BFIC applies for financial license and will enter legalized operation
Founded by Michael Clement Lyle, BFIC was officially approved by the U.S. federal government in December 2021 and is headquartered in New York.
The BFIC community will help manage the matters and privileged matters of the BFIC open source community project by developing a good governance structure.The design goals of the BFIC governance structure mainly consider the sustainability, management effectiveness and security of the BFIC open source community project.The BFIC consists of an ecology center, a technology development center, a marketing center, and a daily management center.
BFIC is a decentralized financial coin built on third generation blockchain technology and backed by a large utility based ecosystem, BficCoin is set to become a new contender in the market.
The goal of BFIC is to build a secure and stable trading system with DeFi Yield Farming, keeping the cryptocurrency decentralized, BficSwap for BficCoin holders and services.
At the same time, BFIC has been approved by FINCEN (Financial Crimes Enforcement Bureau under the U.S. Treasury Department) to apply for MSB (Money Services Business) financial license. MSB mainly collects regulation for money service related businesses and companies, and this approval means that BFIC can start legal and compliant operations in all 50 U.S. states, including international money transfer, foreign exchange, currency trading/transfer (including digital currency/virtual currency) and other businesses.
In March 2018, the U.S. Treasury Department and the SEC had clearly emphasized that MSB financial licenses must be registered with FinCEN to engage in business related to digital assets within the United States.