Who’s in charge of your institution’s MTL compliance?

One way to put your cryptocurrency firm out of business is to run afoul of regulators. Unfortunately, in the U.S., regulations haven’t caught up to innovation, and cryptocurrency business owners find themselves trying to navigate a complicated maze of federal and state regulations and compliance obligations. Firms must comply with federal AML regulations and adhere […]

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State licensing is a growing trend in crypto. Here’s what businesses need to do

State licensing is a growing trend in crypto. Here’s what businesses need to do The rise in popularity – and value – of a number of cryptocurrencies, as well as some pandemic-induced concerns, led to a considerable increase in state-level financial regulation in 2021. This trend has continued in 2022 and shows no signs of […]

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Critical daily compliance responsibilities for cryptos

As a cryptocurrency business in the money transmitter sphere, your company needs someone to monitor every aspect of compliance. From keeping up with new laws to reporting and record-keeping, there is no shortage of compliance tasks to do on a daily basis. Most businesses in this industry don’t have the luxury of extra time or […]

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How to create open lines of dialog with state regulators

If you’re new to the cryptocurrency industry, it may be tempting to see regulators as adversaries. But your company’s success or failure rests on your ability to see them for who they are — potential allies.  The learning curve for those entering cryptocurrency business ownership is steep. While there are so many aspects of the […]

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3 tips for compliance examinations (that are actually useful)

Is your cryptocurrency business ready for your next compliance examination? How well would your business fare if federal or state regulators came knocking today? Many business owners in the crypto space are becoming concerned about their ability to adhere to increasingly stringent federal and state statutes as well as the subsequent uptick in money transmitter […]

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How state reporting worked before ComplyFit

Recently a friend of ours (we’ll call him “George”) went through a situation that’s, unfortunately, all too common for those running cryptocurrency businesses. From exchanges to kiosks/ATMs, a variety of cryptocurrency businesses are subject to state-level money transmitter licensing (MTL) regulations and we all know how much of a pain they can be. But George […]

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How ComplyFit makes regulatory reporting easy

Staying in the good graces of financial regulators is a tightrope walk for any money transmitter business, both traditional and crypto. Beyond the Financial Crimes Enforcement Network (FinCEN) compliance regulations, money transmitters are also beholden to money transmitter licensing (MTL) regulations in each state where they operate. These include quarterly reports and annual renewals as […]

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