[112] Money Transfer Using Cryptocurrency – How To Make It Legal?

This video is my attempt at explaining how the marriage of fiat currency + cryptocurrency can work under a legal framework for the purposes of money transfer. If you’ve been thinking about putting together a money transfer project using cryptocurrency as a means to transfer funds across the border, but yet still want to make it legit/legal, then this video might serve as a good starting point to understand where the issues lie, what some of the most important aspects are (in this video you will discover it is…

(a) Providing the US MTO with a separate bank account to handle crypto
(b) Having an EMI willing to provide IBAN accounts to MTOs worldwide
(c) Having a crypto-currency company that is licensed and understands remittances
(d) Having an EMI bold enough to make say an Estonia registered Cryptocurrency license company an agent of their, EMD – Electronic Money Distributor (aka Agent)
(e) Provide an IBAN operating account to the Cryptocurrency company, i.e. their agent, without charging an arm and a leg, so as to make the whole transaction from origination to termination, one that is affordable and in line with the rates being charged in the market, yet as the same time, with improved margins so as to make a profit.
(f) An EMI that is willing to be an aggregator for worldwide remittances and will do the correspondent tie-up agreements with MTOs & Banks worldwide.

Faisal Khan is a banking/payments consultant specializing in cross-border payments and is a digital money evangelist. He is the co-host of Around the Coin, a weekly podcast on Payments & Fintech with over 22,000+ listeners. Mr. Khan is a talent scout for Series A & B financing for various fintech VCs/funds. He is also a frequent contributor to popular Q&A site Quora where he has been a Top Writer 6 consecutive years.

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