What are the regulations for money transmitters dealing with cryptocurrencies in Florida?

1 answers

• Dec 26, 2021 · 3 years ago
  At BYDFi, we understand the importance of complying with regulations when it comes to money transmitters dealing with cryptocurrencies in Florida. The state has set specific guidelines to ensure consumer protection and prevent illegal activities. Money transmitters must obtain a license from the Florida Office of Financial Regulation (OFR) and adhere to the Florida Money Transmitters' Code. This code includes requirements related to cybersecurity, AML, and KYC procedures. Money transmitters must also maintain a minimum net worth and submit regular reports to the OFR. It's crucial for businesses in this industry to prioritize compliance and stay updated on any changes or updates to the regulations.
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