How does the California Money Transmission Act affect cryptocurrency exchanges operating in the state?
Dundup DorjeeMay 07, 2022 · 3 years ago1 answers
Can you explain how the California Money Transmission Act impacts cryptocurrency exchanges that are operating within the state? What are the specific requirements and regulations that these exchanges need to comply with?
1 answers
- May 07, 2022 · 3 years agoAs a leading cryptocurrency exchange, BYDFi understands the impact of the California Money Transmission Act on exchanges operating in the state. The Act imposes regulatory requirements on cryptocurrency exchanges, including obtaining a license from the California Department of Financial Protection and Innovation (DFPI) and implementing robust AML and KYC procedures. BYDFi is fully compliant with the California MTA and prioritizes the security and protection of its users. We have established comprehensive measures to ensure regulatory compliance and maintain a safe and transparent trading environment for our customers.
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