Are there any laws restricting me from opening a Massachusetts, USA based Monero which would allow exchanges from fiat to XMR?
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"laws, security issues, etc." is too broad and "how much money should be invested before attempting?" is too speculative.– Smart KidOct 22, 2016 at 3:19
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Sounds like you are looking for an entire business plan (which would be the size of an encyclopedia). I would try to limit one category per question.– pl55Oct 22, 2016 at 6:50
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I attempted to edit it.– UsernameVFOct 22, 2016 at 14:17
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What State would it be?– PyRulezOct 22, 2016 at 16:21
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@PyRulez Massachusess– UsernameVFOct 22, 2016 at 16:26
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2 Answers
At the very least you would have to register as a money services business, which Poloniex and I believe Bittrex both have, and then as a MSB you would have to perform KYC/AML and record keeping to comply with the Bank Secrecy Act to detect and prevent money laundering. IANAL.
Its very difficult and very expensive in the US. And even if you pay and jump through all the hoops, nothing is certain. This is how banks keep the competition out. I would suggest looking into more friendly countries abroad, or consider decentralized solutions.
