Currency Exchange Peer-to-Peer

Legal

Known legal issues and restrictions by country

Beware that in some countries if you exchange more than a certain amount over a period of time, you might be considered a money service business. In this case you are subject to licensing and complience rules according to the local laws. Check the local laws for more information.

European Union

Source: https://eur-lex.europa.eu/legal-content/en/TXT/?uri=CELEX:32015R0847

(16) In order not to impair the efficiency of payment systems, and in order to balance the risk of driving transactions underground as a result of overly strict identification requirements against the potential terrorist threat posed by small transfers of funds, the obligation to check whether information on the payer or the payee is accurate should, in the case of transfers of funds where verification has not yet taken place, be imposed only in respect of individual transfers of funds that exceed EUR 1 000, unless the transfer appears to be linked to other transfers of funds which together would exceed EUR 1 000, the funds have been received or paid out in cash or in anonymous electronic money, or where there are reasonable grounds for suspecting money laundering or terrorist financing.

United States of America

Source: https://smallbusiness.chron.com/rules-money-exchange-business-32383.html

Under Internal Revenue Service guidelines, a money service business is any business that offers check cashing or foreign currency exchange services for more than $1,000 per person, per day, in a single transaction or multiple transactions. Before starting a currency exchange business, you must register with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network by filing FinCEN Form 107, Registration of Money Services business. The IRS requires that any individual starting a currency exchange business file this form within 180 days of the date they began the company. You must also renew your registration every two years after your initial registration.

United Kingdom

Source: https://www.gov.uk/guidance/money-laundering-regulations-money-service-business-registration#if-you-exchange-currency-or-cash-cheques-occasionally

If you exchange currency or cash cheques occasionally you do not have to register if you meet all of these conditions: currency exchange or cheque cashing is a minor part of, and directly related to, your main activity the total turnover from your money service activities is no more than £100,000 a year or 5% of the total annual turnover of your business currency exchange or cheque cashing transactions worth more than €1,000 are limited to 1 per customer (this could be a single transaction or a series of smaller transactions that seem to be linked) the currency exchange or cheque cashing service must only be available to customers of the main business, it must not be available to the public.

Russia

Источник: http://www.consultant.ru/document/cons_doc_LAW_45458/caf14a5b19378a36b9e5e17683652e91e3a234ef/

If you exchange currency occasionally for collecting you do not have to register. If you perform exchange as a business you need a license.

3. Расчеты при осуществлении валютных операций производятся физическими лицами - резидентами через банковские счета в уполномоченных банках, порядок открытия и ведения которых устанавливается Центральным банком Российской Федерации, за исключением следующих валютных операций, осуществляемых в соответствии с настоящим Федеральным законом:...
4) приобретения и отчуждения физическим лицом - резидентом в целях коллекционирования единичных денежных знаков и монет;
5) перевода физическим лицом - резидентом из Российской Федерации и получения в Российской Федерации физическим лицом - резидентом перевода без открытия банковских счетов, осуществляемых в установленном Центральным банком Российской Федерации порядке, который может предусматривать только ограничение суммы перевода, а также почтового перевода;