The blockchain technology has enabled growth of an entirely new industry. Large and small startups are scrambling for opportunities that are up for grabs. Nevertheless, all this is happening within a regulatory environment that is by large lagging behind in all countries of the world.

Nevertheless, any legitimate Bitcoin business, however small it is, has to play according to the given rules, including those that have always been around as well as those that regulators are now churning out.

As a business, however, how you actualize the compliance to these rules, and legal requirements depends on two factors. First and foremost is the legal jurisdiction you are operating in, which basically means the country or state for those based in the USA.

In this regard, we can categorize Bitcoin business compliance requirements broadly into three; those that are from regulators who have put forward positive guidelines, discouraging legal position statements and indifference or silence.

The other factor is the service or solution that you are offering. Bitcoin businesses are engaged in solutions that range from money transmission to hardware and software development.

Of course, all these businesses are not expected to comply with the same laws and regulations.

However, notwithstanding where your business is operating from or what solution you are offering within the Bitcoin ecosystem, there are only two major expected results; preventing the system from being used for criminal intents and protecting customers from scams and security breaches.

The former has to do with implementing Know Your Customer (KYC) and the Anti-Money Laundering (AML) policies. The latter is about putting security mechanisms and systems in place for consumer protection.

Therefore, even in the absence of clear regulatory guidelines, it is important to ensure that these two are objectives at the top of your list.

Also, elements of existing laws can well fit your business operations. For instance, transfer of value has always been regulated, which means transfer of bitcoins can as well be covered in regulations affecting money transmission since it is also a transfer of value.

Complying with legal requirements does not only helping your business be in the good books of the regulators, but also makes it easier for financial institutions such as banks and other companies to do business with you. Even more importantly, doing the right thing makes you a respected and trusted service provider..

Perhaps the best way to go about this is to seek the services of a Bitcoin experienced and qualified compliance officer or to work with a compliance services company.