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110 sats \ 5 replies \ @nerd2ninja 22 Nov 2023 \ on: How would you approach building a Bitcoin remittance company? bitcoin
Uh so US based right? I think you'd need a money transmitter license. Uh, probably want the whole thing set up by a lawyer. Maybe https://www.legalzoom.com/ could help you? I don't really know just giving this my best shot here.
I think this might be beyond their capabilities. I was just looking into Charlie Schrem's legal problems with bitinstant, and CZ's mess. The whole money transmitter license process is a nightmare.
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Gave it my best shot XD
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Yeah. Honestly I don't think even the best lawyer a money could buy could wade through the bureaucratic bullshit which is placed there intentionally. As George Carlin said: "It's a big club, and you're not in it."
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Money transmitter license? It is just some random numbers! 😅
Now seriously, for that purpose, is it considered money? Or property?
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You can do it without a license (under the table) but you'd set yourself up for a huge regulatory headache down the road and you would negatively affect user adoption..
It could be as easy as giving senders a gateway or clear instructions to buy from onramps in US and withdrawing to the receiver's wallet. Then the receiver would sell it p2p in the local market with your assistance. But not scalable, high fees, and an unpleasant experience overall..
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