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...
It's no secret that regulators and the cryptocurrency industry have a rocky history together. Both frequently misunderstand and work past each other, even though regulators and cryptocurrency business owners share the same goal: fostering the conditions that lead to a fair, competitive, and healthy market. The relationship...
It’s vital to control for the risks that come with running a cryptocurrency business, but how do you identify those risks in the first place? The first step all cryptos must take (before they open for business) is to compile a risk assessment. A cryptocurrency risk...
To operate as a cryptocurrency money services business (MSB)/money transmitter, you need to complete the registration process through the Financial Crimes Enforcement Network’s (FinCEN’s) online platform. Part of the registration process includes the agreement with regulatory guidelines and adherence to certain requirements to maintain compliance. One...
One of the most challenging things about cryptocurrency compliance is the fact that MSB/money transmitters not only need to observe federal regulations but every individual state’s unique financial regulations as well. This might not be that bad if you’re just opening a single crypto ATM in...
As we approach 2020, it’s important to keep an eye on how regulators are reacting to cryptocurrency businesses. In 2019, we saw regulators seemingly “wake up” to issues in the industry, and they issued a large number of new rules as a result. This doesn’t mean...
Having an anti-money laundering (AML) process in place is step one for any reputable crypto business. However, even those with the best intentions have holes in their programs. Unfortunately, these gaps can cause you to face significant fines and may even result in your company becoming...
Though there are countries around the world that are more friendly to cryptocurrency businesses, a lot of companies have their sights set on the United States. If you can get established in the U.S., you gain access to many more potential customers and can grow...
It’s an exciting time to be involved in a cryptocurrency business because the industry is so new and growing so quickly. It’s a lucrative pursuit and demand is increasing rapidly. However, to be successful in a crypto business it’s essential to follow proper rules and regulations....
When a suspicious transaction takes place, the right people need to know. A Suspicious Activity Report (SAR) is the tool financial institutions use to report potential suspicious activity to the authorities. But do you know when to fill out a SAR? Or why SARs are even...
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