European Banking Licence 🏦


#138

Sure, but that creates a paper trail of forged documents. Isn’t that something we would want to avoid?


#139

Probably ppl tend to do what is necessary to reach the goal.

example:

Person A wants to live and stay in Country X but is not allowed to as he has no job. Person B is a friend lives and in Country X has a bussines and employs person A. Person B pays a lot of money to person A. Lets say 2000 after taxes. Person A pays the money back to him as he is not in need for money but needs a job to stay in Country X. After one year he is able to stay in Country X.
Goal reached.


#140

Yes. But this is not crypto related anymore. I don’t see that the examples we are discussing now would be a reason for financial authorities to question Revolut’s crypto offer. We could shovel money around based on this in other currencies as well.


#141

You are right. Still it might become a problem because cryptocurrencies are still no legal tender. So you have to pay taxes on the gain.
And this might cause some trouble.


#142

That’s not a problem at all, when you can split the crypto service to a whole new company.


#143

I can see it being more complex than this. In the EU, countries have bilateral agreements how they exchange tax relevant data related to bank accounts and investments to deal with different tax systems in countries for capital gains.

I would not be surprised if a central bank wants a better and clearer separation between an actual bank and a platform for crypto assets, maybe licensed under something else than a banking license. Maybe they don’t like the idea that a consumer offer combines these things the way Revolut does it, where the lines between highly regulated financial platform and crypto are blurry, not obvious for the average user. I don’t know. I think it’s a first in the EU and we’ll see how it is going to turn out.


#144

I don’t think crypto assets are an issue from the tax point of view, however the regulator may complaint about the suitability of such investments for retail clients, given that there is no suitability assessment from revolut… A disclaimer when unlocking crypto assets for the first time, may be considered too weak for protecting retail clients.


#145

Agree entirely, Absolutely no need for rudeness,
Can’t ‘Management’ block him or refuse to continue his banking.


#146

It has been reported already. Thank you :slight_smile:


#147

@AndreasK! any news about the EU banking licence? post-brexit UK?


#148

Soon®

202020202020


#149

Geologically soon, of course! :wink:


#150

Could be even sooner :innocent:


#151

Do you mean is on the corner :scream:


#152

Bonjour Andreas,

1° Revolut a-t-elle sa licence bancaire européenne ?

2° Que vont devenir les portefeuilles digitaux Revolut (donc ouverts avant la licence) une fois la licence, resteront-ils des portefeuilles digitaux ou bien seront-ils mutés en comptes bancaire ?

3° Je ne trouve plus dans l’Appli (je suis premium), le cercle qui m’indique combien j’ai rechargé sur les 30 K € maxi par an, n’y a t’il plus la limite des 30 K € ?

Dans l’attente de votre réponse, cordiales salutations.


#162

Well maybe…

Mr Storonsky, who created the company in 2015 after working for Lehman Brothers and Credit Suisse, said he expected Lithuania to grant its banking licence next month.

https://www.ft.com/content/6b5b685c-bea8-11e8-8d55-54197280d3f7


#163

But he added that it could still be many months before the company secured the necessary authorisations in each EU country to “passport” from Lithuania across the rest of the bloc.


#164

Question stands - will bank licence will be granted before brexit ? How long it took for N26 to get theirs?


#165

@moon
…they applyied for a banking-license in lithunia. lithunia isn’t leaving the eu (yet). so brexit doesn’t realy matter…

yet, question is: will the license happen within 2018?

this is a big issue - if they cannot keep this widely announced promis, they’re in trouble… customers won’t believe a thing anymore…


#166

At least I don’t believe anything at all anymore… and I don’t expect :r: to get the licence or land in USA any time soon. but I’m still here because despite the problems the current offering is a good deal.