Circle Loves Regulations, Others Not So Much!

What happens to be the whole ecosystem’s pain point can be the pleasure center for few. At least that’s the impression Bitcoin Industry has of Circle, the payments company which started off as just another Bitcoin product. Circle has recently called for broader regulations for the Bitcoin and digital currency sector.

While there are speculations that Circle’s proposal is driven by the company’s recent attempts to partner with mainstream financial institutions with a great deal of success. The company has probably become the first one in the digital currency sector to openly seek a charter from the federal banking regulator. Circle recently stated that the introduction of licensing for the new age fintech companies will make it easier to operate on a national scale without having to worry about different regulatory regimes introduced by various states.

Regulations can be Bad

A licensing regime for digital currency and fintech companies on a federal level will invariably increase the regulatory oversight. Companies will have to adhere to strict licensing laws that will include the introduction of AML and KYC regulations, fraud and suspicious activity reporting and other paperwork. However, it will eliminate various uncertainties currently faced by Bitcoin and digital currency companies. However, these very

Read more ... source: TheBitcoinNews