The Otonomist - October 2023 Issue
On this last day of October, we unveil a fiat offramp plug-in for OtoCo users who often do not have banking access, talk about FinCEN's new beneficial ownership regime which is set to kick in on 1 January 2024, and fix some dates in the calendar.
Keep the faith!
Han, Founder and CEO, Otonomos
OTOCO UPDATE
OtoCo’s self-custody crypto to fiat plug-in: You can now make payments to fiat recipients without the need for a bank account for your entity
OtoCo has teamed up with Swiss-licensed payment service provider Skyline Digital to offer its users what we call a “self-custody” fiat offramp solution.
This third-party plug-in is the first of its kind and shows how OtoCo is moving from product to platform, allowing and encouraging third-party developers to solder solutions on top of OtoCo’s motherboard, in addition to the bolt-ons we continue to develop in-house.
Simply access the plug-in from within OtoCo’s dash, create an account and once approved by Skyline, enter the bank account details of your fiat counterparty to your Recipients list. You then sign a smart contract to authorize a transaction for the equivalent of the fiat amount to be debited from your digital wallet. Within 1-2 days your counterparty receives your payment, which can be in all major currencies.
This solution is ideal for OtoCo users who do not have a bank account for their entity and who need to send larger fiat amounts to various counterparties, e.g. professional service providers or payroll companies, that do not accept crypto as payment.
Skyline’s solution will soon also be available for online order by Otonomos users as a paid-for service, with Otonomos taking care of the entire account opening process.
> Onboard today to enable fiat payments for your OtoCo entity or DAO.
UNBOUNDED THINKING
Oh B.O.I., oh B.O.I.
FinCEN's new Beneficial Ownership Information database for U.S. companies is an unprecedented dragnet of personally identifiable information, ensnaring millions of individuals who own U.S. companies.
On 1 January 2024, new rules will kick in that implement the provisions of the 2020 Corporate Transparency Act (CTA) creating a centralized database with details of beneficial owners of companies in the U.S.
In this post, we first summarize the Final Rule as published on 30 September 2022 and FinCEN’s justification for the new regime.
We then establish what practically needs done by owners and controllers of U.S. entities or their filing agents, followed by a discussion of some comments on the final rule made during the public consultation period.
We close with a thought on how blockchains would have allowed for an alternative solution that would be entirely non-intrusive, self-sovereign and non-hackable, but was alas not to be…
CALENDAR DATES
British Virgin Islands clients who formed their company in the second half of the year 2022 or earlier have until 24 November to pay for the maintenance of their company for the year ahead, including BVI Government fees. You will have received an email from support@otonomos.com simply reach out if you have any questions.
Our pricing is set to increase in 2024 so now is the time to lock in our 2023 pricing by ordering online from otonomos.com. If you want to start 2024 with a new entity, simply indicate to us that you wish to set the formation date for early January whilst benefiting from 2023 prices still!
Han is set to take the stage at LABITCONF, Latin America’s largest crypto conference held in Buenos Aires, Argentina between 9-12 November. Simply reach out via DM on Telegram @Otonomos if you want to connect.
Clients with Cayman entities will shortly receive their renewal notices for 2024. The deadline is 15 December 2023 and as always you can use crypto as well as a fiat bank wire or card swipe for payment.
> Schedule a call with us to talk about your entity needs or any questions you may have about your existing company stack.
Next month in The Otonomist: All about OtoCo, including its roadmap for 2024 and beyond, its funding needs, and a governance update. In your inbox on 30 November or online at otonomos.substack.com.