I am trying to find simple, layman understandable, UK laws on operating an escrow service.
I am making the assumption that the UK laws that apply to Fiat currencies (ie UKPOUND) will also apply to BTC escrows.
I would be very grateful if anyone could provide me some basic details or point me in the right direction.
In addition, if the escrow service was offered worldwide, would this mean other countries regulations/laws would also apply (or be wise to abide by)?
Thanks
Ford
If you want a simple answer take a look at existing escrow services like
www.transpact.com They are registered with
- the Financial Conduct Authority as authorised payment institution
- HM Revenue & Customs as a money services business
You can find more information if you search for 'UK Payment Services Regulations' e.g. here:
http://www.fca.org.uk/firms/firm-types/payment-services-institutions/psr-faqs