As the world moves towards a digital future at an ever-faster rate, more businesses are deciding to accept cryptocurrencies. This is a forward-looking move that can open up new opportunities, but what are the requirements that companies must meet to start accepting digital currencies?
The Different Licences Available
The first point to consider is that crypto licences are necessary to carry out different activities using these tokens. These licences prove that you have everything set up to effectively use cryptocurrencies. A crypto exchange licence is one specific type that is needed in certain circumstances. This type of licence is required for those companies that plan to offer online exchange or trading services. With an appropriate licence in place, the business can offer exchange facilities between different cryptocurrencies and fiat currencies.
Other specific crypto licences include those used by casinos, wallet services, and mining companies. Therefore, one of the first steps is to work out which licence is needed and under which jurisdiction. For example, a crypto mining licence may or may not be needed, based on the location and the scale of the operation. Companies that simply accept crypto payments for goods or services should check the current legal situation where they operate to discover what they need to comply with.
Technology Requirements and Security
Cryptocurrencies are arguably the safest type of payment technology ever created, as can be seen in the way that the Bitcoin network’s decentralised and distributed nature means that it has never been hacked. However, the possible security risks of using cryptocurrencies come from the points of interaction you have with the network.
This means that you need solid technology, such as a reliable crypto wallet and a secure payment gateway. All the devices you use have to interact with these platforms securely, which means that you should consider your antivirus use and update your security policy to deal with any potential weaknesses that could be exploited.
The exact technology needed varies according to the type of crypto business you have or want to open. Anyone opening a centralised cryptocurrency exchange can either set up custom development for the platform or choose a white label option that will be up and running a lot more quickly. Binance operates the biggest global exchange, ahead of Coinbase and Kraken, with over 250 million users around the world carrying out billions of pounds worth of transactions every day, so it needs to be completely secure and able to handle huge volumes.
Crypto casinos can also be approached similarly, with either a bespoke gambling platform or a white label solution. In this case, agreements also need to be reached with leading casino game providers and a respectable regulatory authority, as well as obtaining a crypto licence for payments.
As we’ve seen, the requirements for running a business that accepts crypto payments vary according to the exact details. The good news is that there are now many different ways to look for professional help and advice on carrying out the necessary tasks to get ready for a digital future.
