Quote from: d_oilen on June 22, 2013, 06:09:24 AM

On the other hand, what are the legal implications ( minimal requirements) in running such a business of providing transaction processing software and facilitating transaction operations between customers and businesses? ( AU,US,EU limitations?)especially AU because i am currently there ?

thank you

In Australia APRA does not have a problem. I received this reply to an inquiry.

Dear Mr ****

Thank you for your email of 1 July 2013 about cryptocurrency.

The role of the Australian Prudential Regulation Authority (APRA) is to regulate authorised deposit-taking institutions (ADIs) such as banks, credit unions and building societies and insurance companies, some superannuation funds, and friendly societies in order to promote the prudent management of financial institutions.

APRA has no role in the regulation of payments systems, including cryptocurrency.

The Payments System Board of the Reserve Bank has a mandate to contribute to promoting efficiency and competition in the payments system. For further information of industry standards and regulations can be found of the Reserve Banks website.

In addition, the Australian Payments Clearing Association is the self-regulatory body set up by the payments industry to improve the safety, reliability, equity, convenience and efficiency of the Australian payments system. You may find information published of their website to be of assistance.

I trust that this information will be of assistance.

Kind regards

Hannah Cole
Senior APRAinfo Officer

Australian Prudential Regulation Authority