Full Business Lifecycle Support
SolutionsHub, the recognised leader in the field, provides dedicated support to businesses at every stage of their lifecycle. This case study focuses on a unique project, demonstrating our expertise in handling complex regulatory matters.
The task was to simultaneously apply for an OGRA gambling license and conduct a regulatory compliant Initial Coin Offering (ICO). This was a first in the industry. The project also involved creating a player funds protection solution. This solution would safeguard both fiat and crypto deposits under the same governance rules.
Given the timelines of the ICO and the OGRA licensing process, we developed a unique regulatory solution. We used a PPM and DBA registration for the ICO. A sister company applied for the OGRA license with a pre-agreed funding scenario. We designed a KYC Matrix that met the requirements of both the Financial Services Authority and the Gambling Supervision Commission. This matrix was also acceptable to the crypto community.
Under OGRA, licensees must ensure player protection arrangements cover the value of money players have in their accounts. We repurposed a somewhat forgotten mechanism to protect player funds. This mechanism effectively replicated a traditional bank signatory mandate into a blockchain model.
After funding and license acquisition, we assisted in recruiting key compliance staff. We provided training in corporate governance, risk assessment, and regulatory affairs. We created governance policies and procedures that protected the business and met regulations. These policies were also practical for daily operations.
Our support culminated in Luckbox’s listing on TSX-V. This case study showcases how SolutionsHub can guide businesses through complex regulatory landscapes and towards success.
Of all the countless decisions involved since we started building the company, through obtaining our OGRA licence, building and launching the product and beyond; the decision to work with SolutionsHub ranks among the very best. Lee and his team have calmly and expertly guided Luckbox throughout our entire journey.
Mike Stevens, Co-Founder