Crypto money transmitter bonds are a type of money transmitter license bond which provide protection for those trading and investing in cryptocurrency. The bonds are typically required to be purchased by businesses that provide an exchange service or payment services utilizing crypto assets. It effectively guarantees that the business will abide by its money transmitter license and conduct business in a lawful and ethical manner.
These bonds are required by the State agency handling the licensing of money transmitters. As well, FinCEN would argue that these bonds help enforce anti-money laundering (AML) policies. Regulatory policy is still somewhat unclear with several agencies (SEC, CFTC) wanting to have their voices heard on the newly emerging asset class.
For more details, please visit https://www.suretybondprofessionals.com/crypto-money-transmitter-bonds
Protection is offered by bonding three parties together: the state requiring the bond, the money transmitter, and the company that underwrites and issues the bond.
After the signing of the Executive Order on Ensuring Responsible Development of Digital Assets by President Joe Biden earlier this year, professionals across the financial sector are expecting more cryptocurrency regulations. More states are expected to roll out surety bond requirements to protect investors and traders as well as to prevent illegal activity.
There are an increasing number of states that consider the exchange of digital currency to be a form of money transmission. In such cases, acquiring a surety bond is a necessary step in the money transmitter licensing process.
Surety Bond Professionals is a leader in the cryptocurrency money transmitter bond sector of the surety industry. The team of experts is licensed in all 50 states and Puerto Rico. The agency has access to over 25 different surety markets across the country which makes it possible to offer the most competitive surety bond terms, largest aggregate capacity, and fastest approvals.
The team uses a consultative approach that is based on relationship building and industry expertise. Interested parties can get a custom offer and a quote at no cost.
About Surety Bond Professionals, Inc.
The family-owned and operated agency was founded in 2015 and is headquartered in Massachusetts. The business built its excellent reputation by providing surety bonds and is committed to the principles of service, integrity, and professionalism.
A satisfied client said: “Surety Bond Professionals make the bonding process easy and straightforward. They do it right the first time, which saves us time and money. The team is accessible, flexible, and easy to work with. Ours is a relationship built on trust.”
Interested parties can find more information at https://www.suretybondprofessionals.com/crypto-money-transmitter-bonds
Disclaimer: The information provided on this page does not constitute investment advice, financial advice, trading advice, or any other sort of advice and it should not be treated as such. This content is the opinion of a third party, and this site does not recommend that any specific cryptocurrency should be bought, sold, or held, or that any crypto investment should be made. The crypto market is high risk, with high-risk and unproven projects. Readers should do their own research and consult a professional financial advisor before making any investment decisions.
Surety Bond Professionals, Inc.
205 Union Street
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Boston New Times journalist was involved in the writing and production of this article.