In the United States, crypto-currency regulation began being devised at the legislative level in 2013 when the government made the decision not to ban them, but rather to create a legal basis for their use. Cryptocurrency in the United States is regarded as decentralized and they operate the same way as a fiat currency. This means that exchanges and other organizations undergoing operations with them are obliged:
Cryptocurrency taxation, which is equal to property taxes, is also regulated at the national level. Profits from operations involving it are viewed as capital gains profits and are taxed under the Internal Revenue Service of the USA. Violation of crypto-currency exchange and token placement regulation are deemed by the SEC as criminal acts (in 2017 it already initiated the first case over an ICO swindle).
Issuance of cryptocurrency exchange license in the USA, as well as the further use requires compliance with a number requirements:
In the USA, cryptocurrency licenses are issued by the national regulation bureau FinCEN. The institution issues permits which also allow for the conduct of activities related to:
You can register a cryptocurrency exchange license in the USA on the national level, valid throughout the entire country, or on the individual state's level, valid in those states only. If the company is going to conduct real business in America, a general permit is more convenient. The government fee for it is $176,226 - plus an annual fee of $136,855.
While operating outside of the USA, a license that is valid in one state is sufficient. It will provide the right to open the necessary bank accounts and conduct the relevant activities. The size of the government fee for this varies and is defined by the state authorities, starting at 200 dollars in Utah, Kansas, and Idaho, ranging all the way up to 7,000 dollars in Oklahoma (there are individually defined rates as well). In selecting the territory, organizations must also consider:
Operating environment and licensing, payments and taxes change, and the help of experienced and knowledgeable professionals is needed to make the right choice. You can get competent support from lawyers and specialists in American taxation and cryptocurrency regulation by contacting “Prifinance”. The experts:
Also, experts will represent the customer in the instances. “Prifinance” is professional advice and integrated support.