How is Kayndrexsphere regulated?
Most recent update: 17/06/2022
Various Kayndrexsphere entities with various regulatory permits will provide you with additional features, depending on where you are resident. Kayndrexsphere follows all relevant laws and regulations in each jurisdiction where it does business.
Completing local and international transactions can be a tough experience. As a result, we go to great lengths to ensure that you, your money, and your personal information are always secure. Our fraud department ensures the safety of our clients’ money and personal information.
United Kingdom’s Kayndrexsphere Plc engages in conducting electronic money transactions. We follow the rules they established to safeguard consumers in each location. We are currently seeking approval from the UK Financial Conduct Authority to handle electronic money transactions. In compliance with our regulatory duties, your traditional currency is secured as electronic money. We safeguard your money when you use Kayndrexsphere App by keeping it in separate bank accounts. By law, we must hold all of your money in accounts that are completely distinct from the those we utilise to run our company. We can also deposit your money in a bank and invest it in government-backed liquid assets, such as government bonds. Although we are still investigating this alternative, it is required that we invest in such high-quality liquid assets. Our regulators classify these (government bonds) as low-risk, high-liquid assets. We do, however, assess these banks on a regular basis to verify that they remain minimal risk.
To operate a digital business in several countries, you now need a license. Kayndrexsphere is dedicated to collecting all necessary permissions in order to comply with local legislation. Kayndrexsphere Ireland Limited, which has sought for registration as a Virtual Asset Service Provider (‘VASP’), provides Kayndrexsphere’s digital asset functionalities. Under the Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010 to 2021, as amended (‘CJA 2010 to 2021’), the Central Bank of Ireland is the competent body for AML/FT registration and supervision of VASPs. A registration as a VASP is for the purposes of anti-money laundering (AML) and counter-terrorist financing (CFT).
The Commonwealth of Nations’ major member, the United Kingdom (United Kingdom of Great Britain and Northern Ireland), has three Crown dependencies within the British Isles and fourteen British Overseas Territories. As a result, the United Kingdom has a strong and well-established common law system, and the British legal system is regarded as one of the best in the world. However, particularly in the areas of business and financial law, the degree of direct legislative control is expanding. In international trade (Kayndrexsphere operates within the international trade and development sector) and tax planning, registration with the UK’s financial regulator is commonly utilised.
The digital industry has proved to be a lucrative industry on a global scale. Ireland stands as one of the major safe havens for digital businesses and is the perfect gateway to do digital business. Also, corporate taxation in Ireland is low at 12.5%. As a result, Ireland now hosts multiple global financial and information technology giants.
The UK and Ireland are key jurisdictions in the development of the international trade and development sector. Our presence in both countries combined with the team’s financial services experience, uniquely positions us to satisfy the constantly changing demands of our clients.
We always operate in our clients’ best interests, acting fairly, honestly, and transparently. Our regulators keep an eye on us to make sure that everything we say and do complies with their regulatory standards, and that we’re operating legally.
If you use the Kayndrexsphere App, you should carefully consider whether your financial status and risk appetite are appropriate for any transactions. Remember that before engaging in any transactions through the Kayndrexsphere App, you must conduct your own investigation.