Until TIG has completed its rapid development work and finished its live testing under BETA conditions, it is not possible to have clarity about what regulations will apply to TIG in all countries.
We will obtain legal advice on regulatory compliance before launching our go to market product into any market.
We recognise that regulations will apply in many countries relating to consumer protection, money laundering, terrorist financing, tax evasion and remittance reporting.
Regulators with responsibility for protecting consumers and for maintaining the integrity of their own financial markets will be interested in making sure Members do not lose their money when they use TIG.
Local tax laws will apply on a case by case basis, depending on where TIG tokens are issued, and tax collectors will be interested in making sure Members do not use TIG to avoid paying taxes.
The prevention of money laundering and terrorist financing is taken very seriously in many countries around the world.
TIG will at all times act to prevent the enablement of money laundering and terrorist financing on our Community Platform.
It is not clear whether sending TIG Tokens on social media using embedded URL links would constitute a remittance, and whether TIG would have tocomply with the regulatory requirements which various countries impose on international remitters.
Some countries will require TIG or its corporate partners to have licences for digital wallets and e-money. Some Members will need to be licensed to operate local currency bank accounts for TIG. We may need to obtain financial services licences for TIG to offer interest on accounts and investment returns on BTC, as we have proposed.