News

Digital currency firms are still struggling to meet state licensing requirements and secure banking relationships, industry analysts told ACAMS moneylaundering.com. Finding a bank account "is probably the single greatest point of failure in the U.S. digital currency industry," said Marco Santori, a New York-based partner with Cooley LLP and chairman of the Bitcoin Foundation's regulatory affairs committee. Firms are also grappling with disparate state regulatory frameworks that can require them to jump through many hoops and pay large sums of money to be licensed as money services businesses (MSBs) as digital currency exchanges are required to do by the Financial...