Cryptocurrency Regulation – How Does It Work?
Cryptocurrency Regulation – How To Become a Bitcoin & Cryptocurrency Broker?
The rapid rise in value of Bitcoin and other cryptocurrencies has brought waves of attention from the global investment community. As with many emerging industries, cryptocurrency regulation is still in its early stages. Many are now looking to take advantage of a new industry with massive future potential. As specialists in corporate formations, licenses, and banking solutions for online forex (foreign exchange brokers), Atomiq Consulting is an excellent position to guide brokers and other investors looking to obtain money transmitter licenses for their cryptocurrency businesses.
Where are Crypto Currencies Currently Regulated?
A good place to start is to examine where bitcoin and blockchain regulation currently exists. Because of their disrupting nature and relatively new entrance to the marketplace, there is little regulation for cryptocurrencies as of this moment. A few exceptions do exist.
Cryptocurency Regulation in Europe
Estonia has recently made headlines by offering licenses for wallet and cryptocurrency exchange services. Specifically, the Financial Intelligence Unit (FIU) of Estonia, offers 2 types of licenses. The first allows exchanges to convert virtual currencies to fiat, while the second for is for the previously referenced currency vault or wallet services.
As far as Europe goes, Malta has also begun to explore cryptocurrency regulations in the past couple of years. Although the framework has only been recently finalized, many exchanges have already cropped in Malta in anticipation of this regulation.
There are some other areas in Europe such as Switzerland or Liechtenstein, however, the regulatory requirements are currently too cost prohibitive for the majority of start ups which require low barriers of entry.
How Do I Get Started?
Due to the nearly open landscape in bitcoin and cryptocurrency regulation previously described, it can appear easy at first to get started: simply set up a company and bank account. Establishing a cryptocurrency business is not as easy as it looks. Any of those who have tried this route can attest to this fact. Although the lack of regulation can be viewed as lowering the barriers to entry, many hurdles still present themselves.
To help navigate these challenges, Atomiq Consulting is able to guide your firm with help in registering, launching, and accepting payments for cryptocurrencies. We are happy to work with existing forex brokers looking for a bitcoin / cryptocurrency license, as well as new entities.
Contact us for more details related to cryptocurrency regulation.
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