The Supervision of Financial Services (Regulated Financial Services) Law
The new Financial Services law (the “Supervision Law”) establishes a mandatory licensing requirement for financial service-providers.
The “Supervision Law” determines that once a company holds money until it is transferred to its final destination, it actually acts as a currency exchange.
Once you download a payment app and sign up, in fact, we are transferring money without really knowing where the money went and where it is at any given moment. In light of the “Supervision Law”, it isn’t allowed to do that anymore. So what are we doing?
Instead of worrying about regulation, you should learn how to use it in order to benefit your business.