AML compliance is complex, and it can be difficult for cryptocurrency businesses and startups to dot every last I. Here are some of the most commonly-overlooked bitcoin compliance essentials we run into. Putting together an AML compliance program should be at very the top of the priority list for a new cryptocurrency business. But while […]
Read More… from Vital Crypto Compliance Issues That Are Easy To Miss
When you decide to start a cryptocurrency business, there are very specific AML compliance tasks that you need to take care of before you open your doors. You’ll need to perform a risk assessment and implement an AML compliance program that satisfies the pillars of the Bank Secrecy Act (BSA) including appointing a BSA Compliance Officer, establishing […]
Read More… from Watch For These Testing And Monitoring Mistakes As You Grow Out Of Startup Status
You’re not done once you get your MTL license in-hand. In fact, the hard part has just begun. More and more states are requiring cryptocurrency businesses to obtain money transmitter licenses, and this is a trend that’s only going in one direction — toward more states requiring licensure, not fewer. We’ve been getting a lot […]
Read More… from For Cryptos, Money Transmitter Licensing Isn’t One-And-Done
Can cryptocurrency businesses be subjected to IRS Title 31 exams? In short, yes. The IRS uses Title 31 to prevent money laundering, meaning more and more cryptocurrency businesses could face the examination. When you were in school, you probably hated tests — especially those pop quizzes you were never prepared for. Unfortunately, those days aren’t […]
Read More… from What cryptos can expect from a Title 31 exams
Keeping up with changing regulations as a crypto business owner is a challenge, to say the least. An industry launched as an economical alternative to big finance finds itself increasingly subject to the same regulations in the U.S. that govern banks and other financial institutions. While this regulation is necessary to prevent money laundering and […]
Read More… from For Crypto, ‘No Action’ Can’t Last. Here’s Why.
UPDATE (7/20/20): The California DBO expansion described in this article has since been quietly placed on hold, most likely due to the need to focus on COVID-19 priorities. More details here, we will update this page if anything changes. A proposed expansion of California’s Department of Business Oversight would mean big changes to how cryptocurrency […]
Read More… from Updated: Crypto Regulation Is On The Horizon In Sunny California
The regulatory environment for cryptocurrency businesses is very much in flux. There are a lot of changes coming, and many of them could have a big impact on the cryptocurrency market. Of course, it’s impossible to predict the future, but there are three major questions we think will have the biggest impact on the cryptocurrency […]
Read More… from 3 Questions That Will Shape Crypto For Years To Come
FinCEN guidances have caused no shortage of confusion in the cryptocurrency community. The watchdog group has detailed the current financial laws and regulations that apply to cryptocurrency businesses several times over the past few years, but each subsequent announcement only seems to muddy the waters. This disconnect has made it difficult for many entrepreneurs – […]
Read More… from What FinCEN’s Guidances For Cryptocurrency Really Mean
At first glance, when thinking about the challenges in applying the Travel Rule to cryptocurrency, the most immediate and common reaction is to exclaim that cryptocurrency is not engineered for transmitting customer information with the funds. For those in crypto, it’s another square peg fitting into a round hole, an all too familiar refrain for […]
Read More… from Putting Crypto’s Travel Rule Challenge In Context
