At the legislative level, the license for cryptocurrencies in the United States was secured in 2013. Then it was decided to lift the ban on cryptocurrencies and develop special provisions for their use. Cryptocurrencies in America are decentralized and used like regular money. Consequently, exchanges and other companies that carry out transactions with crypto-money must:
Cryptocurrency taxes are also levied. Income from transactions with such funds is considered capital gains and is also subject to taxation in accordance with the rules of the United States Internal Revenue Service. Violation of the rules for exchanging such funds is considered a crime.
The United States of America is a real example of a federal country that has a 3-tier division of powers. Nearly all areas of the law are regulated at the federal, state, and local municipal level. The same applies to the license for cryptocurrencies in the United States, and the financial sector in general. Congress provides only a general outline of how to license cryptocurrency. Further, the parliaments of each state create their own personal, detailed rules, according to which the issuance of licenses of the financial plan is determined.
Since each individual state has its own rules for obtaining licenses, they are often very different in all regions of the state. This is where it becomes necessary to obtain permission in all individual states where the provision of exchange services is planned.
Difficulties in this issue are also brought in by the separate fact that in certain states, at the legislative level, the authorities have not yet developed an exact position regarding the regulation of cryptocurrency. Thus, in certain regions of the state, in theory, a license for cryptocurrencies in the United States is not required.
Obtaining a cryptocurrency license in the United States requires close attention to a number of details. If one or another legal nuance is not taken into account, the risk of refusal to issue a license increases significantly. Our experts are ready to help you in a situation of any complexity. Choosing the territory where the exchange will operate, the following points should also be taken into account:
As mentioned, all states have separate rules regarding obtaining licenses for crypto money, but in general they are quite similar. Often from entrepreneurs who wish to start dealing with the exchange of such financial units, a list of the following documents is required to obtain a permit:
From what was said above, we can conclude that obtaining a license for cryptocurrencies in the United States is a rather laborious process. The licensee needs not only knowledge of the laws of the federation, but also of the local laws of certain states, which is quite difficult if you are not a professional lawyer. Our specialists are ready to help your crypto business and become a reliable professional support for you. The experience of our team and interest in the success of cooperation is the key to obtaining a quick and high-quality result.
The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.