Regulatory compliance a high-stakes 'must' for bitcoin businesses #Bitcoin2013
During a crowded session at the Bitcoin 2013 show in San Jose today, a panel of businesspeople and attorneys addressed the knotty challenges faced by bitcoin businesses trying to comply with regulatory guidance. It's an issue that was lent new urgency this past week with the US government's seizure of assets connected with a subsidiary of Mt. Gox, the world's largest bitcoin exchange. Bitcoin businesses have also been treading carefully in the wake of new guidance recently issued by the US Financial Crimes Enforcement Network (FinCEN), which spells out registration and reporting....
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The California-based company Identitymind that helps prevent fraudulent transactions is offering low-cost regulatory compliance services to bitcoin startups. Identitymind's IGNITE allows new bitcoin businesses to get up and running with compliance quickly. Neal Reiter, product manager for Identitymind, said in a statement: "Our goal is to provide start-ups the compliance help they need to focus on growing their business, not AML [anti-money laundering]". What IGNITE does. The $150 monthly fee lasts the first six months. Startups using IGNITE will get monitoring for up to 5,000 transactions....
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