Taking care of Cryptocurrency and Business

11.2.2024 1:00 | Autor: Milan Folkman

Cryptocurrency is getting even more attention than ever, but not so many people are convinced it is going to replace traditional centralised currency manipulated by government authorities. What is very clear is that it provides a quicker and more protected alternative to its status. For many small and medium businesses, this means a shift in how they do business, especially when it comes to making payments.

Adding cryptocurrency as a repayment method may have significant effects for how companies deal with risk and businesses. It may need a rethinking of core business processes and an internal dialogue with multiple teams — including fund, technology, surgical treatments, legal, and risk management.

You will find two ways that companies may start to incorporate cryptocurrencies into their operations. One is to allow the transaction of crypto payments without basically bringing the digital assets onto the company „balance sheet“. This is commonly accomplished by applying third-party sellers who take on the role of changing in and out of crypto in to fiat foreign currency for repayment. These suppliers generally virtual data room for business entrepreneurs charge fees for their expertise while also overseeing anti-money laundering (AML) and understand your consumer (KYC) complying.

The additional option is always to fully adopt cryptocurrencies into the company’s payment systems. This involves a bigger difference in the overall surgical procedures and will likely involve involvement with all departments — like the board, committees, finance, accounting, treasury, THIS, risk, experditions, communications, plus more. Ultimately, this can be a major commitment and should be done with a complete understanding of the complexities included.

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