 *Ongoing work for the application of Exchange limits based on the liquidity (no limits applicable from wallet to the wallet as it is an internal transfer)
 CDD platform separated from the Exchange (not compulsory for start, but mandatory in two months after the start)
Non-European CB was informed as well as the CB for the European license since this is a must for them both.
The exact date of the physical meeting with the CB is planned to be announced after the completion of the AML/CFT bank seminar (14-16 July).
 Ongoing discussion for the priorities in the Exchange and how they will be executed
 The business plan was shared with the European responsible authority to be included in the license. Negotiations about the crypto trade are ongoing. The exchange platform or exchange company is performing two tasks. The first one is the exchange company is opening a bank account and the Second is processing a license application and required development. Shared capital is now ready to be deposited once a bank account is open.

Key Points Week 11- July 19th

OneCoin Exchange Summary and detail description of OneCoin exchange key points.

 *Ongoing work for creating an additional mechanism, based on the One Ecosystem concept which establishes the coin price stability and also facilitates the Exchange demand
 *Ongoing work for the application of Exchange limits based on the liquidity
 CDD platform to be built separately from the Exchange (not compulsory to be done right from the start, but mandatory to happen in two months after the start)

  • now under development and will become ready and fully operational by mid-September after the full payment has been settled.
     Full Demo access and video for the Exchange platform required to be provided to the CB prior to the site visit – ongoing work
     Training completed and certificates issued ( AML/CFT )
     NBI is the National Investigation Bureau. The National Bureau of Investigation has issued a clearance report for exchange operation. And this clearance report is only on the basis of their good profile. NBI has taken their signature on the commitment document.(by that statement that they commit to fighting Money Laundering and Terrorism Financing)
     The next step is, as expected, the Site Visit. A site is a place where is register “daughter” of the Exchange company, where it is needed physically meeting with the Central Bank of the country.
     Currently waiting for the exact date of the visit to be communicated by the CB.
     Once the Site Visit is completed and, if all the small details are cleared out,
    then The Exchange company will receive temporary permission, allowing it to open a bank account and allowing it to start the setup and operation as well.
     Ongoing discussion for the priorities in the Exchange and how they will be executed
     2 answers have been received lately – about Germany and South Africa:
    Germany: A license from a foreign supervisor about a cross-border business is only valid according to MIFID notifications. This means that a foreign license may only be notified from an EU state member
    South Africa: Crypto-Assets (CAs) are not recognized as a legal tender in RSA and any merchant or beneficiary may refuse CAs as a means of payment. Therefore, no legal protection or recourse is
    afforded to users, traders or intermediaries of CAs and such activities are performed at the end-users
    sole and independent risk. It follows therefore that CAs are currently unregulated and that no licensing regime is in place.
     Inquiry for further clarification regarding Germany and South Africa has been sent, waiting for an update
     2 applications for licenses have already been submitted and are currently being processed
     bank account opening was agreed with one bank and is currently being processed
     waiting to get an approval over and list of currencies to trade

Friends remember if any coin will not get the permission from trading on the exchange then it will be illegal to trade.

And if there will be no permission granted for any currency then that exchange can only be used to trade the conventional currencies. So this is the unique rule for everyone.

Key Points Week 12- July 26th

OneCoin Exchange Important Key Points and detail summary for the week 12th.

 *Work for creating an additional mechanism, based on the One Ecosystem concept which establishes the coin price stability and also facilitates the Exchange demand- done
 *Ongoing work for the application of Exchange limits based on the liquidity
 Full Demo access and video for the Exchange platform required to be provided to the CB prior to the site visit – work finished and they are provided to the authorities.
 NBI is the National Investigation Bureau issued the clearance certificates and send to CB in soft copy. A hard copy was further requested. Police certificate now received by CB.
 Currently waiting for the exact date of the Site visit to be communicated by the CB. Once the Site Visit is completed and, if all the small details are cleared out (the ONE is approved ), then The Exchange company will receive temporary permission allowing it to start the setup and operation.
Exchange limits – There is an ongoing discussion regarding the limits.
 Limits between coin accounts are not applicable as it is an internal transfer and it will ease the parties in co-ownership.
 Ongoing discussions with two new payment gateways
bank account opening – the KYC and Compliance forms are filled, signed, stamped and sent back. A meeting with the bank team will take place next week about the opening of a bank
 awaiting an exact date for an interview with the relevant authorities; expected feedback in the middle of August for the approval of ONE to be traded on the Exchange
 waiting to get an approval on SOW (scope of work);
 -waiting to get an approval over the list of currencies to be traded.

Friends remember if any coin will not get the permission from trading on the exchange then it will be illegal to trade.

And if there will be no permission granted for any currency then that exchange can only be used to trade the conventional currencies. So this is the unique rule for everyone.

OneCoin Exchange Part 1 & 2
3 Comments

3 Comments

  1. Evgenia

    August 7, 2019 at 7:09 pm

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