highly recommend this webinar today and tomorrow to anyone serious about US virtual currency regulation.
http://www.comptegrity.com/
Topic: Compliance With FinCen Ruling (Read 1146 times)
This is currently our teams plan. If you are (or want to become) a compliant bitcoin business PM me with interest.
The parent corp addresses bond and licensing fee expenses.
The child corps only have to worry about hiring an officer part time.
The child corps only have to worry about hiring an officer part time.
Much of the cost is associated with maintaining compliance itself, rather than the act of registering with FinCEN per se. "Registering" in a state is less about actually registering as it is with maintaining compliance with that state's laws.
The method you describe doesn't circumvent the resources required to ensure compliance, since essentially the same resources would be required for the businesses to operate separately as would be required as subsidiaries. It seems that this tactic would only be beneficial to very small-scale operations who wouldn't require a full time compliance staff / officer. In this case, compliance offers could be split among numerous subsidiaries, however I don't think this would provide a substantial benefit over simply hiring a part time compliance officer.
The method you describe doesn't circumvent the resources required to ensure compliance, since essentially the same resources would be required for the businesses to operate separately as would be required as subsidiaries. It seems that this tactic would only be beneficial to very small-scale operations who wouldn't require a full time compliance staff / officer. In this case, compliance offers could be split among numerous subsidiaries, however I don't think this would provide a substantial benefit over simply hiring a part time compliance officer.
Some ideas on how this can be approached...
1) Open a parent public company
2) Register with FinCen as MSB
3) Crowd-fund licensing fees for all 50 states
4) Layout AML structures
5) Sign on/incorporate "subsidiaries" (exchnages, buisinesses etc) for a fee
Ultimately this scheme allows for a low cost access into the Money Transmitter Rights.
Discuss...
1) Open a parent public company
2) Register with FinCen as MSB
3) Crowd-fund licensing fees for all 50 states
4) Layout AML structures
5) Sign on/incorporate "subsidiaries" (exchnages, buisinesses etc) for a fee
Ultimately this scheme allows for a low cost access into the Money Transmitter Rights.
Discuss...
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