How risky is it to start a business in the cryptocurrency space? We’re not talking about personal financial risk, like the risk of losing an investment in a startup, or your own profits if the crypto market is down. When we talk about risk, we’re talking about risk of exposure to fraud, financial criminals, the […]
Read More… from Is Running A Crypto Business Really That Risky?
Know Your Customer (KYC) and Customer Due Diligence (CDD) are mission-critical components of successful bitcoin compliance. But like most things, their value is dependent on their efficacy. How do cryptocurrency businesses stay ahead of rapidly evolving and increasingly sophisticated financial crime in the space? Simple. By keeping up with best practices and evolving their own […]
Read More… from 5 Insider Tips To Give Your KYC Protocols An Extra Edge
UPDATE: Funds Travel Rule compliance remains a contentious and unsettled issue within the cryptocurrency space. While a solution is not yet present as of this writing, best practices for compliance have emerged over the past couple years. Are you confused about the Funds Travel Rule and how it applies to crypto? If so, you’re hardly […]
Read More… from Cryptocompliance 101: How your business should incorporate the Funds Travel Rule
Starting a new business in crypto is risky. It’s a new industry built on new technology. New industry means unclear regulatory expectations, and new technology means an increased inherent risk for criminal activity. On top of the usual risks of starting a new business in a new industry, crypto entrepreneurs must also consider the unique […]
Read More… from Top 3 Things To Think About When Assessing Your Risk
The cryptocurrency industry is faced with numerous unique challenges. But the most consequential is the need to demonstrate legitimacy, particularly to increasingly hawkish regulators and a skeptical mainstream. Entrepreneurs are attracted to the space for understandable reasons. Cryptocurrency is new, it’s exciting, and it’s innovative. There’s opportunity. The story of cryptocurrency is still being written, […]
Read More… from Crypto Scams Are A Genuine Problem. Better KYC Is The Fix.
A board of directors sounds like something you’d find at a major corporation, not a small-time bitcoin ATM operator. But according to regulators, the board is ultimately responsible for institutional compliance, meaning every crypto should have one in place. Does your cryptocurrency business have a board of directors? It should. For financial institutions and money […]
Read More… from Do all crypto business models require a board of directors?
If you’re newer to crypto, you might hear the acronyms HIFCA and HIDTA tossed about in relation to risk analysis. If so, you’ve probably wondered what they mean. This post will explain what HIFCA and HIDTA are in broad strokes. But keep in mind, this is for educational purposes only. We can’t emphasize enough the […]
Read More… from Cryptocompliance 101: How To Assess HIFCA And HIDTA Risk For MSBs
How do crypto exchanges select the coins they offer their customers? It’s not as simple as picking a popular coin and figuring out how to support it. Today, crypto exchanges have to consider regulations and compliance with every decision they make, including which coins to select. With the release of the 2017 DAO Report, the […]
Read More… from Crypto Exchanges: How To Select Coins And Stay In Compliance
Cryptocurrency businesses (specifically money services businesses (MSBs) money transmitters), whether consisting of large, international crypto exchanges or a single bitcoin ATM, must monitor transactions and identify red flags as part of a robust AML compliance program. Financial criminals are increasingly attracted to crypto to execute their money laundering schemes. Whether a crypto business exchanges crypto for […]
Read More… from 5 Red Flags No Crypto Business Should Ever Ignore
