What compliances are necessary for exchanges

LostDutchman

sr. member

Activity: 476

Merit: 250

Quote from: Harley997 on June 10, 2014, 10:39:57 PM

Quote from: jonathan2 on May 19, 2014, 04:18:58 PM

For setting up an exchange - a marketplace for matching sellers and buyers of bitcoin - what are the necessary regulation that needs to be in compliance?

Know your customer

anti-money laundering and financing of terrorism act

Is there any other regulation that I'm missing out on? This would be applicable to european exchange and thus not in the US.

Thanks.

AML/KYC are the main compliance issues that most exchanges face.

Another big issue is to keep customer funds segregated (at least for money transmitters)

Wrongo, Boyo!

Registration as a Money Service Business is required on the federal level and in each and every state in the USA which requires such registration in order to do business in the USA.

If you doubt me, educate yourself by looking it up.

Harley997

sr. member

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Quote from: jonathan2 on May 19, 2014, 04:18:58 PM

For setting up an exchange - a marketplace for matching sellers and buyers of bitcoin - what are the necessary regulation that needs to be in compliance?

Know your customer

anti-money laundering and financing of terrorism act

Is there any other regulation that I'm missing out on? This would be applicable to european exchange and thus not in the US.

Thanks.

AML/KYC are the main compliance issues that most exchanges face.

Another big issue is to keep customer funds segregated (at least for money transmitters)

LostDutchman

sr. member

Activity: 476

Merit: 250

Quote from: johnatan32 on May 22, 2014, 11:39:51 AM

What I know is that the main installation, sure to have more minor regulations

To operate as an exchange in the USA requires Fin-CEN compliance, federal registration as a money service business and registration in the 48 states which require such registration.

The above will only cost you a few million dollars but go for it!

Massimo80

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This strongly depends on the country where the company is located; it can also depend on the countries its customers are from.

nahtnam

legendary

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nahtnam.com

Doesnt it depend on each country/state?

johnatan32

newbie

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What I know is that the main installation, sure to have more minor regulations

jonathan2

newbie

Activity: 14

Merit: 0

For setting up an exchange - a marketplace for matching sellers and buyers of bitcoin - what are the necessary regulation that needs to be in compliance?

Know your customer

anti-money laundering and financing of terrorism act

Is there any other regulation that I'm missing out on? This would be applicable to european exchange and thus not in the US.

Thanks.

Topic: What compliances are necessary for exchanges (Read 928 times)