The Central and South America countries are a promising market for blockchain, EMI and cryptocurrency organizations. However, Ecuador, which created its own electronic money system, is directly tied to the US dollar (this is the official currency of the country) and strictly regulates the crypto-industry. The local National Assembly has banned the Bitcoin and other non-fiat currencies turnover.
The users of the official system are allowed to pay a number of services with the help of Ecuadorian electronic means and transfer them from one individual to another one. Other cryptocurrencies are prohibited - so the current government is eager to secure the capital and control its movement. Therefore, companies that need a license for cryptocurrency are forced to diversify their business and transfer exchangers to other jurisdictions.
By creating a global structure, you can take an advantage of business in Latin America (tax and organizational loyalty, territorial proximity to the US, etc.) and prepare the groundwork for possible changes. Given the current trends, the instability of the Latin American governments, there is a great chance of the rigid standards changing.
While the Ecuadorian license for the cryptocurrency exchange is not issued, it is worth taking measures to create a legal foundation:
You can simplify procedures, avoid tedious bureaucracy and deadlines delaying by contacting "Prifinance" experts.
"Prifinance" provides legal and organizational support for:
With us, you can get a license for the cryptocurrencies exchange, deploy a legal business without a delay, and start working on the result.