Remember when you opened your first bank account? We're betting it wasn't as simple as showing up with a bag of money and asking them to hold onto it for a little while. Even opening a simple checking account requires multiple forms of identification, proof of...
If you’re an entrepreneur in the cryptocurrency space, you need to learn about financial regulation quickly. A great first step is learning about the major financial regulators in the industry. We’re continuing our series of cryptocurrency compliance 101 posts to help cryptocurrency business owners understand the regulatory...
Cryptocurrency is an industry bursting with seemingly limitless possibility. Every day, startups are entering the scene with new and innovative ideas, products, and services. The possibility of building something unique, contributing to Satoshi’s vision, and perhaps even making a little history have come together to...
Let’s start with the basics. “Cryptocurrency” refers to digital currencies that are completely decentralized, meaning they operate independently of a central bank. Instead, these “coins” or “tokens” and their trade are regulated by an enthusiast community that records transactions transparently in a public digital ledger...
It's pretty common for cryptocurrency entrepreneurs to feel a little overwhelmed when they first enter the space. Compliance tends to be one of the bigger knowledge gaps, and closing it is not only essential to the success of your business, it's the law. That's why BitAML is...
BSA/AML is an important facet of compliance in the traditional financial sector. If you're running a cryptocurrency business, you've probably heard about BSA/AML guidelines. More likely, you've heard that failing to implement these guidelines carries severe penalties for your business. While this is true, you might...
“Cryptocurrencies are a new asset class, one at war with fiat money, and that war will be fought on regulatory issues." That's what bank analyst Yann Quelenn says about cryptocurrencies like bitcoin. We agree with him. The future of cryptocurrency is fraught with regulatory battles. If the cryptocurrency industry...
Are all bitcoin or cryptocurrency businesses considered money services businesses by regulators? Most cryptocurrency businesses are indeed considered money services businesses (more specifically, money transmitters) by regulators like FinCEN. Here's what that means. Despite the fact that regulators and financial groups are taking cryptocurrency more seriously, there's...
When it comes to understanding compliance, it's easy to get lost in a sea of legalese and confusing jargon. A lot of newcomers to the space are often overwhelmed by the amount of stuff you need to know and keep track of in order to...
According to some analysts, 2017 was the year bitcoin went big. In 2011, a single bitcoin wasn't even worth a dollar. Then, in 2017, its value soared from $1,000 to over $17,000. It was then that many investors and entrepreneurs began to take notice of cryptocurrency. Perhaps...
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