Legal Status

Last updated: November 16, 2022

Legal status of the All For One app

Crypto wallets are interfaces for storing and transferring cryptocurrencies. There are different wallet types that vary according to the technology employed, where and how the value is stored, and who controls access to the value.

In accordance with section 4.2 of the Application of FinCEN’s Regulations to Certain Business Models Involving Convertible Virtual Currencies, issued May 9, 2019 by FinCen (FinCEN’s Regulations), the regulatory treatment of such intermediaries depends on four criteria:

(a) who owns the value;

(b) where the value is stored;

(c) whether the owner interacts directly with the payment system where the  Convertible Virtual Currencies (CVC) runs; and,

(d) whether the person acting as intermediary has total independent control over the value.

Hosted wallet providers are account-based money transmitters that receive, store, and transmit CVCs on behalf of their accountholders, generally interacting with them through websites or mobile applications (section 4.2.1 of the FinCEN’s Regulations).

In this business model, the money transmitter is the host, the account is the wallet, and the accountholder is the wallet owner.

In addition,

(a) the value belongs to the owner;

(b) the value may be stored in a wallet or represented as an entry in the accounts of the host;

(c) the owner interacts directly with the host, and not with the payment system; and

(d) the host has total independent control over the value (although it is contractually obligated to access the value only on instructions from the owner).

The host must follow the procedures for identifying, verifying and monitoring both the user’s identity and profile, consistent with the host’s AML program (section 4.2.1 of the FinCEN’s Regulations).

Unhosted wallets are software hosted on a person’s computer, phone, or other device that allow the person to store and conduct transactions in CVC. Unhosted wallets do not require an additional third party to conduct transactions.

In the case of unhosted, single-signature wallets,

(a) the value (by definition) is the property of the owner and is stored in a wallet, while

(b) the owner interacts with the payment system directly and has total independent control over the value.

In so far as the person conducting a transaction through the unhosted wallet is doing so to purchase goods or services on the user’s own behalf, they are not a money transmitter (section 4.2.1 of the FinCEN’s Regulations).

In accordance with section 48 of the Guidance for a rick-based approach. Virtual Assets and   Virtual Assets Service Provider, issued FATF, FATF does not seek to regulate as Virtual assets Service Providers natural or legal persons that provide ancillary services or products to a virtual asset network, including non-custodial wallets, to the extent that they do not also engage in or facilitate as a business any of the aforementioned covered Virtual Assets activities on behalf of their customers.

All For One is mobile application (software)  that provides integration between various  providers  and blockchain to enable user to operate with virtual currency.

It is software that does not have access to user’s assets and passwords, does not take part in  operations and has no influence on them.

All For One covers all the above features of unhosted wallets, it is not subject to regulatory requirements, and the Company  is not a money transmitter (virtual assets service provider).

Therefore, this wallet is not a product providing crypto exchange services or other crypto activities.

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