Q: We created a computer program that buys and sells Forex. We'd like to make sure we're legally following procedures.
We would like to take on clients to split the funds that the program makes from the buys/sells, but we want to be sure we do it the right way, legally and for tax reasons. We are researching resources to make sure we do this properly.
Before you go one more step, stop and call the Florida Department of Financial Services, Division of Securities Regulation in Tallahassee. They will explain what you cannot do.
You might be considered a financial institution for purposes of US regulations. Since this app would have an online presence and an international reach, you'd need to ask this question in every jurisdiction where you process payments. it is likely you'll need more than one type of lawyer in every jurisdiction where you'd be doing business.
In the US, you'd need to be cognizant of the Executive Orders on Prohibiting Certain Imports, Exports, and New Investment with Respect to Continued Russian Federation Aggression. You'd need to ensure your app is not doing business or processing payments with sanctioned people and entities. This is just one of myriad of laws you'd need to comply with.
I highly recommend reaching out to a large law firm (an international firm) which is well-positioned to address many legal questions under the same roof.
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