Bitcoin Death Spiral

The Bitcoin Death Spiral

For a bitcoin transaction to be validated, it can take up to 10 minutes. This is because the network needs time for consensus and verification of certain blocks. However, this isn’t ideal if we want people using cryptocurrency as an actual payment method – there’s no way that customers would appreciate having their Starbucks taking longer just so they could pay with crypto! In order for cryptocurrencies like Bitcoin to survive in the long run, they need security but also speed since many are already being seen as valid forms of exchange regardless of price fluctuations.

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State Money Transmitter Cost Summary

Money Transmitter License Cost Breakdown

Team, I am often asked what are the costs – professional fees, application fees and bonding fees, for obtaining Money Transmitter License in various states. I have attempted to estimate and summarize that expense on a state-by-state basis below. I am often surprised by some of the quotes I receive from services provider – sometimes ranging upward of an unimaginable $2,000,000 for license acquisition in each of the 51 jurisdictions. My argument in response is that approximately 42 state money transmitter licenses are obtained through the NMLS system and have application requirements that are nearly identical. That is, for example, a business plan is require in nearly every jurisdiction but said business plan does not need to be tailored to any particular state if written correct at the onset. 

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Puerto Rico International Financial Entity

The Puerto Rico International Financial Entity

Puerto Rico International Financial Entities (“IFE”) are licensed and regulated by the Office of the Commission of Financial Institutions (the “OCIF”) pursuant to Act no. 273. (the “Act”). The Act offers certain tax incentives to IFEs including a four (4%) percent fixed income tax rate on net income derived by an IFE. Dividend or profit […]

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Adam Tracy Explains Wyoming Cryptocurrency Banks

Adam Tracy Discusses Wyoming Special Purpose Depository Institutions

TRANSCRIBED FROM: So, crypto banking is always a hot topic because nobody can find them, right? It’s just a matter of preference for mainstream banks not to take anybody related to blockchain or crypto. And that’s mainly driven by AML KYC concerns, which, you know, are largely unfounded, but that’s just where we are. […]

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