Low value non-cash payment facilities

[nicolas]

Hi there,

We are building an on-line project bidding marketplace for freelancers.

We will use virtual currency (or credits) where 1 credit = $1.

Transaction’s value on the platform is between 800 to 5000 credits (or equivalent to between $800 and $5000)

We estimate the maximum amount of funds held in escrow will be $50-75K.

We are wondering if we would qualify for an exemption as a low value non-cash payment facilities?

Thank you.

 

 

[David Court]

Hi Nicolas

 

To respond to your request fully, we will need some further details about your business model and plans. Further, responding to your request involves giving you legal advice that we are not able to provide over this forum. We are happy for you to come in and discuss your plans with one of our lawyers. An initial one hour consultation will cost $660 (including GST).

 

Please let me know if you would like to take up the opportunity.

 

You can contact our Financial Services Team if you would like further assistance

 

Author: David Court (Partner)

Co-contributor: Hugo Sasse (Law Clerk).

[Author]

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