In order for Paycoin to achieve mass adoption worldwide, institutions must see Paycoin as an asset, rather than a liabilty. They also need to see that Paycoin upholds the same standards of other payment processors. This includes strict legal and regulatory compliance. As the leader of Paycoin, GAW Miners is making sure that Paycoin lives up to these standards. This is most crucial in order to ensure that Paycoin will be successfully adopted.
PayBase is in accordance with FinCEN, the IRS, and the BSA. In addition, Paybase will adhere to all international government authorities and be licensed as a Money Service Business (MSB).
The following are weekly limits:
- May purchase XPY with BTC
- May apply for Tier 2 verification.
- May send / withdraw XPY to wallets
- You must verify a credit card or bank account
- Purchase up to $10,000 of XPY with FIAT
- Purchase up to $500 of BTC with XPY
- Verify Identity using public records
- Purchase up to $25,000 of XPY with FIAT
- Purchase up to $2,500 of BTC with XPY
- Verify two forms of government-issued ID, have an account established for 30 days
- Purchase up to $75,000 of XPY with FIAT
- Purchase up to $5,000 of BTC with XPY
- Convert XPY to FIAT up to $5,000
- Must complete an application, (to be released)
- Purchase up to $100,000 of XPY with FIAT
- Purchase up to $25,000 of BTC with XPY
- Convert XPY to FIAT up to $10,000
Keep in mind, Paybase will purchase Paycoins for $20 each.
Also note, these levels or “tiers” will increase. Over time, Paycoin backers will become more relaxed, allowing for these changes to occur.