TOKENPAY PLANS LICENSED INTERNATIONAL BANK INTEGRATION
Although the TPAY core is defined by the blockchain, there also exists a uniquely critical banking element. TokenPay has plans to form a new bank charter, partner or acquire a licensed bank in Vanuatu. One such current negotiation is with a bank that has a great reputation and all the necessary relationships to make international transfers possible. This bank also has a relationship with Mastercard through an affiliate. As TokenPay wants to cater to cryptocurrency customers by tailoring the compliance department around this theme, this is a crucial first step.
The creation of a a bank that is fully committed to customers with cryptocurrencies is utopian. TokenPay intends to offer traditional banking services with regulatory oversight and fiduciary status. AML and KYC procedures will apply the same, as with customers with fiat currencies. TokenPay plans to operate in the Hong Kong dollar which is pegged to the USD. Most desirable is the partnership or acquisition of a bank that has many of the existing correspondent banking relationships that are necessary to transact in major currencies.
Privacy Focused Jurisdiction
Vanuatu banking is an interesting and innovative option for the first bank that caters exclusively to the cryptocurrencies community. This jurisdiction is privacy-focused and has no fiscal treaties. Although it has signed agreements for the exchange of information with Australia, Denmark, Faroe Islands, Finland, France, Granada, Iceland, Ireland, South Korea, New Zealand, Norway, San Marino and Sweden. A domestic law operates in Vanuatu for impeding money laundering. This establishes cooperation with investigators in certain circumstances. However, most importantly, bank secret is guaranteed. Tax evasion is not a punishable crime because there are no taxes in Vanuatu.
TokenPay cannot mention the bank by name as there is a non-disclosure agreement in place. But the institution has a robust online banking platform where customers use a digipass to access accounts. TokenPay plans to further integrate the banking platform with a closed-end private exchange for clients. The objective is to receive liquidity in the major crypto assets, including TPAY which will serve as the backbone of the banking system. There will be an online banking platform where customers can switch between currencies with one click and pay the market rate. The plan is to integrate with exchanges to provide liquidity through the respective APIs in the beginning until the platform can reach a critical mass where transactions can be cleared in-house.
Banking clients will have the ability to apply for and be issued debit cards. This will likely occur through the pre-existing relationship this bank has with a Mastercard affiliate. Rates will be typical banking rates. As TokenPay will be a licensed and regulated bank in Vanuatu, it will offer insured wallets, and at some point, the plan is to offer actual physical storage in private vaults for high net worth clients. This is unique in the market and promotes the seamless intersection of cryptocurrency with fiat currency.