Starting a Crypto-Related Money Transfer Business? Understand Regulations!

Thinking of starting a money transfer business using crypto? Cool! Spend some time learning a bit about the regulation that goes with it, that would enable you to have a successful deployment of your project and not face hurdles later down the road.

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This page was last updated on September 1, 2022.

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  1. If we do not intend to establish a company in the US, due to the regulations, taxes, etc. Is it possible to continue to operate from Ecuador, with payment and correspondent agreements given that we comply with all regulations in Ecuador?
  2. We do not want to hide the fact that we are a crypto company in Asia; however, for EU, we understand crypto topics could be sensitive to most banks. Thus, we prefer to simply utilize the fiat transaction in EU (via an EMI license holder). Can you please tell us how we could be flexible in this case?
  3. Is a money transmitter license adequate for launching crypto-related services in the US?
  4. We want to acquire an MSB Checking account, can you recommend a bank which understands how to partner with money transfer related businesses?
  5. From what we understand and know, there should be a person/company in the US who provides services on legal compliance issues. Do you include this service with the indicated monthly price?