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Handling Cryptocurrency and Business

Cryptocurrency is getting more attention than ever, but not we are all convinced it can replace traditional centralised currency regulated by government authorities. What is very clear is that it provides a more quickly and more protected alternative to the status quo. For many small and medium businesses, this means a shift in how they work, especially when it comes to making payments.

Adding cryptocurrency as a payment method can have significant ramifications for how companies deal with risk and procedures. It may need a rethinking of core organization processes and an internal discussion with multiple teams — including financial, technology, experditions, legal, and risk management.

You will find two ways that companies may start to incorporate cryptocurrencies into their business. One is to allow the transaction of crypto repayments without basically bringing the digital assets onto the company “balance sheet”. This is commonly accomplished by employing third-party distributors who take on the role of converting in and out of crypto into fiat foreign exchange for repayment. These sellers generally charge a fee for their offerings while as well overseeing anti-money laundering (AML) and know your consumer (KYC) compliance.

The additional option should be to fully adopt cryptocurrencies into the company’s payment systems. This requires a bigger change in the overall business and will likely involve involvement with all departments — including the board, committees, finance, accounting, treasury, THAT, risk, surgical treatments, communications, and more. Ultimately, it is a major dedication and should performed with a full understanding of the complexities involved.

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