Here at Saifu we pride ourselves on being simple, safe, and regulated. But who regulates Saifu? And what does it mean to be regulated?
Broadly speakng, Saifu is regulated by the laws, regulations, and industry standards of the countries and regions where we operate. Before we move into new markets, our veteran legal team ensures that all aspects of the Saifu platform are fully compliant with local regulations. At Saifu we believe that mainstream acceptance of cryptocurrencies will be fostered and legitimized by government regulation, and we are committed to 100% compliance in all markets.
More directly, Saifu is regulated by the central bank of the nation where we are headquartered, the Czech Republic. The Czech National Bank (CNB) is central bank of the Czech Republic, the supervisor of the Czech financial market and the Czech resolution authority. They set monetary policy, overseeing a GDP of $193 billion, and growth of over 4% since 2015. The CNB also has oversight of the banking sector and electronic money institutions. They are part of the European System of Central Banks, and cooperate with the European Systemic Risk Board and with European Supervisory Authorities.
Saifu is licensed by the CNB as a Payment institution. The CNB issues our payment service provider code, which allows us to create IBAN numbers for Saifu accounts. This makes us subject to the CNB’s oversight: they examine our organizational structure, our risk management strategy, and our strict Anti-Money Laundering (AML) and Know Your Customer (KYC), and Counter-Terrorist Financing (CTF) compliance protocols for fiat and cryptocurrencies.
Because Saifu accounts hold fiat currency just like your local bank account, the CNB requires us to have sizable capital reserves. The CNB also mandates third-party audits, which was conducted by accountancy giant Deloitte for 2017.
Our reputation is paramount to us, and we have chosen to be regulated as much as possible to show our commitment. We are currently pursuing other licenses in new markets, and a banking license is just a little ways down our roadmap. We believe that cryptocurrency use and adoption, by both consumers and merchants, will grow with the certainty that comes with government regulation, and we’re dedicated to 100% compliance with crypto regulation worldwide.