If you’re a U.S. business that deals with cryptocurrencies on a frequent basis, you’re most likely familiar with the legal concepts “money service business” (MSB) and “money transmitter”. If not, you’re potentially opening yourself up for a world of hurt by not complying with federal and state anti-money laundering (AML) regulations.
Complying with the regulations of federal agencies like the Financial Crimes Enforcement Network (FinCEN) is only half the puzzle that U.S. crypto companies have to solve.
While Federal registration with FinCEN is a reasonably straightforward and quick online process, getting licensed in the USA’s various states can be a prolonged and costly bureaucratic nightmare, even more so if you handle virtual currencies as a business activity. Fortunately, there are some general commonalities between states’ licensing requirements of money transmitters to consider.
Since 2018, the Anguillan government has enacted world-leading legislation to advance the cause of ICO projects, at a time when these fundraising tools faced increasing animosity from regulators worldwide.
In this guide, we’ll look at the United States’ legal classification of cryptocurrencies and crypto companies as well as crypto tax obligations.
If you’re a U.S. business that deals with cryptocurrencies on a frequent basis, you’re most likely familiar with the legal concepts “money service business” (MSB) and “money transmitter”. If not, you’re potentially opening yourself up for a world of hurt by not complying with federal and state anti-money laundering (AML) regulations.
The Cayman Islands’ recently passed cryptocurrency regulatory framework of 5 laws requires virtual asset service providers (VASP) like exchanges and ICOs to register for a VASP or sandbox license.
What is the FATF travel rule, why was it adopted, and what is its expected impact on governments and their domestic crypto asset service providers?
Zachary Kelman, managing partner at Kelman PLLC, shared with Cointelegraph…